ChronoBank will be implementing Ethplorer’s API within their ChronoWallet to gain the information required to conduct a range of TIME token operations.
The ChronoBank project was founded with the intention of disrupting the inefficient and expensive short-term recruitment industry. The initiative, which recently ended its crowdsale with $5.4 million of funding in cryptocurrency and VC money, is creating a dedicated wallet to allow businesses and individuals to use the TIME token to secure labour and earn rewards from the coming decentralised LaborX exchange. TIME holders will be able to lock their tokens to a mining rewards contract within the wallet, in a similar way that regular cryptocurrency wallets receive transaction fees by staking coins.
Ethereum tokens
Unlike other cryptocurrency platforms, Ethereum’s tokens are not built directly into its blockchain. Instead, they exist as smart contracts that can be programmed in a variety of different ways. The practical upshot of this is that although the result may superficially look the same – a token that can be transferred and traded freely – under the surface a very different mechanism is in action. Due to this key difference, the information contained within those smart contracts may not be freely accessible to the public in the same way that tokens on Waves or other blockchains are, and cannot be read directly from the blockchain.
Ethplorer addresses this problem by providing a source of information about Ethereum tokens from its blockchain. This can be used not only by developers, but by the public, similar to a block explorer. Token operations made easy
Ethplorer’s API will be used to acquire information about Ethereum tokens, contracts, transactions and custom structures within the ChronoWallet. The powerful API can parse information from Ethereum’s smart contracts and return data including:
- Token information, such as address, supply, name/symbol, owner address and significant digits
- Token balances for a specific address
- Transaction information (blocktime, number, confirmations, events logs, etc) for a given transaction hash
- Previous token operations, such as transfers relating to a particular address
Adopting Ethplorer’s API will significantly speed the development of ChronoBank’s wallet, and offer features that might otherwise have taken weeks or months to develop. ‘We’re very impressed with Ethplorer’s functionality and particularly their powerful, wide-ranging API,’ comments Sergei Sergienko, CEO of ChronoBank. ‘It’s the ideal toolkit to leverage within the ChronoWallet and gives us the ability to parse information very cleanly and reliably. In making these tools available, Ethplorer have done a huge amount to drive forward Ethereum usage and are the perfect partner for ChronoBank in this regard.
Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members. NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.
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