Time/Bank at e-flux is modeled on existing time banks. Every Time/Bank transaction will allow individuals to request, offer, and pay for services in "Hour Notes." When a task is performed, the credit hours earned may be saved and used at a later date, given to another person, or contributed towards developing larger communal projects. For example, if you happen to be in Beijing or Hamburg and need someone to help you shop for materials or translate a press release, you would be able to draw on resources from Time/Bank without exchanging any money.
Time banking is not barter. Barter economies have been in practice throughout history, but the idea of using time as a unit of exchange only appeared shortly after the Industrial Revolution. The origins of time-based currency can be traced both to the American anarchist Josiah Warren, who ran the Cincinnati Time Store from 1827 until 1830, and to the British industrialist and philanthropist Robert Owen, who founded the utopian "New Harmony" community. While both systems are based on the principles of mutualism and the labor theory of value, Josiah Warren's currency was explicitly pegged to time as a measure of specific goods or labor. For example, 3 hours of carpenter's work would be considered equivalent to 3-12 pounds of corn. Meanwhile, Robert Owen's currency simply bore an inscription referring to a number of hours, which presumably could be exchanged for however many pounds of corn a farmer would deem adequate or labor of any kind.