New 'cashless' website offers barter of services on an hours of work basis

A new website in America lets you barter with people to perform jobs for you in exchange of services offered to them from your side, building on the adage that time is money.

According to the New York Daily News, the new time-bartering system has been created by two Harlemites, and will be called Time Republik, which will combine technology with the erstwhile idea of skill swapping.

The report said that uptown jazz musician Gabriele Donati and Swiss hedge fund manager Karim Varini are channeling on the spirit of kibbutz, a Vermont commune or a Marxist fantasy, where people would pay each other in units of time rather than in cash.

Donati said that it was like bartering but it also went beyond that because if you do a service for someone, in exchange you would get a time credit that you can cash back in for someone else's service.

The idea occurred to Donati and Varini while watching a televised special on time banking, the report added.