Time/Bank is a platform where groups and individuals can pool and trade time and skills, bypassing money as a measure of value. Time/Bank is based on the premise that everyone in the field of culture has something to contribute and that it is possible to develop and sustain an alternative economy by connecting existing needs with unacknowledged resources.
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 first successful contemporary time bank was started in 1991 by Paul Glover in Ithaca, New York. Following his idea, people began to exchange time, which led to the creation of a time-based currency—the "Ithaca Hours," which even local businesses began to accept, and which still flourishes. Time banking and service exchange have since developed into a full-fledged movement, usually centered around local communities.
Time/Bank at e-flux is modeled on existing time banks. 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.