I understood it as a "unit of time" always maintains the same value and people use it to barter goods and services.
This encourages folks to save "time" since the value of a unit never changes. The number units for a good or service may fluctuate based on the supply and demand in that community.
Quoting the article it essentially returns control of the "currency" back to the people. My guess is if you were to replace "time" with "gold" we'd be right back to where we started with a full blown gold standard. 1/100th a unit of time = 1 cupcake :)
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