Sounds like "time banking", which has myriad flaws.
One of them is that your time is cheap when you're young and unskilled, and grows valuable as you grow old and become skilled
(and have less time left). Each <unit of time> isn't equal for the same person, much less between them.
Yeah, we have 3 Time Bank organisations in my city (I'm not sure how they manage their economy internally): https://www.cinch.org.nz/categories/421/441/entries In New Zealand you can't put your professional work into the time bank (unless everyone wants to declare it as taxable).
One of them is that your time is cheap when you're young and unskilled, and grows valuable as you grow old and become skilled (and have less time left). Each <unit of time> isn't equal for the same person, much less between them.
https://en.m.wikipedia.org/wiki/Time-based_currency