Will day reach its ICO price again? tired of seeing it on the dump from 24$ down to just 4$ how did this happen.
Topic: [ANN]ChronoLogic - Proof-of-Time token on Ethereum - page 19. (Read 45343 times)
Thanks! This is older https://etherscan.io/tx/0x1489668d4f095b0c54e17eed652c37df7dd4db6b8394824eef17f119c4bb468e one this is YESTERDAY?
And this is newer https://etherscan.io/tx/0x2196cf71eaef78eed488d14e17eb9c0f1f43ef201efd62f2d2c7d4cc82314981 one is DAY?
And this is newer https://etherscan.io/tx/0x2196cf71eaef78eed488d14e17eb9c0f1f43ef201efd62f2d2c7d4cc82314981 one is DAY?
Why are there two DAY token?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
The reason for this two DAY tokens were distributed is that the first distribution , smart contract indicated a tenth decimal lower minting power was implemented . An Ether address with timeMint capability was issued just lower than the intended minting power. Being a flaw in minting operation developers from chronologic adjusted that with another smart contract with correct minting power . Then renamed the first DAY token to YDAY . Thus token holders have free YDAY tokens on their ETH addresses.
hoping this will not be a steaming shitcoin
every dog has its day
every dog has its day
Why are there two DAY token?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
I believe the one with lower supply is the YESTERDAY token (renamed), and the one with higher supply the true DAY token.
Why are there two DAY token?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
https://etherscan.io/token/0x7268f9c2bc9c9e65b4a16888cb5672531ce8e945
https://etherscan.io/token/0xE814aeE960a85208C3dB542C53E7D4a6C8D5f60F
What is the difference?
Is there any channel where the team communicates?
As much as price affects the progress of DAY tokens. I really don't care at the moment. With bitcoin rally all affecting altcoins I just brush off. All I think about is when will chronos be finished. I have been working and formulating on a project that would need DAY tokens and launch my dDApp on chronos platform .
ICO contributors get both.
The ETH address you contributed from becomes one of 3,333 TimeMints (similar to Masternodes) that is able to create new DAY tokens through the passage of time.
On day zero, you will initially receive 24 DAY tokens per ETH. After day zero your TimeMint starts minting additional DAY tokens everyday.
In the whitepaper, the minimum needed to set up a TimeTX contract is 8,888 DAY. This means you need something like a 200 ETH investment to sell your TimeMint at the end of the first chrono era (if you just let the DAY generate more of itself) and 300+ to be able to sell it early on, even for the 1% mints. In practice, since the Mint presumably isn't mining anything while it's in the contract (as your DAY that you were mining with just got locked) it's even worse. There's also no real way to check whether anyone has a mint for sale in the first place (I guess people will wind up posting in here? meh) so it's extremely illiquid.
It's an interesting concept but I strongly recommend revising this point.
Additionally, to be blunt, the use cases in the white paper are anemic. The WP describes a token designed to be as hoarded as humanly possible, but there's nothing to spend it on and anyone without a Mint (remember, they're effectively not tradeable) has no reason to accept it. Investors are dependent on the company to eventually launch a platform that may, one day, do something with those tokens. "We'll find a lot of use cases later" is not good enough to send 88 ETH off and get back an asset it will take 300 more to ever trade.
The team's pedigree is beyond solid and the token itself is unique, so I'm puzzled why this ICO had to be now and not two weeks of use case brainstorming / development later, because there must be something better to shoot for than this.
News from the blog https://blog.chronologic.network/chronologic-debt-smart-contracts-performance-global-partnership-9ab9716648a4
Quote
We have closed a partnership with Performance Global to test out ChronoLogic Debt Smart Contracts via a real world simulation.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Please someone correct me, because believe me, I want this to be wrong, but now it seems with this line "we wanted to use DAY but Performance Global insisted on ETH" Chronologic is saying fck us the ones who funded them with money and complying to use Eth which renders Day token absolutely useless. Just because they use the contract the token sale used, means nothing for DAY token and now people will just use Ethereum because lets be honest, do I want a loan in DAY token(which has slowly but surely done nothing but plummet) or ethereum, which keep in mind if we had it today instead of participating in this ICO and holding DAY to date, eth was 347 on 8/28 and today it is 470. To get a decent timemint it was 5 eth minimum so 5*347 = 1735 and 5*470=2350. Lets take the lowest sell order on etherdelta .0085 I have 258 day tokens and havent withdrawn since I received due to the minting and .0085*258 ~ 2.19 ethereum. 2.19 * 470 = 1030. Loss if we calculate from investment = 700. If we want to go from Eth price now is $1320 loss. So we funded chronologic, our token was basically a proof of concept and now the concept has attracted a deal but instead of our token value increasing, it is literally worthless due to the fact our token isnt needed at all. Wow! Lessons learned now just the hard way T_T
I pointed this out in August. Please stay safe and don't invest in ICOs that don't so much as provide a viable real world use case before launch =/
Latest update posted at slack.
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
well slack is still down ? but good to know that there is progress ongoing:) And email once a month about updates - I like this idea.
Hard to like this product. Looks like a real stinker atm. Rapidly becoming worthless and can be expected to fall with each 88 days. So much for the magic number 88.
Glitzy website with lots of posing.
A lot of verbiage but little in the way of plain talk. I found it obfuscating.
The biggest issue is it is difficult to trade for most and therefore won?t likely trade much at all, end result is it should fall further.
Did you make a new account just to post this fuddy message? You failed to mention that the team is very active which is the most important part imho. Traders always seem to dump alts to hop on some random fomo coin.
I guess you may be saying that inactivity is indicative of a scam. It’s not much to hang on to, in the face of losses, which worsen by the DAY
News from the blog https://blog.chronologic.network/chronologic-debt-smart-contracts-performance-global-partnership-9ab9716648a4
Quote
We have closed a partnership with Performance Global to test out ChronoLogic Debt Smart Contracts via a real world simulation.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Please someone correct me, because believe me, I want this to be wrong, but now it seems with this line "we wanted to use DAY but Performance Global insisted on ETH" Chronologic is saying fck us the ones who funded them with money and complying to use Eth which renders Day token absolutely useless. Just because they use the contract the token sale used, means nothing for DAY token and now people will just use Ethereum because lets be honest, do I want a loan in DAY token(which has slowly but surely done nothing but plummet) or ethereum, which keep in mind if we had it today instead of participating in this ICO and holding DAY to date, eth was 347 on 8/28 and today it is 470. To get a decent timemint it was 5 eth minimum so 5*347 = 1735 and 5*470=2350. Lets take the lowest sell order on etherdelta .0085 I have 258 day tokens and havent withdrawn since I received due to the minting and .0085*258 ~ 2.19 ethereum. 2.19 * 470 = 1030. Loss if we calculate from investment = 700. If we want to go from Eth price now is $1320 loss. So we funded chronologic, our token was basically a proof of concept and now the concept has attracted a deal but instead of our token value increasing, it is literally worthless due to the fact our token isnt needed at all. Wow! Lessons learned now just the hard way T_T
bingo
it seems to me the direction taken boils down to using the ETH contributions of timemint purchasers to finance loans to 3rd parties. What could possibly go wrong? It reeks.
What attracted me to crypto was a series I watched in early 2010 called Money as Debt by Paul Grignon. My God that was revolutionary. At the time btc was trading at a few dollars. The conclusion in part 5 was that btc would be 100k to 1million bucks. It seemed wild then but now look. Argentina was a great example of riches to rags through hyperinflationary fiat, though now there is the internet of money, the situation for would be hyperinflationistas has changed. Zimbabwe and Venezuala are showing what happens when small fry countries try to escape the destruction of their unit of account. Their citizens have gone btc.
So, the basic reason for most to go crypto was to have the features of a currency outside of inflationary debt fiat, one which is decentralised.
But chronologic, apart from using chrono this and timemint that in the spiel, is looking moribund in comparison and looks like it is shaping up as a pseudo bank using our eth as the substrate for the loans. That’s exactly what most depositors were running to the hills to get away from.
I think more and more it is a turkey. Maybe it is just another ERC20 token, but the blurb was keen to distance itself from that.
Please prove me wrong Chronologic.
To my perspective, chronologic has just lined up several projects and the upcoming Chronos platform will give DAY tokens a boost. For PG opting for ETH it is just their preference. But the underlying smartcontract would use DAY to facilitate accruing interest as the blog stated .
Do you see any reason for someone to choose DAY over ETH? Say you get a loan via DAY, DAYs value keeps depreciating while ETH does the opposite. Why hold DAY @ all? You're right, it is their preference, but who would prefer DAY? I dumped it for less than my previous post stated. They shouldn't have let them opt to eth, it destroyed this coin and now they get more money due to the deal. Shady
To my perspective, chronologic has just lined up several projects and the upcoming Chronos platform will give DAY tokens a boost. For PG opting for ETH it is just their preference. But the underlying smartcontract would use DAY to facilitate accruing interest as the blog stated .
News from the blog https://blog.chronologic.network/chronologic-debt-smart-contracts-performance-global-partnership-9ab9716648a4
Quote
We have closed a partnership with Performance Global to test out ChronoLogic Debt Smart Contracts via a real world simulation.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period.
And what better way to do a loan than by using a ChronoLogic smart contract?
Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain.
When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible.
Terms of the Performance Global Loan
500 ETH
Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well)
60 day term
One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay
2% penalty of the balance for every 30 days the loan is not paid off
Non-transferable (ChronoLogic cannot sell the debt to a third party)
Un-secured & no collateral
ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract.
The mechanics of this smart contract will be as follows:
Performance Global launches a smart contract that will generate a new token denominated as PGLOAN
ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish
ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation
Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address
To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared
If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared
New Features
Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched
Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable
Fixed exchange rate system so the debt obligation can be cleared
ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract.
Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts.
The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens.
Please contact us if you are interested in launching your own crypto debt contract.
Please someone correct me, because believe me, I want this to be wrong, but now it seems with this line "we wanted to use DAY but Performance Global insisted on ETH" Chronologic is saying fck us the ones who funded them with money and complying to use Eth which renders Day token absolutely useless. Just because they use the contract the token sale used, means nothing for DAY token and now people will just use Ethereum because lets be honest, do I want a loan in DAY token(which has slowly but surely done nothing but plummet) or ethereum, which keep in mind if we had it today instead of participating in this ICO and holding DAY to date, eth was 347 on 8/28 and today it is 470. To get a decent timemint it was 5 eth minimum so 5*347 = 1735 and 5*470=2350. Lets take the lowest sell order on etherdelta .0085 I have 258 day tokens and havent withdrawn since I received due to the minting and .0085*258 ~ 2.19 ethereum. 2.19 * 470 = 1030. Loss if we calculate from investment = 700. If we want to go from Eth price now is $1320 loss. So we funded chronologic, our token was basically a proof of concept and now the concept has attracted a deal but instead of our token value increasing, it is literally worthless due to the fact our token isnt needed at all. Wow! Lessons learned now just the hard way T_T
Latest update posted at slack.
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
What is the role of day token in this developments, how holders will profit? https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
What happenede to the yesterday tokens ? Do they have any value at all? How can I check how many yesterday tokens I have on MEW ?
Latest update posted at slack.
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
well slack is still down ? but good to know that there is progress ongoing:) And email once a month about updates - I like this idea.
Hard to like this product. Looks like a real stinker atm. Rapidly becoming worthless and can be expected to fall with each 88 days. So much for the magic number 88.
Glitzy website with lots of posing.
A lot of verbiage but little in the way of plain talk. I found it obfuscating.
The biggest issue is it is difficult to trade for most and therefore won?t likely trade much at all, end result is it should fall further.
Did you make a new account just to post this fuddy message? You failed to mention that the team is very active which is the most important part imho. Traders always seem to dump alts to hop on some random fomo coin.
So Ethereum Alarm Clock is underway. So as PGLOAN where chronologic lend 500 ETH to the startup for developing a loan project. Must be real busy for these people to have time for feedbacks and community discussion. But they are more active on slacks which is still a good source of information regarding chronologic.
Sorry, I am not in their slack account because of SCAM attempts. did they say anything about the price drop are they doing anything to remedy that?
Latest update posted at slack.
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
well slack is still down ? but good to know that there is progress ongoing:) And email once a month about updates - I like this idea.
Hard to like this product. Looks like a real stinker atm. Rapidly becoming worthless and can be expected to fall with each 88 days. So much for the magic number 88.
Glitzy website with lots of posing.
A lot of verbiage but little in the way of plain talk. I found it obfuscating.
The biggest issue is it is difficult to trade for most and therefore won?t likely trade much at all, end result is it should fall further.
Latest update posted at slack.
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
https://blog.chronologic.network/chronologic-debt-smart-contracts-poc-c174de64dd26
Also there is a new addition to CL dev team.
https://blog.chronologic.network/team-addition-meet-anthony-aka-adibas03-40a128a310fa
well slack is still down ? but good to know that there is progress ongoing:) And email once a month about updates - I like this idea.
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