Topic: [ANN]ChronoLogic - Proof-of-Time token on Ethereum - page 20. (Read 45343 times)

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.

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.

I don't understand how chronologic's slack channel is down. Everyday I check in to see if there are progress but since then dev usually comment only two or three statements . As of today dev relates some updates on github with their loaning project . Give us some overview how it will work so there is a progress going .

Exactly as Hammerhart said. The slack going down is what's suspicious. Sure it's understandable if they have no time to communicate, perhaps even preferable if it means they're working on the project.. but why would the entire slack go down?

The likelihood that this is a pure scam is about 20%, while the likelihood that the people behind this project whilst working with best intentions do not have the technical and/or business skills to develop the project is much higher, say 60%. What you do not understand is that if just one of the project is successful, the value of DAY will be at least 100 times the current market price. So obviously if I invested 300 USD and I hope that they will become at least 30,000 USD in a couple of year, it means that I am happy to accept a very, or even EXTREMELY high risk. If one is not happy, can spend or invest the 300 USD differently. For what reason someone says that this MUST be a complete failure? If they say that there is a very high risk of failure, we know it already.  Developing the software takes a lot of time. MAIDSAFE for instance has been doing it for so many years and they are still there.

fucking stupid scam

you idiots deserve to get REKT

Just considering the strength of the idea, the current market price is 1/10 of the value. This a very high risk investment as all the other ICO. I was a bit concerned when they requested to invested at least 1 ETH, I would have invested one half of that amount otherwise. Apart from that, I have checked hundreds of ICO and rejected all of them apart from CHRONO LOGIC and MONACO. For sure I will have missed one or two great opportunities (in terms of ICO), but overall I am still happy that I choose this one among one hundred.

and who would buy it if you know the private key... don't trust

If any is interested I am looking to sell my timemint 1480 that is attached to my ether address. It does not have 8888 DAY on it so can't have it transferred to you through the contract but you will get complete access to the ether address. It has a minting power of .778%.