A friend told me about this and having looked it over it seems a little confusing, some video explanations would help to understand it better.
I'm also skeptical about the real use cases, take for example the finance use case, is anyone actually interested in buying and selling debt securities on a blockchain? How would that work from a legal perspective seeing as all the regulations that are in place in the fiat world? And if so why would they even need a DAY token? Surely they can just credit people what is owed using bitcoin or ethereum directly.
Topic: [ANN]ChronoLogic - Proof-of-Time token on Ethereum - page 48. (Read 45343 times)
presale still up ? Or I need to wait the 28 august to participate in ico
Please e-mail team AT chronologic DOT nework to check if there's any other slots available for pre-sale.
Got it Thank you
presale still up ? Or I need to wait the 28 august to participate in ico
Please e-mail "team AT chronologic DOT network" to check if there's any other slots available for pre-sale.
presale still up ? Or I need to wait the 28 august to participate in ico
I want to understand how proof of time work, the timemint mint new token in an eth address and dont need blocks to operate ? maybe only blocks are used if you want to send day token to other address on ethereum blockchain ?
this is a cool idea will be watching
this is a cool idea will be watching
The minting process is indeed pegged purely to time. As the DAY tokens currently operate on the Ethereum blockchain the process of transferring them is the same as any other Ethereum based token.
I dont think I fully understood proof of time.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
TimeMint generates DAY tokens only, everything else you said is right.
understand thanks sir
i want to buy but cant 88eth so then I wait for ipo to happen I want to understand how proof of time work, the timemint mint new token in an eth address and dont need blocks to operate ? maybe only blocks are used if you want to send day token to other address on ethereum blockchain ?
this is a cool idea will be watching
this is a cool idea will be watching
The minting process is indeed pegged purely to time. As the DAY tokens currently operate on the Ethereum blockchain the process of transferring them is the same as any other Ethereum based token.
I dont think I fully understood proof of time.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
TimeMint generates DAY tokens only, everything else you said is right.
I dont think I fully understood proof of time.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
Does it work like this?
IPO people, receive the coin (day) and also something called timemint.
Timemint can be used to get the more timemint (x amount per time based at amount of timemint you had at last day and also some modifiers) and also day coins, you can give timemint to others if you want.
I want to understand how proof of time work, the timemint mint new token in an eth address and dont need blocks to operate ? maybe only blocks are used if you want to send day token to other address on ethereum blockchain ?
this is a cool idea will be watching
this is a cool idea will be watching
I made a thread about chronologic in alt section and had some questions about the project, that alexandr korelko put out, good to see some more"deeper answers" about that project
Thanks, we would appreciate it if you could stick to this thread only for any questions for the team.
I made a thread about chronologic in alt section and had some questions about the project, that alexandr korelko put out, good to see some more"deeper answers" about that project
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.
Hi Alex, thank you for your interest in ChronoLogic, your feedback is valuable.
The fact that TimeMint addresses are themselves tradable creates a secondary market. Exiting out of a TimeMint is an option of the DAY token, rather than a core feature. It is premature to analyze that the market will be illiquid or liquid.
You can put in as little as 1ETH during the ICO. You don't necessarily need to pay 88ETH, that was the minimum price for some of the TimeMints still available during the pre-sale.
ChronoLogic expands the use of time on the blockchain, there is a certain level of serendipity that must be taken into consideration for early stage blockchain projects like this one. Being able to explain practical use-cases is important, but we are not here to foresee how the market will evolve, we believe all the different angles empowered people will come out with will be inspiring.
We envision people and businesses being able to create their time tokens with several different logic elements to measure, record, trade, buy and sell time-based activities. There is a lot that can be done with time on the blockchain and we want to expand what is possible right now. We're inspired by connecting the fundamental features of time with the blockchain.
The DAY token is itself a good example of what can be done with time on the blockchain: pegging time to minting or staking a usage or store or value token.
Hi,
As is clear from the WP, a TimeMint is only really valuable during the first 3-4 eras. All Mints will mine >75% of their tokens within the first 6 months and 90%+ within the first 12 months. As such, there is very little point to selling a Mint after 6 months; the market will never have any significant time to develop. Furthermore, if you put the Mint (and/or the tokens used to power it) up for sale in a 2 week auction you waste 12% of its output, and, of course, it takes 300 ETH to sell -any- of them, including the ones the ICO participants pay 1-10 ETH for. With this limitation, even if they weren't already mining less than the pre-sale versions, it is virtually impossible for any of the Mints bought by small-cap buyers to ever be sold. The bigger ones might be tradeable if there was a site or a UI set up somewhere to do that, but I don't see that shown here.
Meanwhile, DAYs are designed to be hoarded as their only use case in the real world right now is to be used to stake more of themselves. After those 6-12 months, the wells will run dry. Then what? You haven't outlined a reason why anyone not connected to a Mint will want one. The team wants to develop other proof of time use cases but that may well have nothing to do with DAY at all.
"We are not here to foresee how the market will evolve" is not good enough for an ICO that requires this much to get off the ground. You want to raise 20 million dollars. The token idea is unique and worth pursuing but given the limited amount of time it's worth anything in this implementation, this isn't the way to go about it. If I thought you were scamming on purpose I wouldn't bother making either of these posts, so take this as a sincere request - please go back to the drawing board for a little bit and look for a way to make this work for buyers.
Thanks for the comment. Yes, it is true that 90% of the supply will be minted by month 12. Making TimeMints transferable is of interest but it is not the driver of the contribution period. In fact, all of the innovations have been completed because we wanted to be in development and not just have an ERC20 token with a promise for the future. For us, everything within this DAY token contribution period is an innovation or a feature that we see as having a far-reaching effect for future additional Proof-of-Time tokens that will be launched on what is the ultimate goal of this project - the Chronos platform.
The DAY token is, among other things, the usage token that will enable users and companies to launch their own proof of time token.
Regarding contributions, the hard cap is 38,383 ETH which is less than $20M at today’s current ETH exchange rates. Additionally, if we hit the TimeMint hard cap first then only 15,000 ETH might be contributed. Still it is a significant amount and we do not take it lightly.
That being said, we are open to brainstorming with the community and open to suggestions especially regarding features & innovations that will help third parties launch their own Proof-of-Time tokens on Chronos. We suggest you to join our Slack to keep the brainstorming on, we appreciate your input.
Thanks again!
I like the concept of Proof-of-Time, fresh concept, Chronologic also has a TimeTx process that allows us to sell TimeMint quickly and easily, really a very interesting project, a very good plan, hopefully the team achieve its mission well, good luck
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.
Hi Alex, thank you for your interest in ChronoLogic, your feedback is valuable.
The fact that TimeMint addresses are themselves tradable creates a secondary market. Exiting out of a TimeMint is an option of the DAY token, rather than a core feature. It is premature to analyze that the market will be illiquid or liquid.
You can put in as little as 1ETH during the ICO. You don't necessarily need to pay 88ETH, that was the minimum price for some of the TimeMints still available during the pre-sale.
ChronoLogic expands the use of time on the blockchain, there is a certain level of serendipity that must be taken into consideration for early stage blockchain projects like this one. Being able to explain practical use-cases is important, but we are not here to foresee how the market will evolve, we believe all the different angles empowered people will come out with will be inspiring.
We envision people and businesses being able to create their time tokens with several different logic elements to measure, record, trade, buy and sell time-based activities. There is a lot that can be done with time on the blockchain and we want to expand what is possible right now. We're inspired by connecting the fundamental features of time with the blockchain.
The DAY token is itself a good example of what can be done with time on the blockchain: pegging time to minting or staking a usage or store or value token.
Hi,
As is clear from the WP, a TimeMint is only really valuable during the first 3-4 eras. All Mints will mine >75% of their tokens within the first 6 months and 90%+ within the first 12 months. As such, there is very little point to selling a Mint after 6 months; the market will never have any significant time to develop. Furthermore, if you put the Mint (and/or the tokens used to power it) up for sale in a 2 week auction you waste 12% of its output, and, of course, it takes 300 ETH to sell -any- of them, including the ones the ICO participants pay 1-10 ETH for. With this limitation, even if they weren't already mining less than the pre-sale versions, it is virtually impossible for any of the Mints bought by small-cap buyers to ever be sold. The bigger ones might be tradeable if there was a site or a UI set up somewhere to do that, but I don't see that shown here.
Meanwhile, DAYs are designed to be hoarded as their only use case in the real world right now is to be used to stake more of themselves. After those 6-12 months, the wells will run dry. Then what? You haven't outlined a reason why anyone not connected to a Mint will want one. The team wants to develop other proof of time use cases but that may well have nothing to do with DAY at all.
"We are not here to foresee how the market will evolve" is not good enough for an ICO that requires this much to get off the ground. You want to raise 20 million dollars. The token idea is unique and worth pursuing but given the limited amount of time it's worth anything in this implementation, this isn't the way to go about it. If I thought you were scamming on purpose I wouldn't bother making either of these posts, so take this as a sincere request - please go back to the drawing board for a little bit and look for a way to make this work for buyers.
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.
Hi Alex, thank you for your interest in ChronoLogic, your feedback is valuable.
The fact that TimeMint addresses are themselves tradable creates a secondary market. Exiting out of a TimeMint is an option of the DAY token, rather than a core feature. It is premature to analyze that the market will be illiquid or liquid.
You can put in as little as 1ETH during the ICO. You don't necessarily need to pay 88ETH, that was the minimum price for some of the TimeMints still available during the pre-sale.
ChronoLogic expands the use of time on the blockchain, there is a certain level of serendipity that must be taken into consideration for early stage blockchain projects like this one. Being able to explain practical use-cases is important, but we are not here to foresee how the market will evolve, we believe all the different angles empowered people will come out with will be inspiring.
We envision people and businesses being able to create their time tokens with several different logic elements to measure, record, trade, buy and sell time-based activities. There is a lot that can be done with time on the blockchain and we want to expand what is possible right now. We're inspired by connecting the fundamental features of time with the blockchain.
The DAY token is itself a good example of what can be done with time on the blockchain: pegging time to minting or staking a usage or store or value token.
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.
Is the presale of chronologic still ongoing ?
If interested send a private message to either me or justmint (original poster) for more details on the specifics. Or even better if you PM "eric-chronologic" in slack.
Is this going on any exchanges after ICO is complete? It can be a popular project if exchanges will list them.
Yes, we are in talks with exchanges, it will be announced once listing actually happens.
Alright thanks will do
Is the presale of chronologic still ongoing ?
Please PM "eric-chronologic" in slack, or email team AT chronologic dot network
Is this going on any exchanges after ICO is complete? It can be a popular project if exchanges will list them.
Yes, we are in talks with exchanges, it will be announced once listing actually happens.
Is this going on any exchanges after ICO is complete? It can be a popular project if exchanges will list them.
Off course it will get listed on a exchange for sure after a successful ICO. Video presentation is also looking attractive as well as concept of this project too.
Is this going on any exchanges after ICO is complete? It can be a popular project if exchanges will list them.
Is the presale of chronologic still ongoing ?
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