Thank you all who have contributed. The contribution period is now officially CLOSED.
Time is the most valuable “asset” for humans,
yet most of mankind measures an individual’s wealth by the amount of resources the person has been able to accumulate,
often ignoring the amount of time sacrificed in exchange for these transient resources.
We would like to take part in changing that.
What is it?
The first generation of cryptocurrencies have been based on the concepts of mining & staking.
ChronoLogic works on proof-of-time. In its first use-case ChronoLogic pegs time to a store of value token named DAY based on the Ethereum blockchain.
ICO details
The ICO will take place on August 28th and will last for a maximum of 7 days.
There are two types of hardcaps which will trigger dependent on which one is reached first. This will happen after either 38,383 ETH is raised or there are 3,194 unique contributors.
In addition 33 TimeMints were reserved for pre-sale, 18 TimeMints for the team and 88 TimeMints for future auctions. The details of these TimeMints can be found on the whitepaper.
How does it work?
Each ICO participant will contribute between 1 and 333 ETH and their Ethereum address will become one of 3,333 TimeMints.
Where 1 ETH = 24 DAY. With a maximum of 333 ETH per timemint.
Each TimeMint will create DAY tokens based on time and the TimeMint’s ChronoPower.
ICO participants will benefit both from having a TimeMint linked to their contribution address and the DAY tokens they purchase, both of which can be traded.
As the Proof-of-Time concept works based on an ethereum smart contract, the minting process will work automatically based on your address and the passage of time.
To limit the total supply of DAY in the future, each TimeMint’s ChronoPower will halve every 88 days.
What is ChronoPower?
ChronoPower is the minting power of a specific TimeMint,
Each of the 3,333 TimeMints has a different ChronoPower ranging from 0.5% to 1% additional DAY tokens minted per day.
What if I want to trade my TimeMint?
TimeMint holders may sell their TimeMint to a buyer.
ChronoLogic has a process called TimeTx that allows the sale/transfer of TimeMints to a buyer/receiver through a trustless smart contract process.
For full details about the process, check out our
whitepaper.
What are the real use cases of a Proof-of-Time blockchain?
There are many possible use cases, here are a couple of examples from the whitepaper:
Finance Use Case
In finance, many securities including debt securities are heavily dependent on time. For example, a debt instrument with a 5 year term paying 12% is effectively a smart contract that can be housed on the future Proof-of-Time Blockchain.
The Company launches their Proof-of-Time token to help raise & pay their crypto debt via the issuance of a smart contract.
When an Investor sends DAY to the specific receiving address the Investor in return receives the Company’s token COM. Investor A sends 200 DAY and receives 1,000 COM.
Chronologic’s Proof-of-Time technology automatically identifies the sending address as a TimeMint and additional COM tokens are produced as interest accrues.
In order to pay the debt back the Company needs to send back the respective amount of DAY borrowed plus the additional amount accrued.
Interest payments can also happen automatically by the receiving address automatically sending from its DAY balance the respective interest payment to any addresses holding COM.
Because of the interconnectedness of the blockchain, investors can trade COM between each other and repayment then happens across the network depending on who holds COM.
Transportation Use Case
When checking in for a train one supplies their address. If the train is delayed the smart contract is activated.
If the train is delayed then for every minute or 10 minutes that it is delayed the customer receives the company’s Proof-of-Time token.
This token can then be redeemed later for cash or used in order to buy additional tickets from the Company depending on the company’s policy, which is modeled in their smart contract.
What are our goals?
We at ChronoLogic want to build a platform through the future Chronos Proof-of-Time concept, on which additional Proof-of-Time tokens & projects will be launched, and can be considered as our current most important driving force.
Which will themselves require DAY tokens / TimeMints to function.
ChronoLogic’s 2017 Goals:
• Develop a Proof-of-Time mechanism for the finance space.
• Beta test the implementation of a finance Proof-of-Time use case with ChronoLogic’s crypto private equity partner Wired Investors.
• Develop an auction functionality for a decentralized exchange of DAY tokens & DAY TimeMints.
• Finalize development roadmap for the future Proof-of-Time Chronos Platform.
• Partner, support & launch 6 Proof-of-Time blockchain projects.
ChronoLogic’s 2018 Goals:
• Deploy the finance Proof-of-Time use case for the public.
• Work with other partners to beta test additional Proof-of-Time use cases.
• Develop the open Proof-of-Time Chronos Platform to enable the launch of Proof-of-Time tokens by third parties.
• Partner, support & launch 18 Proof-of-Time blockchain projects.
Our Team
For more information about ChronoLogic please visit our
website and take a look at our
whitepaper.
