February 6th Webinar — Ethereum Alarm Clockhttps://blog.chronologic.network/february-6th-webinar-ethereum-alarm-clock-b780dfe648f4February has just started but we are going forward at full steam with ChronoLogic’s projects. At this time, we’d like to share with you news from one of our main developments: Ethereum Alarm Clock.
In order to do that, we hosted a webinar this Tuesday, February 6th at 1 P.M. EST. Prepare yourself to be blown away by the possibilities that Ethereum Alarm Clock will bring to the industry, to Ethereum Network’s users, and — most importantly — to DAY token holders.
At this time we covered:
- How the Ethereum Alarm Clock will use “TimeNodes”
- Preview of the dApp & UI
- How scheduling works
- Plan for in-browser “mining” by the network of TimeNodes & how DAY holders will be able to join this network
We’re sure you will enjoy the announcements made during the webinar, please take a moment and watch the recording:https://www.youtube.com/watch?v=Dn6LaNmJsm0P: late to the party - is this covering Timenodes yet?
R: yes - we've gone high level through it so far
P: How is the bounty amount defined?
R: Answered live
P: but if you dont provide enough you miss your time relvant transaction if nobody picks?
R: that is correct. Though this problem is mitigated as we have more executioners
P: I've been studying EAC code over the past weeks and I was wondering if at least for chronologic related contracts we could reward executors with a specific token (like DAY), instead of ether. So executor sends ether as gas to execute the transaction, but gets DAY as reward.
R: That is a great Idea, and is one of the possibilities we have discussed
P: This is very good, but I am sure many can not understand. You should have a separate webinar for technical implementation details
R: There will be more webinars in the future to further discuss it.
P: i think a good idea is to have a deposit in case someone makes a typo and a given txn is rejected once the deposit to be used.
R: That is a good idea
P: using day as reward should be the case as it will promote day usage. just like mining. Giving ethereum makes no sense ethereum is mined enough already
R: Using other tokens except Ethereum for EAC is among our goals
P: once you schedule a transaction...can it be modified later?
R: Answered live
P: once you schedule a transaction...can it be modified later?
R: The transaction can only be cancelled and rescheduled it at later stage!
P: will this presentation be available for replay? thanks
R: We will publish the presentation as usually after the webinar !
P: Will there be an automatic acting client too?
R: Yes, This is in the works, too.
P: I like raw too! Was tinking of executor pool using js client
R: Its a wonderful world :slightly_smiling_face:
P: Hi can you also provide a maximum time-frame in which the transaction will be carried out ?
R: yes
P: This can be used in smart contract for loan. Nice
R: Yes, it can, and will be
P: This can be used in smart contract for loan. Nice
R: There are many functions EAC technology could be utilized. Loans are among them!
P: This can be used in smart contract for loan. Nice
R: Great idea, the possibilities are endless
P: How does crono logic monetize this? .. please share
R: Answered live
P: How does crono logic monetize this? .. please share
R: There is a fee charged for anyone who wants to schedule a transaction. This was built in by Piper and it's called a "donation" but utilizing the dapp it will be mandatory, A significant amount will go to Piper for continued development and research.
P: Do you guys have any agreement with any company to use all of this? Like banks?
R: Answered live
P: what is Time Bounty ?
R: Answered live
P: Is the ether locked into the contract so that it can not be used by anyone?
R: Answered live
P: Bounty is the max. fee that one is willing to pay and as more agents fight for the tx it gets lower and lower?
R: Answered live
P: Bounty is the max. fee that one is willing to pay and as more agents fight for the tx it gets lower and lower?
R: Exactly, as many executors -increased competition-lower fees!
P: What will be the currency to schedule this? Days or etherium? And how much it will cost to use this clock?
R: Answered live
P: With Ether being locked into a contract...its subject to price fluctuation. Is there a way to hedge that in the contract?
R: That's not a factor as you are making schedule transactions anyhow in ETH. Denominated in ETH. If you were sending a crowdsale you'd send / schedule 1 ETH or 0.5 or any amount of ETH but you wouldn't think of it tied to any fiat.
P: how does the network decide which executor wins to execute the transaction?
R: Presently, on a first claim basis
P: so the fastest network with best response time you got, and the lowest response time wins
R: correct presently
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