[ANN][CRON] cronas (cronas.org) | First Crypto Currency based on Time

[Kemacoin]

I'm developing a new crypto currency based on Time. I'd like to get the communities input on some of my ideas.

Here is the whitepaper so far:

Cronas Coin White Paper
By William Corless Jr.
Jan 25, 2024

There is a need for a new crypto currency that provides fast transaction speeds in order to facilitate Point of Sale purchases.

Point of sale purchases using visa or Mastercard terminals are relatively fast. They usually offer an approval or denial in a matter of seconds. The Visa Network processes 23 million transactions per day. As Visa Chief Financial Officer Vasant Prabhu said in a recent interview with Barron's, its network can handle 65,000 transactions per second. “True cryptos aren't fast enough for purchase transactions,” he said.

Bitcoin, the first successful crypto currency, is notoriously slow with approximately 7  transactions per second and confirmations taking anywhere from a half hour to several days depending on the network. Ethereum also doesn’t meet the needs of a point of sale system with its 12 transactions per second (TPS). Far short of the necessary 1700 TPS to compete with the Visa Network. In order to create a crypto currency that can also be used for point of sale transactions we would need to create a whole new method of operating a crypto network.

We propose a network that offers super fast confirmations, thousands per second combined with the benefits of a distributed crypto network. Users who hold on to their coins in their wallets earn interest of 30% annually compounded daily. To do this we would need two tiers of wallets.

The first tier is the Validator. The Validator contains a complete list of the database much like a full node on other crypto networks. It operates like a server/database that verifies transactions, and propagates the transactions to the other validators. Validators are the heart of the network.

The second tier is the user wallets. These wallets are for Merchants and Consumers. These wallets hold the users coins and provide the minting of new coins. When a wallet starts up it is immediately synchronized. When you receive coins, they appear in your wallet immediately. The wallet allows you to attach your bank accounts and credit cards. You can then transfer funds to your wallet and they are converted into cronas coins. You can also transfer your cronas coins to your bank account and they are converted into the currency you use. You can send or receive your coins anywhere in the world. Once you have cronas coins in your wallet you can begin to start minting new coins.

The minting of new coins is based on Sunny King’s original proof of stake method that uses “coin age”. Instead of locking coins in order to gain interest, like some cryptos do, you simply hold on to them. When you spend a coin, its coin age is destroyed and when you receive a coin it's coin age starts anew. This is why we say “Time is Money”. As time passes you gain more coins.

The validators offer the following services:

• Built in Block Explorer
• Database to keep track of how much each wallet contains
• A system to validate transactions.
• A system to broadcast those transactions to the other validators

When a user attempts to send coins to another user, he or she must enter a pin that the user has set up when initially installing the wallet. The validator first checks if the funds are available, and if so then verifies the transaction and lets the user know the transaction is complete. If the user attempts to spend more than they have, the wallet will prevent such a transaction from occurring.. If another user attempts to spend your funds, for example, a hacker, they must also know your pin.

If a user attempts to do a double spend the validators will verify the first transaction but deny the second one. The way this process will work even if the double spend occurs at two very distant locations, the timestamp of the transaction is based on the first validator's timestamp. Due to latency the two transactions may start at the same time, but arrive at different times. Once the validators have both transactions the way to decide which transaction is approved will be first by timestamp, then if they are the same, then it will be voted on by each validator. With the majority of validators voting to decide which transaction wins. The losing double spend will receive a insufficient funds notice.

Most coins have a block reward. Cronas coin does not operate that way. You receive rewards daily at midnight GMT. The point of a block with bitcoin is to offer a reward if a miner finds the solution. Cronas is based on Time. Each day produces a new block. Think of how a merchant processes their daily sales. At the end of the day he or she sends a “Batch” which is the sales for the day. But throughout the day the transactions were verified when the customer swipes their card. The total batch will then be deposited in the merchants bank.

Cronas coin works on this principle. The transactions are verified during the day and then the block occurs at midnight GMT and all of the daily transactions are added to the database. The operator of the validator receives a validator reward which is the transaction fees collected for the day. No coins are stored on the validator. Only wallets can contain coins.

Please provide your input for what you would like to see in it.

[li1055133613]

dis  you have ?

[1pool.pw]

Algo?

[Koriaz98]

POW ?

[Kemacoin]

Algo?

If you had read the whitepaper you would know it was a proof of stake based on coin age. No need to lock coins, just hodl and it grows at 30% annually compounded daily.

[ercewubam]

If the user attempts to spend more than they have, the wallet will prevent such a transaction from occurring..

All that is needed is just waiting. A user can write a transaction today, and it will be invalid. But if that user will wait a day, a month, or maybe even a year, then this transaction will finally be valid, because the amount will be increased over time.

If another user attempts to spend your funds, for example, a hacker, they must also know your pin.

If PIN will be the only protection, then what about bruteforcing it? In case of centralized systems, there is a limit of how many times you can try it. So, what does it mean in your system? Is it possible to attack random users, and block their accounts, just by endlessly trying invalid PINs on their accounts?

If a user attempts to do a double spend the validators will verify the first transaction but deny the second one.

How to prove to the new users, that the system is honest? New nodes don't know, what was "first" or "second", because they can only download the history. And validators can sign both versions to maximize their profits.

You receive rewards daily at midnight GMT.

Even in casinos, where you can earn 4% per year, just for holding funds, it is calculated at random time. Because in other case, it is possible to exploit the system, by depositing it "just before", and withdrawing "just after". Which means, that if your coin will be listed on any exchange, then users may just buy it "just before getting bonus coins", and then, use their bigger amounts, to withdraw them, and convert back into other coins, which are not printed out of thin air.

Also, the exact supply doesn't matter. But proportions do. Which means, if you for example double the amount of coins in circulation, then the exchange rate between your coin, and other altcoins, will just halve (or worse).

No coins are stored on the validator. Only wallets can contain coins.

In decentralized systems, it is not possible to separate roles. Which means, if you are a Bitcoin miner, then you can also be a Bitcoin user at the same time (or even Bitcoin developer). And here, it is the same situation: if you create for example two separate programs, one for the validator, and one for the wallet, then nothing stops the user from running both on the same machine.

30% annually compounded daily

Ouch. That will crash the exchange rate between this coin, and a lot of altcoins.

[matejbilahora]

Looks interesting, waiting for more info about this project. Lets see where will it lead.

[Kemacoin]

If another user attempts to spend your funds, for example, a hacker, they must also know your pin.

If PIN will be the only protection, then what about bruteforcing it? In case of centralized systems, there is a limit of how many times you can try it. So, what does it mean in your system? Is it possible to attack random users, and block their accounts, just by endlessly trying invalid PINs on their accounts

This is a good point. I thought about this as well. I would propose that if the user fails to get the correct pin after 3 tries their should be some delay. I thought about adding a 30 minute waiting period before you can try again.

Can you imagine standing at the checkout line with your stuff and you accidently put in the wrong pin three times and then have to wait 30 minutes to try again?  The people waiting in line behind you might not put up with it.

[matejbilahora]

If another user attempts to spend your funds, for example, a hacker, they must also know your pin.

If PIN will be the only protection, then what about bruteforcing it? In case of centralized systems, there is a limit of how many times you can try it. So, what does it mean in your system? Is it possible to attack random users, and block their accounts, just by endlessly trying invalid PINs on their accounts

This is a good point. I thought about this as well. I would propose that if the user fails to get the correct pin after 3 tries their should be some delay. I thought about adding a 30 minute waiting period before you can try again.

Can you imagine standing at the checkout line with your stuff and you accidently put in the wrong pin three times and then have to wait 30 minutes to try again?  The people waiting in line behind you might not put up with it.

This might be something to think about. I would like to see it in reall. Same like with Fiat credit cards.. Seen several times cc terminal fail in big stores.

[pc9527zxx]

What's the difference between that and a change of base token?

[Kemacoin]

what is a change of base token?

[Kemacoin]

One of the discussions about the coin and a important feature is immutability. Bitcoin's immutability is based on the idea that unless someone has 51% of the hash power, the fact that it would be very expensive to do that, the network is presumed safe. However if China for instance decided they wanted to take over the bitcoin network, they have enough funds to do so. They would just need to start hashing more than the entire bitcoin network, put in their own transactions, and once they surpassed the bitcoin network all of the nodes would switch to their network. It seems that proof of stake is a better model, in that those who posses the coin have a stake in it, and unless an attacker were to come along, they would have to purchase more coins than all others to control it, but that would be working against their own self interest to do harm to the network.
So I think the best way to secure the network in my opinion is time. Things that happened yesterday cannot be changed (unless they invent time travel), so then you use time as your consensus model.
Each block that is recorded at midnight is locked and cannot be undone. If a transaction failed to make it in the previous day, it would then be added on the following day.
Another important feature of the coin is that it encourages people to hold on to it. During the 80s the average mutual fund earned 30 to 35% annually. I wanted a coin that would pay 30% annually but compounded monthly. I initially said daily in my whitepaper, but after some discussion I think it would be better to make the user wait a month to receive their proof of stake in order to encourage holding (HODL) their coins.
As an investment vehicle cronas coins could be used by institutions or companies in 401k plans, IRAs etc. This is how the coin will maintain value, by investors.

[rideguy]

Hey can you make any telegram channel to talk in real time ?

[matejbilahora]

Any update here? Telegram or discord?

[Kemacoin]

I have the peer 2 peer portion up and running now. You can download the code and check it out on github.
It's written in python but seems to be very fast adding nodes.
Once we get all the bugs worked out, we will start implementing the blockchain portion.

[wargo]

Most coins have a block reward. Cronas coin does not operate that way. You receive rewards daily at midnight GMT. The point of a block with bitcoin is to offer a reward if a miner finds the solution. Cronas is based on Time. Each day produces a new block. Think of how a merchant processes their daily sales. At the end of the day he or she sends a “Batch” which is the sales for the day. But throughout the day the transactions were verified when the customer swipes their card. The total batch will then be deposited in the merchants bank.

Cronas coin works on this principle. The transactions are verified during the day and then the block occurs at midnight GMT and all of the daily transactions are added to the database. The operator of the validator receives a validator reward which is the transaction fees collected for the day. No coins are stored on the validator. Only wallets can contain coins.

Who pays that?

We propose a network that offers super fast confirmations, thousands per second combined with the benefits of a distributed crypto network

How you want to achieve this?

[2Q9acN]

How does cronas achieve initial distribution without ICO / presale?