[ANN]ChronoLogic - Proof-of-Time token on Ethereum

[inashed]

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.

[1715219752]

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[ChronoLogic]

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 

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.

TimeMint generates DAY tokens only, everything else you said is right.

[canvan]

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 

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.

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 

[tayrey]

presale still up ? Or I need to wait the 28 august to participate in ico

[ChronoLogic]

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.

[tayrey]

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

[findingthemoon]

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.

[ChronoLogic]

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.

We will most likely be releasing some video explanations soon as we’ve been asked a few times. If so we will definitely announce those on Slack & here as well.

Regarding the use cases, we will be expanding those most likely by publishing a blog article soon but the potential of Proof-of-Time is real and the demand is there.

From a legal perspective, that is on the issuer as our main aim is to create the technology & innovate to allow this to happen & let third parties launch their own Proof-of-Time tokens. However, we are also advising on another project that is in stealth mode & there is a potential partnership to use our technology so actually we are in talks with lawyers almost daily regarding how securities (including debt securities) on the blockchain will be launched, how to do the proper KYC & how to ensure that the issuer is 100% compliant. This varies jurisdiction by jurisdiction; however, the demand for these types of products is enormous - the securities market is exponentially larger than all cryptos combined. However, the future of the securities markets is also the blockchain.

Regarding uses, there are a few:
1) Launching a proof-of-time token on the Chronos platform in the future will be done by spending DAY
2) Each new proof-of-time token sale launched on the Chronos platform by third parties will have a contribution period where contributions will be in the form of DAY as our goal is to create an ecosystem just like ethereum did with crowdsales happening on the ethereum blockchain

Hope that helps. Let us know if you’d like us to expand on any of those questions.

[nekohachicoin]

Because I am not good at English, I could not understand this project well and I could not think it was a particularly useful project.
Could you please explain anyone clearly?

[spartakkus]

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.

Hi everyone. So, to put it simply, after 12 months, almost no new DAY tokens will be produced by any Mint, right? And After 24 months production of new tokens will be stopped totally. This will make Mint value go to zero, and total amount of DAY to be static in practice. Why not sharing a fixed amount with ICO  members from the beginning? Any advantage of this (much complicated) way you propose? Can't see anyone.

[ChronoLogic]

Because I am not good at English, I could not understand this project well and I could not think it was a particularly useful project.
Could you please explain anyone clearly?

Do you have any questions in particular? We are basically making a currency pegged to time instead of running on a Proof-of-Work system.

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.

Hi everyone. So, to put it simply, after 12 months, almost no new DAY tokens will be produced by any Mint, right? And After 24 months production of new tokens will be stopped totally. This will make Mint value go to zero, and total amount of DAY to be static in practice. Why not sharing a fixed amount with ICO  members from the beginning? Any advantage of this (much complicated) way you propose? Can't see anyone.

It's correct that DAY tokens will mint at a reduced rate but it will never fully go to zero, it halves every 88 days.

Minting new tokens is the first use case of Proof-of-Time currencies and that can be expanded on further with the financial use cases as defined in our whitepaper. They can be used to make debt securities and have their interest payments done automatically.

The advantage of the minting process is first and foremost in demonstrating how Proof-of-Time works but the value to our contributors won't only be in the form of the TimeMints, but also from the DAY tokens which will act as a currency to use in all future Proof-of-Time use cases.

[pentaboginja]

Hi,
Could you please explain benefits for let's say financial institution using this platform to make lending/borrowing contracts with clients vs just using Ethereum smart contract for the same purpose?

[ChronoLogic]

https://blog.chronologic.network/the-big-picture-timemints-chronopower-proof-of-time-f881158b044d

Follow our blog, and stay tuned for more information.

[genesavich]

Do you have any bounty campaign? And how can I participate?

[ChronoLogic]

There is an upcoming bounty campaign, that will most likely go live today, yes.  

[justmint]

The ChronoLogic bounty campaign is now live: https://bitcointalk.org/index.php?topic=2065455.0

We are running a translation and signature bounty for 0.8% of the total DAY tokens sold during the ICO.

[bahrun55]

I have read the whitepaper but do not understand, if anyone could explain to me the whitapaper conclusion is ?

[ChronoLogic]

Top 33 ChronoLogic addresses are sold out.

A public pre-contribution period is open for a limited amount of ETH addresses.

https://chronologic.network/precontribution/

[ChronoLogic]

This project looks promising, I liked the whole idea about it.

Thank you Zach! Appreciate it. We've added a new blog post as well & a webinar that we're doing tomorrow for a Q&A for the community:
https://blog.chronologic.network/official-chronologic-webinar-sunday-8f4699999398

Sunday at 1 PM EDT

[jwiz168]

I was reading the whitepaper and to be honest it is impressive for a decentralize application. I think it will be very indispensable for user all over the world.