ChronoLogic is the first crypto to offer a brand new method of securing value: Proof-of-Time. By pegging value to time – which is truly immutable and irreversible – ChronoLogic will transform industries such as finance, transportation & eCommerce. The way ChronoLogic will transform such industries is through the following three technologies:
- DAY token. The DAY token represents a moment in time. DAY tokens may be saved as a store of value as well as spent by companies and individuals on their projects.
- TimeMint. A TimeMint generates DAY tokens (details below).
- Chronos Platform. This platform will allow individuals and companies to create applications which use DAY tokens.
Examples of ways in which individuals and companies may use DAY tokens along with the Chronos Platform are:
Modeling interest accruing over time requires a Proof-of-Time token to launch a debt instrument.
Buying a time-based service necessitates a Proof-of-Time token, which is automatically released once the time has elapsed.
- Employees & Freelancers
Working where their time-based labor contribution results in automated payments via a Proof-of-Time token system.
An airline or train company activates a Proof-of-Time smart contract where travel delays result in automated refunds to the waiting customer.
A customer uses a software where payment is based on time used. They would automatically spend their Proof-of-Time token.
To implement this new technology and create the Chronos Platform, ChronoLogic is holding a crowdsale. The crowdsale begins on August 28th 2017. The Ethereum hard cap is 38,383 Eth – which will purchase a maximum of 1,038,743 DAY tokens and maximum of 3,333 TimeMints.
The minimum contribution will be 1 ETH with a maximum of 333 Eth per contributor. Every contributor will receive 24 DAY tokens for every 1 ETH contribution as well as 1 TimeMint per contributor. After the crowdsale the only way additional DAY can be produced is though a TimeMint. At the conclusion of the crowdsale and distribution of TimeMint’s and DAY tokens to contributors – each TimeMint will begin minting DAY tokens.
A TimeMint is a specific minting address.
- Each TimeMint will produce DAY tokens according to its minting power.
- Each TimeMint will have a specific minting power called ChronoPower.
- ChronoPower ranges from 1% to 0.5%
- ChronoPower of X% means that the TimeMint is able to produce X% of its balance and add it to the current balance at the end of the day.
For example: if a TimeMint has 1% as its ChronoPower & 100 DAY as its balance, then on the first day the TimeMint will mint 1 DAY token, which will be added to the TimeMint’s balance resulting in 101 DAY. On the second day the TimeMint will mint 1% of its 101 DAY tokens totaling 1.01 DAY resulting in a balance of 102.01 and so on.
That said, it is worth noting that the ultimate supply of DAY tokens is capped. ChronoPower decays linearly with time. Every 88 days ChronoPower is halved. These 88 day halving periods are called a ChronoEra. Eventually – after many ChronoEra’s – the ChronoPower of TimeMint’s will be essentially ZERO – thus capping the ultimate supply of DAY tokens.
Each contributor will receive a TimeMint – as previously stated. However, early contributors will receive TimeMint’s with more ChronoPower than later contributors. The first contributor receives TimeMint0001 with the highest ChronoPower of 1% while the last contributor will receive the TimeMint with the lowest ChronoPower of 0.5%.
Only a maximum of 3,333 TimeMint’s will ever be created and distributed. TimeMints will be transferable in the future.
- Deven Soni – former Goldman Sachs, Lazard & Highland Capital investment banker & principal
investor in charge of deploying over $300M of capital; currently General Partner at Wired Investors
in charge of the Crypto Private Equity strategy & implementing proof-of-time.
- Eric Weiss – bringing along the backing of the entire Digital Strategies team to ChronoLogic, he and
his team are the blockchain Proof-of-Time concept originators; pre-ICO EOS equity investor; Crypto
Private Equity investor & advisor to Polymath, a Blockchain Security Token Platform currently in stealth mode.
- Jovar Gaylan – mathematician and computer scientist; architect of the future Proof-of-Time
Chronos platform; co-founder of multiple software startups including VideoRemix, a video
personalization B2B platform.
- Lee Pennington – serial SaaS entrepreneur, private equity investor & crypto-marketing expert
managing outreach, PR, Slack & live crypto-webinars.
- Toshendra Sharma – Forbes 30 under 30; founder of Allchains, a Blockchain-as-a-Service company
and Toshblocks; well-known instructor & speaker in the Blockchain space teaching more than
11,000 students worldwide across 145+ countries.
Advisor & Initial investor:
- Wired Investors – Digital Asset & Crypto Private Equity fund backing ChronoLogic, collaborating to
identify Proof-of-Time acquisition targets & to implement Proof-of-Time use cases in private equity,
venture capital, hedge fund & debt style investments.
|Token Sale Dates||ICO launch 28 August 2017.|
|Total Supply||ChronoLogic will create a fixed number of 1,038,743 DAY tokens and maximum of 3,333 TimeMints prior to the Token Sale.|
|Raise Limits||38,383 ETH|
|Pricing Structure||1 ETH = 24 DAY tokens and 1 TimeMint. Each TimeMint will have a specific ChronoPower. Early contributors will have a ChronoPower starting at 1% and falling in a steady linear fashion to 0.05% for final contributors.|
|Technical White Paper||https://chronologic.network/uploads/Chronologic_Whitepaper.pdf|
Comprehensively presents an ambitious if somewhat ambiguous business plan.
|Team||Experienced team of business professionals who understand emerging blockchain technology. Wired advisors bring in expertise related to blockchain, government, financial services, data science, and public relations.|
|Token Rights||DAY token holders have rights to buy, sell, and trade DAY. TimeMint holders have rights to mint additional DAY according to their TimeMint’s ChronoPower.|
*Disclosure – At the time of writing, cryptorated staff owned no ChronoLogic tokens.