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.
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.