A Man who dares to waste one hour of time has not discovered the value of life. – Charles Darwin
ChronoLogic, ethereum ERC20 blockchain project trying to give time as the value. In the real life we living on time is the true value, while the other currencies could be gained & lost, resources, just only time as an asset which is cannot be regained.
ChronoLogic is not the first project that used time as the platform’s concept, it was ChronoBank that using Time as the real value in the project. But after all, if we looking at the whole ChronoLogic platform, they are trying to make the project in some industries, such as finance, transportation, and also eCommerce.
In ChronoLogic, the time value will be store on a token named “DAY”, created on Ethereum ERC20 standard. If we already know how the proof-of-work or proof-of-stakes mechanism, then DAY token will be possible to be produced via the passage of time.
DAY token also will be used as 2-fold aspect, first as a store of value, as the pegged to time, and the second spent by companies & individual to launch their own proof-of-time token when ChronoLogic platform is released.
It will be so absurd if we didn’t see the use cases on how the time will be useful in daily life implementation, so here is the projection. In the finance, there are many securities including debt securities are heavily dependent on time. By using the platform, the finance company now able to launches their own proof-of-time token to help raise & pay their crypto debt via the issuance of a smart contract, since the token value was based on the time. So, the debt also will raise automatically based on the time.
In the transportation sector, the token will also able to use as the proof-of-time. For example if a train was delayed for 10 minutes, customer will be able to redeemed later for cased in order to buy additional tickets for the company, but of course it will depending on the company’s policy how they arranging the smart contract.
If we look the team behind ChronoLogic, they are comprised as a Goldman Sachs alumni, a rising tech superstar who has been featured in Forbes 30 under 30. Tosh Sharma as a lead developer, was also the founder of All Chains and Blockchain instructor to explained ethereum’s complex math challenge by stating.
What makes them interested in blockchain technology is, they finally get intend to fill the gap between the theoretical used of the blockchain and actual real-world applications. By the project platform here, they hopes it will help to overcome the issues faced by the cryptocurrency market during the past 12 months due to Bitcoin network congestion and scalability issues, and also certain mathematical & time-based limitations of Ethereum.
(User UID: ICO Magazine)