ChronoBase ICO (BASE Token) Review: Blockchain Luxury Watch Data?
Chronobase promises to help you protect your watch using blockchain technology.
Find out how it works today in our review.
What is Chronobase?
Chronobase, found online at Chronobase.io, is a mobile app available for iOS and Android. You can download that mobile app today to add your watch to a decentralized luxury watch database.
The company announced its token pre-sale in March 2018. The pre-sale is scheduled to begin on March 27.
Using this database, luxury watch owners can price their watches accordingly and claim ownership, then have their ownership recorded in a blockchain database. Manufacturers and dealers, meanwhile, can use the Chronobase network to prove the origin of luxury watches.
If your watch is ever lost or stolen, then you can update your watch’s entry in Chronobase. This will prevent thieves from reselling your watch for a profit: anyone who checks the Chronobase database will know your watch has been stolen.
Let’s take a closer look at how Chronobase works.
How Does Chronobase Work?
You download the Chronobase app then enter your watch’s unique information into the platform. You enter the watch’s serial number, brand name, and model, for example. From that point forward, you can track your watch over the blockchain at any time.
Chronobase is built on the Ethereum blockchain. The system will generate an Ethereum-based blockchain entry that cannot be falsified or edited. This entry is created when you download the mobile app and input your luxury watch into the database.
Users can use the database to check whether or not their watch has been stolen – or to see if their watch’s blockchain entry is already in use. This can help users avoid duplicates and fraud.
Chronobase is available to users around the world.
Chronobase users can access multiple features, including watch registration and ownership confirmation, original document verification, a search engine for lost or stolen watches, and verified information on the history of each watch, including the ownership, maintenance, repair, and restoration behind each watch.
You can view examples of real watches online at Chronobase.io today. Listed entries include entries for a Chopard Happy Sport watch, for example, a Breguet Type XXI, and an Omega Aqua Terra.
Users interact with Chronobase through the iOS or Android mobile app. Both apps are currently available from their respective app stores.
You can use the app to add watches, bulk download watches (for manufacturers), add information on service operations (like repairs performed on your watch), change ownership of a watch, verify ownership of a watch, display a watch for sale, or report the theft or loss of a watch.
How Do BASE Tokens Work?
The Chronobase ecosystem revolves around the use of BASE tokens. These tokens can be used for the following purposes:
- Watch retailers can list watches for sale in BASE tokens
- Pawn shops can make warranty payments in BASE tokens or pay for advertising space within the platform
- Watch buyers can obtain “verified/premium customer” status using BASE tokens
- Watch manufacturers can pay for access to big data analytics, targeted marketing information, and more using BASE tokens
- Watch repair companies can charge BASE tokens in exchange for repair services
- Overall, Chronobase’s BASE tokens are utility tokens designed to operate at multiple levels of the watch repair, retail, and reseller ecosystem.
What Problems Does Chronobase Seek to Solve?
Chronobase wants to avoid fraud and other problems in the luxury watch industry. Some of the specific identified problems include:
- Watch buyers can encounter fake watches on the marketplace, even when buying from legitimate retailers
- If you ever want to sell your watch, then it’s difficult to convince buyers that you’re selling a legitimate watch
- Expensive watches are often stolen and sold on the black market
- There’s no good international ledger that users can use to record watch information
Chronobase aims to solve these problems by allowing users to place any watch in the blockchain-based database. By recording your watch in the Chronobase database, you can ensure it’s a one-of-a-kind watch offered by that specific luxury manufacturer. Or, if you’re buying a luxury watch, you can check its entry in the Chronobase database to ensure it’s not stolen.
Of course, Chronobase isn’t the only international watch registry. Other projects include Chrono24, The Watch Register, and James Edition. However, Chronobase sees specific problems with these platforms, like a lack of blockchain technology and the lack of an open API for easy integration.
Who’s Behind Chronobase?
Chronobase is led by Andreas Fleischer, CEO.
Fleischer was motivated to found Chronobase because he sees a luxury watch as “not just an accessory; it is also an investment.” Just like art, the price of a luxury watch can increase over time. That’s why it’s important to keep as much information about the watch as possible – preferably in a secure, immutable storage spot like the Ethereum blockchain.
The Chronobase ICO Price
Chronobase’s pre-sale is scheduled for March 27 to April 5, with a main ICO taking place from April 11 to June 5.
The BASE tokens will be priced at an initial exchange rate of 1 BASE = $0.10 USD.
Chronobase has set a minimum target of $1.5 million for its ICO and a maximum target of $7 million. There’s a total supply of 100 million BASE tokens, with 70% of tokens allocated to the token sale, 15% to a reserve fund, 12% to the team, 2% to advisors, and 1% for bounties.
Chronobase aims to make the world of luxury watches more secure using blockchain technology. Using the Chronobase platform and BASE tokens, Chronobase will help watch owners secure their valuable timepieces. You use the Chronobase mobile app to record watch information in the Ethereum blockchain. Or, if you’re preparing to buy a luxury watch, then you can check the watch’s information against information in the Chronobase ledger.
Chronobase launched the MVP for its platform in December 2017. They aim to launch their complete marketplace before June 2018.
To learn more about Chronobase and how it works, visit online today at Chronobase.io. The token sale for BASE tokens is scheduled to begin on March 27.