Chrono Logic describes itself as the first cryptocurrency “pegged to time on the Ethereum blockchain.” Find out what that means today in our Chrono Logic review.
What Is Chrono Logic?
Chrono Logic is a proof of time token built on the Ethereum blockchain. The company announced its crowdsale on August 8. Token contributions for the Hong Kong-based company are scheduled to begin on August 28, 2017, during which investors can purchase the DAY token.
The idea of Chrono Logic is to merge time with the blockchain. The platform introduces the concept of “proof of time”. The concept revolves around the DAY token.
Unlike proof of stake and proof of work, Chrono Logic introduces a new concept: the only way to create new tokens is through the passage of time. Tokens are naturally created as time passes.
The DAY token is an ERC20 token created on the Ethereum blockchain. The first step in Chrono Logic’s development is to create and launch the DAY token, while the next step is to build the Chrono Logic platform. That platform will allow the creation and launch of additional Proof of Time tokens.
Chrono Logic is made by a team of Goldman Sachs alumni as well as an entrepreneur featured in the Forbes 30 Under 30 list. The company aims to fill the gap between the theoretical use of the blockchain and the real-world applications for the blockchain. They seek to overcome the problems faced by bitcoin’s blockchain over the past year – including network congestion and scalability issues, as well as mathematical and time-based limitations of Ethereum.
How Does Chrono Logic Work?
The introduction of proof of time will open up a whole new world of blockchain technologies. The first application for Chrono Logic is expected to be within the fields of finance, ecommerce, transportation, and any other sector that requires the concept of time and complex math.
The Chrono Logic development team plans to introduce a unique platform called Chronos which will be a separate blockchain built around time and its features. That’s the platform that will allow users to launch their own proof of time tokens for use in real-world businesses.
As the Chrono Logic whitepaper explains, “time is immutable and irreversible. Time exists, it is value. Time is equally used in nature and artifice; however, its distribution among humans’ life is unknown and unequal. Its total supply is unknown.” We assign value to everything else in our world – like food, shelter, and money – but we don’t have a strict value for time. Chrono Logic aims to change that with its DAY token, which “enables future value to be independent of third party assets that can be harvested such as electricity & processing power in the case of traditional cryptocurrency mining.”
Which brings us to the unique feature behind Chrono Logic:
“The only way additional DAY can be produced is via the passage of time.”
Previously, we’ve had proof of stake and proof of work. Chrono Logic gives us proof of time. This expands the possibilities of using time in blockchain projects.
Chrono Logic Features And Timeline
Chrono Logic aims to implement the following features over the coming months and years:
This is the proof of time concept that introduces the possibility for the blockchain. It will launch with the introduction of the DAY token and eventually become its own protocol (the DAY token will initially be based on the ERC20 standard before migrating to the new platform and blockchain).
The first proof of time ERC20 token integrates the concept of TimeMints, which mint additional DAY based on a predefined MintingAlgorithm. DAY will be used as payment to launch future third party proof of time projects on the Chronos platform. Contributions to these projects during any token sale periods will be via DAY.
These are one of 3,333 minting addresses with the power to produce additional DAY depending on the MintingAlgorithm. The first TimeMint is called TimeMint0001, with numbers going up to TimeMint3333.
Halvings occur every 88 days. Each halving is the halving of a TimeMint’s ChronoPower.
88 day periods during which the daily ChronoPower of a TimeMint stays the same; at the end of each ChronoEra halving of the ChronoPower occurs. The end of ChronoEra II, for example, would be days 89 to 176 after the birth of the DAY token.
The minting power of a specific TimeMint. Each of the 3,333 TimeMints has a different ChronoPower that ranges from 0.5% to 0.1% of additional DAY tokens minted per day.
DayZero is the birth of the ChronoLogic smart contract, at which point ChronoPower starts producing additional DAY in each TimeMint on a daily basis.
This is the future proof of time platform on which additional proof of time tokens and projects will be launched. When Chronoc launches, the old DAY tokens will be migrated to the new platform.
Who’s Behind Chrono Logic?
Chrono Logic is led by Deven Soni, a former investment banker at Goldman Sachs, and Lazard & Highland Capital. The organization also includes Eric Weiss, Jovar Gaylan, Lee Pennington, Toshendra Sharma, and Wired Investors (a private equity fund backing the project).
Chrono Logic Conclusion
Chrono Logic aims to change the way we use blockchain technology by introducing a new concept called proof of time. The only way tokens are produced is through the passage of time. It’s a totally different concept than proof of stake and proof of work mining, and it has the potential to create an entire new segment of the blockchain industry – similar to how Ethereum facilitated the rise of ICOs with its smart contract technology.
You can learn more about Chrono Logic today by visiting the company online at ChronoLogic.network.