Mytime is a blockchain platform that turns time into cryptocurrency. Find out how it works today in our review.
What is Mytime?
Mytime, found online at Mytc.io, promises to turn time into cryptocurrency. The platform aims to solve a crucial problem in the community today: many of us dedicate our team to ads and services every day, yet receive no compensation for spending that time. Mytime seeks to solve that problem using blockchain technology and a cryptocurrency:
The number of services that require a human’s attention to operate is growing daily,” explains the Mytime whitepaper. “However, our time is finite and will never be enough for all the activities which genuinely interest us. Our time is the most valuable thing we have. So, what if we transform time into a measurable value and provide services with a tool to attract and retain users?”
With that in mind, Mytime’s developers have created an open blockchain platform that records the amount of time spend by users on a particular online service, then converts that time into cryptocurrency.
How Does Mytime Work?
Mytime is an open blockchain platform where users receive Mytime Coins (MYTC) in exchange for spending their time on a particular online service.
Time spent by users is validated by registration in the blockchain as a transfer of cryptocurrency. Companies willing to pay for a user’s time and attention can use Mytime to purchase that time and attention.
The entire platform is based on the Chronos protocol, underpinned by the Proof of Time algorithm based on delegated proof of stake (DPoS). Chronos and proof of time are both proprietary products created by the Mytime team.
The use of “proof of time” is important. Proof of time algorithms prevent users from being rewarded twice for the same period of time. A participant cannot simultaneously receive payment for viewing an ad, for example, at the same time they were paid for playing a game.
Benefits of Mytime
Mytime is emphasizing the following benefits for users and companies:
- Users receive MYTC in exchange for spending time on a service
- Users don’t have to change their usual daily routine to receive MYTC; they can be rewarded for spending time on services where they were already spending time
- Businesses gain a new tool to attract and retain their audience
- Businesses reduce transaction costs and avoid unnecessary intermediaries
- Businesses secure an emission share proportionate to the validated time spent by users on the platform
Use Cases for Mytime
Which types of online services can benefit from having users spend more time on the platform? Here are some of the potential use cases for Mytime as outlined in the whitepaper:
- MYTC can be used as a loyalty program where companies can pay users in exchange for spending time on a service, thereby motivating users to return to the platform
- Companies can sell user time to a third party in exchange for cryptocurrency
- Users can receive compensation for time spent watching videos or playing games
- Online courses can incentivize users to spend more time studying or reviewing course materials
- Businesses can create an effective accounting system for work hours
- Online businesses can charge per-minute royalties based on the amount of time spent by a user on the platform
Mytime offers all of the following features:
Chronos Blockchain Protocol: Mytime is based on the Chronos blockchain protocol, which keeps a record of validated time and MTC transactions. It generates ratings of platform participants based on scores assigned by services and users to each other. Proof of time is an algorithm used for time validation, preventing users from being rewarded for the same period of time.
Smart Contracts: Mytime’s smart contracts allow services to make agreements with users on purchasing their time and actions, and to reward users with MTC for meeting the conditions and performing certain actions. Smart contracts can be used to participate in online gaming communities, for example, fulfilling an online learning assignment, or watching a video.
Chronos Foundation: The Chronos Foundation is a structure supporting services and developers on the Mytime platform. It handles services integration with Mytime, and will seek to develop an open Chronos protocol to expand usefulness of the platform worldwide.
Blockchain-Related Benefits: Other key features of Mytime include clear and transparent transactions, fixed terms and conditions, the lack of intermediaries (like banks and advertising platforms), easy transactions at minimum fees, and a uniform rating system for all users and companies.
Who’s Behind Mytime?
Mytime is led by an experienced team of entrepreneurs. In total, the founding team has raised $216 million (for other projects), with an $800 million total annual turnover for all companies led by the founding team. That team has launched 16 businesses over the past 15 years.
Key members of the Mytime team include Eduard Gurinovich (CEO), Georgy Chumburidze (Chief Strategy Officer), Armen Gulinyan (Chief Business Officer), Maksim Ploskonosov (Chief Marketing Officer), and Sergey Shashev (Chief Technical Officer).
Gurinovich previously founded CarPrice, which attracted $80 million from investors and opened 50 offices worldwide.
The idea for Mytime was first conceived in Q1 2017, with the team forming in Q2 2017. Public launch of the Mytime ecosystem, including launching the first applications, is scheduled for Q3 2018.
Ultimately, the goal of Mytime is to create a blockchain-based platform where businesses can securely and efficiently buy users’ time. A video game player can be paid to play, or a reader can be motivated to read articles. All transactions are recorded on the blockchain.
To learn more about Mytime and how its Mytime Coin (MYTC) works, visit the platform online today at MYTC.io.