Re: [ANN][ICO] ChronoLogic - Proof-of-Time token on Ethereum

Interesting idea, looks like a usage token platform with masternode, mining farm as basis right ?
I wonder how proof of time works since eth is block based

It is similar to a masternode, your TimeMint though will exist in your ETH address and so it can stay in your cold wallet. There is no need to keep you machine on.

The other difference with masternodes, is that you will be able to sell a TimeMint through a smart contract,
only 3,333 TimeMints can exist.

That sounds like good way for making money passively. I wonder how market for TimeMint will work ?

The DAY token - which again is the token your TimeMint will mint in your ETH address through the passage of time - will be tradable on exchangers, the TimeMints (or Masternodes) instead will be able to get sold via a trustless smart contract, may the TimeMint holder wish to sell.

Only people participating in the ICO will be able to have one of the 3333 TimeMints available.

TimeMints will have their own secondary market.

For more information i suggest you join the Slack.

I don't understand are we buying TimeMint or DAY tokens in ICO because the OP says we are buying DAY.

You get both. The ETH address you contributed from becomes one of 3,333 TimeMints that is able to create new DAY tokens from the ones already on your wallet of which you will initially receive 24 DAY tokens per ETH contributed during the ICO.

If I understand right, we basically get 1% minting power down to 0.5% from the upper timemints to the last ones
So if I purchase in presale i'll get an extra amount of DAY token to start with and closer to 1% chrono power daily than if I purchased last timemints right

Also generally that minting / mining power get halved every 88 days ? So it isn't really inflationary as time pass and supply remains low in terms of DAY tokens minted ?

Let me know if I dont get it right thanks

Yes you got it right!

The minting power is called ChronoPower and it gets halved every 88 days, each of those 88 days phase is called ChronoEra.

You can find all terminology explained on page 5 of the whitepaper.