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

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 ammount 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 inflationnary as time pass and supply remains low in terms of DAY tokens minted ?

Let me know if I dont get it right thanks

yeah, i read it, just wanted to be sure i got it right, ty ))

Is this going on any exchanges after ICO is complete? It can be a popular project if exchanges will list them.

Please PM "eric-chronologic" in slack, or email team AT chronologic dot network


Yes, we are in talks with exchanges, it will be announced once listing actually happens.

In the whitepaper, the minimum needed to set up a TimeTX contract is 8,888 DAY. This means you need something like a 200 ETH investment to sell your TimeMint at the end of the first chrono era (if you just let the DAY generate more of itself) and 300+ to be able to sell it early on, even for the 1% mints. In practice, since the Mint presumably isn't mining anything while it's in the contract (as your DAY that you were mining with just got locked) it's even worse. There's also no real way to check whether anyone has a mint for sale in the first place (I guess people will wind up posting in here? meh) so it's extremely illiquid.

It's an interesting concept but I strongly recommend revising this point.

Additionally, to be blunt, the use cases in the white paper are anemic. The WP describes a token designed to be as hoarded as humanly possible, but there's nothing to spend it on and anyone without a Mint (remember, they're effectively not tradeable) has no reason to accept it. Investors are dependent on the company to eventually launch a platform that may, one day, do something with those tokens. "We'll find a lot of use cases later" is not good enough to send 88 ETH off and get back an asset it will take 300 more to ever trade.

The team's pedigree is beyond solid and the token itself is unique, so I'm puzzled why this ICO had to be now and not two weeks of use case brainstorming development later, because there must be something better to shoot for than this.

Hi,

As is clear from the WP, a TimeMint is only really valuable during the first 3-4 eras. All Mints will mine >75% of their tokens within the first 6 months and 90%+ within the first 12 months. As such, there is very little point to selling a Mint after 6 months; the market will never have any significant time to develop. Furthermore, if you put the Mint (and/or the tokens used to power it) up for sale in a 2 week auction you waste 12% of its output, and, of course, it takes 300 ETH to sell -any- of them, including the ones the ICO participants pay 1-10 ETH for. With this limitation, even if they weren't already mining less than the pre-sale versions, it is virtually impossible for any of the Mints bought by small-cap buyers to ever be sold. The bigger ones might be tradeable if there was a site or a UI set up somewhere to do that, but I don't see that shown here.

Meanwhile, DAYs are designed to be hoarded as their only use case in the real world right now is to be used to stake more of themselves. After those 6-12 months, the wells will run dry. Then what? You haven't outlined a reason why anyone not connected to a Mint will want one. The team wants to develop other proof of time use cases but that may well have nothing to do with DAY at all.

"We are not here to foresee how the market will evolve" is not good enough for an ICO that requires this much to get off the ground. You want to raise 20 million dollars. The token idea is unique and worth pursuing but given the limited amount of time it's worth anything in this implementation, this isn't the way to go about it. If I thought you were scamming on purpose I wouldn't bother making either of these posts, so take this as a sincere request - please go back to the drawing board for a little bit and look for a way to make this work for buyers.

Thanks for the comment. Yes, it is true that 90% of the supply will be minted by month 12. Making TimeMints transferable is of interest but it is not the driver of the contribution period. In fact, all of the innovations have been completed because we wanted to be in development and not just have an ERC20 token with a promise for the future. For us, everything within this DAY token contribution period is an innovation or a feature that we see as having a far-reaching effect for future additional Proof-of-Time tokens that will be launched on what is the ultimate goal of this project - the Chronos platform.

The DAY token is, among other things, the usage token that will enable users and companies to launch their own proof of time token.

Regarding contributions, the hard cap is 38,383 ETH which is less than $20M at today’s current ETH exchange rates. Additionally, if we hit the TimeMint hard cap first then only 15,000 ETH might be contributed. Still it is a significant amount and we do not take it lightly.

That being said, we are open to brainstorming with the community and open to suggestions especially regarding features & innovations that will help third parties launch their own Proof-of-Time tokens on Chronos. We suggest you to join our Slack to keep the brainstorming on, we appreciate your input.

Thanks again!

Thanks, we would appreciate it if you could stick to this thread only for any questions for the team.