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.
Throughout the history of mankind, man has assigned value to a variety of objects and concepts including food, shelter, resources, gold, fiat money & even cryptocurrencies. The value of each often fluctuating depending on fundamental & psychological factors.
Traditional currencies have been pegged to gold, other currencies or even nothing. The first generation of cryptocurrencies have been based on the concepts of mining & staking.
In reality, true value is time. Unlike other resources that can be gained & lost including all of the above objects & concepts, time is the only asset which cannot be regained. Once lost it is lost forever. It cannot be gamed and although the exact supply of time is ultimately unknown it is the scarcest resource of all.
ChronoLogic considers time as value. Rather than proof-of-work or proof-of-stake mechanisms, ChronoLogic works on proof-of-time. In its first use-case ChronoLogic pegs time to a store of value token named DAY based on the Ethereum blockchain. This cryptocurrency 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. The only way additional DAY can be produced is via the passage of time.
The blockchain offers the right means to implement more of the features of Time. ChronoLogic expands the possibilities of using time in blockchain projects in industries such as finance, transportation & eCommerce.
Chronologic
