Proof of Time
Last updated
Last updated
ChronoLogic considers time as value. Rather than proof-of-work or proof-of-stake mechanisms, ChronoLogicworks 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 DAY smart contract has advanced minting capabilities and a halving mechanism to limit the total supply of DAY in the future. Every contributor in any phase of the token contribution period will receive a minting address called a TimeMint with a specific minting power called ChronoPower. ChronoPower ranges from 1% to 0.5% minting additional DAY in the respective TimeMint based on the TimeMint’s current balance of DAY. ChronoPower decays linearly among contributors based on their contribution order. The first contributor receives TimeMint0001 with the highest ChronoPower of 1% & the last TimeMint receives the lowest ChronoPower of 0.5%.