ICO Alert Report: Chronologic


All of our market intelligence reports, known as ICO Alert Reports, are now available for free. All future reports will be published here, on our blog, to allow you to read on any device, and join the discussion in the comments. The goal of this report is to collect and simplify whitepaper and crowdsale information due to the complexity, length and lack of access often associated with both.

Pre-Contribution Period
The Chronologic pre-sale period is currently running. You can contribute by scrolling down on their homepage here, and clicking “Join the Crowdsale” in the top right-hand corner or under the bold text.

The minimum amount allowed to contribute is one Ether and the maximum amount allowed to contribute is 333 Ether. 333 TimeMint addresses are available for purchase and will be handed out randomly, but are guaranteed to be in the top 1,000 Chronopower TimeMint addresses.(3)

The pre-sale requires an email address and will take you through a short process where contributors must specify an Ethereum address and agree to pre-sale terms.

The pre-sale rate is 224 DAY tokens per one Ether contributed. The pre-sale accepts Bitcoin, Ethereum, Zcash, Stratis, Litecoin, Dash, Bitcoin Cash, and any other Ethereum based token.(3) At the end of the pre-contribution period the DAY tokens will be sent to the Ethereum address specified by the contributor, but not through an Ethereum smart contract, so it may take some additional time to be completed.

Crowdsale Period
The crowdsale period will begin on August 28, 2017 at 9 a.m. EDT and will last for one week. Only Ether is accepted during the crowdsale period, because the crowdsale period will utilize an Ethereum smart contract, unlike the pre-sale period.(3)

There is a hard cap of 38,383 Ether. If this cap is hit, the crowdsale will end, even if all of the TimeMint addresses have not been assigned. Those TimeMint addresses not assigned will remain dormant.(3)

The minimum amount allowed to contribute is 1 Ether and the maximum amount allowed to contribute is 333 Ether. Tokens will be distributed and tradable at the end of the crowdsale period.

Allocation
DAY tokens are created in four phases. The first phase is the pre-contribution period, aimed to reward those investors contributing more to the project with a TimeMint address that mints more Day tokens. The second phase is the crowdsale period. The third phase is for the team members only. The fourth phase is for the reserved 88 TimeMint addresses that are to be used for TimeMintAuctions in the future. Each phase gives out a TimeMint address that mints fewer DAY tokens than the previous phase. The number of TimeMint addresses available in each phase are as follows:

Pre-Contribution Period = 333 TimeMint Addresses

Contribution Period = 2,894 TimeMint Addresses

Team Members = 18 TimeMint Addresses

TimeMintAuction Reserve = 88 TimeMint Addresses

Of the 18 TimeMint addresses for team members, three will have no vesting period and 15 will have a vesting period of 12 months.

Use of Crowdsale Proceeds
Development & Operations: 42.5%
— This includes the following:
1. The Proof-of-Time mechanism for the finance space
2. The auction mechanism for a decentralized exchange mechanism of DAY tokens and TimeMints
3. The Chronos platform
4. Additional development work may be undertaken to support Proof-of-Time blockchain projects
— Operations include regular day-to-day operations such as HR, staff, accounting and expenses to advance the project.

Proof-of-Time Blockchain Projects: 32.5%
— The first project will be in collaboration with a team member’s equity fund, Wired Investors, and aims to create securities, such as debt and equity instruments.

Marketing: 17.5%
Legal & Advisors: 7.5%

Team
The team has positioned themselves in a way that they all work together and function equally without any titles. This is done to eliminate what they call “key-man” risk (e.g. the title “CEO” leaves and the project loses perceived value). Their listed experience is as follows:

Deven Soni
Linkedin
Deven is a former Goldman Sachs, Lazard, and Highland Capital investment banker and principal investor in charge of deploying over $300M of capital. He is currently general partner at Wired Investors in charge of the Crypto Private Equity strategy and implementing Proof-of-Time.

Eric Weiss
Eric is bringing along the backing of an entire digital strategies team to ChronoLogic. He and his team are the blockchain Proof-of-Time concept originators and he is a pre-ICO EOS equity investor. Eric is also a Crypto Private Equity investor and advisor to Polymath, a Blockchain security token platform currently in stealth mode.

Jovar Gaylan
Jovar is a mathematician and computer scientist and the architect of the future Proof-of-Time Chronos platform. He has co-founded multiple software startups including VideoRemix, a video personalization B2B platform.

Lee Pennington
Lee is a serial SaaS entrepreneur, private equity investor, and crypto-marketing expert who will be managing outreach, PR, Slack, and live crypto-webinars for the team.

Toshendra Sharma
Linkedin
Toshendra is a Forbes 30 under 30 member and founder of Allchains, a Blockchain-as-a-Service company. He is a well-known instructor and speaker in the Blockchain space, having taught more than 11,000 students worldwide across 145+ countries.

Social Media
Slack: https://chronologic.network/slack
Medium: https://blog.chronologic.network/

The majority of the above ICO information can be found in the Chronologic whitepaper and on their website.(1)

What is Chronologic?

Chronologic is the “vision of time merging with the blockchain,” according to the team. The Chronologic team is introducing the concept of Proof-of-Time that is pegged to time through the use of a native token (DAY token). These tokens are naturally deflationary, as a decreasing amount of them are “minted” (re: created) every day. There are a few definitions applicable to this project that the team lays out in their whitepaper:

  1. DAY Token : These tokens are part of what mints additional DAY tokens based on an algorithm (“MintingAlgorithm”). These tokens will be used as a store of value and a payment method for other parties to launch their own Proof-of-Time projects. The DAY token utilizes “TimeMints,” which are what actually produce more DAY tokens.
  2. TimeMints : 3,333 different addresses that mint more DAY tokens at a specified rate determined by the MintingAlgorithm. They are denoted as TimeMint0001, TimeMint0002… TimeMint3333.
  3. MintingAlgorithm : This algorithm halves each TimeMint’s “Chronopower” (rate of minting new DAY tokens). The halving of this minting power occurs every 88 days. This 88 day period is called a “ChronoEra.”
  4. Chronopower : The rate at which a TimeMint mints new DAY tokens. Each TimeMint has a different amount of Chronopower ranging from 0.5% to 1% additional DAY tokens, per day.

For example, if there are 100,000 DAY tokens and a TimeMint has a Chronopower of 1%, this TimeMint would mint 1,000 new DAY tokens until the MintingAlgorithm halved the chronopower of this TimeMint address.

The Chronologic team also plans to launch a Proof-of-Time (PoT) platform called Chronos, where they expect other PoT projects will be launched. The DAY token will be used for transactions as other projects build on the Chronos platform. The team is taking the value of time and tokenizing it. Just like precious metals, they believe that by tokenizing time, it can also be a store of value.

How does it work?(1)
The minting of new DAY tokens is done through a smart contract. The Chronologic team is using the crowdsale to begin the minting process. Every contributor in the crowdsale will receive a TimeMint address, with a specific minting power. The amount of minting power (Chronopower) in a contributor’s TimeMint address will be determined by the amount of funds contributed by that person. The amount of Chronopower decays linearly with each contributor. The first contributor will have address TimeMint0001 and their Chronopower will be 1% of the total DAY tokens created at the end of the crowdsale. The last contributor will have address TimeMint3333 and will have 0.5% Chronopower. Each contributor from TimeMint0002 to TimeMint3332 will have a smaller amount of Chronopower than the TimeMint address before it.

As the TimeMint address continues to mint new DAY tokens via the smart contract within each 88 day period, the overall amount will increase linearly. If TimeMint0001 has 100 tokens, they’ll mint 1% more (1 DAY token) the first day. But the second day they’ll mint 1.01 tokens, because their total (now 101 DAY tokens) has increased after the first day of minting.

What is ‘TimeTx’?(1)

During the crowdsale, each contributor up to 3,333 contributors will get a unique TimeMint address. If less than 3,333 contributors contribute 38,383 Ether (hard cap amount), the crowdsale will still end. Chronologic is allowing these contributors to sell their TimeMint addresses to others through what is called “TimeTx.” This transactional function can be used by those wishing to sell their TimeMint addresses, but only if they have 8,888 DAY tokens in that address. Assuming that is the case, the seller will start the TimeTx by specifying a minimum bid of DAY tokens that will be accepted, as well as a block number to start the TimeTx. At this point, a buyer can send the minimum bid (or more) to the TimeTxContract and acquire the TimeMint address. If less DAY is sent than the minimum bid, the transaction will not complete and the buyer will be refunded their DAY tokens.

The Chronologic team also plans to release TimeTxAuctions in the future. This will be possible by reserving 88 TimeMint addresses for release in the future through these auctions.

Goals(1)

Chronologic aims to launch the Chronos platform and support other parties’ desire to build on top of that platform. The team lists the following goals for their team/project:

ChronoLogic 2017 Goals:

— Develop a Proof-of-Time mechanism for the finance space.

— Beta test the implementation of a finance Proof-of-Time use case with ChronoLogic’s crypto-focused private equity partner, Wired Investors.

— Develop an auction functionality for a decentralized exchange of DAY tokens and DAY TimeMints.

— Finalize the development roadmap for the future Proof-of-Time Chronos platform.

— Partner, support, and launch six Proof-of-Time blockchain projects.

ChronoLogic’s 2018 Goals:

Deploy the finance Proof-of-Time use case for the public.

— Work with other partners to beta test additional Proof-of-Time use cases.

— Develop the open Proof-of-Time Chronos platform to enable the launch of Proof-of-Time tokens by third parties.

— Partner, support, and launch 18 Proof-of-Time blockchain projects.

Transportation and Finance use cases can be found in the Chronologic whitepaper here.

View the Chronologic Website here.

View the only comprehensive list of active and upcoming ICOs here.

Disclaimer: This report is intended to provide market intelligence. This is not investment advice and does not constitute any solicitation or endorsement of any investment. Any investment you make is done at your own risk and at your full and absolute discretion. The contents of this report are the property of ICO Alert. All rights reserved.

References
(1) Chronologic Whitepaper, Chronologic, (2017)
https://chronologic.network/uploads/Chronologic_Whitepaper.pdf

(2) Chronologic Website, Chronologic, (2017)
https://chronologic.network/

(3) Chronologic Slack, Slack, (2017)
https://chronologic.network/slack


ICO Alert Report: Chronologic was originally published in ICO Alert on Medium, where people are continuing the conversation by highlighting and responding to this story.



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