Chronologic (DAY)白皮书.pdf
CHRONOLOGICFIRST PROOF-OF-TIME TOKENIntroducing the DAY Token, the first Ethereum asset pegged to timeCONTACTS TEAMCHRONOLOGIC.NETWORKHTTPS//CHRONOLOGIC.NETWORKWHO WE ARE CHRONOLOGICCONTENT| PREFACE | THE BACKGROUND OF CHRONOLOGIC | PROOF-OF-TIME THE BLOCKCHAIN | CHRONOLOGIC THE REAL WORLD | THE CHRONOLOGIC CROWDSALE | THE CHRONOLOGIC TEAM | CONTRIBUTION USAGE PLANS | CONCLUSION | LEGAL DISCLAIMER HTTPS//CHRONOLOGIC.NETWORK- PAGE 3 // 26Time 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.PREFACE“TIME IS THE COIN OF YOUR LIFE. IT IS THE ONLY COIN YOU HAVE, AND ONLY YOU CAN DETERMINE HOW IT WILL BE SPENT.” CARL SANDBURG TIME, VALUE THE BLOCKCHAINHTTPS//CHRONOLOGIC.NETWORK- PAGE 5 // 26ChronoLogic - project introducing the concept of Proof-of-Time for blockchain technologies initially with the launch of the DAY Token and ultimately through its own protocolDAY Token - first Proof-of-Time ERC20 token integrating the concept of TimeMints, which mint additional DAY based on the predefined MintingAlgorithm ; DAY will be used as payment to launch future third party Proof-of-Time projects on the Chronos plat while contributions to these projects during any token sale periods will be via DAYTimeMint - One of 3,333 minting addresses with the power to produce additional day depending on the MintingAlgorithm; the first TimeMint is denoted as TimeMint0001 with the last denoted as TimeMint3333MintingAlgorithm - The halving of a TimeMint’s ChronoPower; halving occurs every 88 daysChronoEra - 88 day periods during which the daily ChronoPower of a TimeMint stays the same; at the end of each ChronoEra halving of the ChronoPower occurs; for example, ChronoEra II would be days Days 89 to 176 after the birth of the DAY TokenChronoPower - The minting power of a specific TimeMint; each of the 3,333 TimeMints has a different ChronoPower ranging from 0.5 to 1 additional DAY tokens minted per dayDayZero - The birth of the ChronoLogic smart contract at which point ChronoPower starts producing additional DAY in each TimeMint on a daily basisChronos - the future Proof-of-Time Plat on which additional Proof-of-Time tokens projects will be launchedTimeTx - the TimeMint transfer processTIME, VALUE THE BLOCKCHAIN01THE BACKGROUND OF CHRONOLOGICWHAT IS CHRONOLOGICWHAT IS THE DAY TOKENRELATIONSHIP BETWEEN CHRONOLOGIC THE DAY TOKENChronoLogic is the vision of time merging with the blockchain. It’s an introduction of the concept of Proof-of-Time for blockchain technologies practical applications.The first phase of the ChronoLogic project is the DAY token afterwhich the concept will be expanded to allow practical implementation of Proof-of-Time by other projects entities.The DAY Token is ChronoLogic’s implementation of the Proof-of-Time concept on the Ethereum blockchain. The day token is an ERC20 token based on the Ethereum Blockchain. In the next stage of the project, ChronoLogic will have it’s own plat --Chronos -- which will allow the launching of additional Proof-of-Time tokens. DAY tokens will be transferable in the case that another token is launched on a separate blockchain developed by ChronoLogic additionally DAY tokens will be used to launch Proof-of-Time Blockchain projects such as the ones described in the Use Case section.ChronoLogic’s first implementation of the Proof-of-Time concept is the DAY Token with future use cases expanding to Proof-of-Time concepts implemented by corporations and other third parties.The DAY token is an ERC20 wallet compliant token based on the Ethereum blockchain. It is the first phase of the ChronoLogic project and the first implementation of Proof-of-Time on the blockchain. The DAY Tokens will be used 2-fold first as a store of value, pegged to time, that over time mints additional DAY tokens in the respective TimeMints and second spent by companies individuals to launch their own Proof-of-Time token once ChronoLogic’s future Chronos Plat is released. The supply of DAY is limited and like time once the ICO is over it is immutable.HTTPS//CHRONOLOGIC.NETWORK- PAGE 7 // 26THE BLOCKCHAIN’S “TIME” PROBLEMTime is the most valuable “asset” for humans yet most of mankind measures an individual’s wealth by the amount of resources the person has been able to accumulate often ignoring the amount of time sacrificed in exchange for these transient resources.For example, even with most cryptocurrencies the concept of mining is based on the amount of resources such as electricity processing power an individual or pool can accumulate when determining who to reward. ChronoLogic introduces a new way to peg time to assets. For example, in the future, ChronoLogic will create reward punishment systems, model investment growth implement this concept in other real world scenarios all based on time. In the same way that mankind uses Gold and Fiat as items of value, ChronoLogic will implement the use of time its value into blockchain technologies.ALL THAT REALLY BELONGS TO US IS TIME; EVEN HE WHO HAS NOTHING ELSE HAS THAT. BALTASAR GRACIAN 02PROOF-OF-TIME THE BLOCKCHAINMINTING LOGIC, TIMEMINTS TOKEN SUPPLYThe 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.The original ChronoPower, Moi, assigned to TimeMint Ai, with the TimeMint number equal to i isWhere Max is the maximum ChronoPower, which equals 0.01 Min is the minimum ChronoPower, which equals 0.005 TotalTimeMints equals 3,333This can be reduced further toChronoPower of X means that the TimeMint is able to produce X of its balance and add it to the current balance at the end of the day.The ula used to calculate the balance of a TimeMint on day d, isHTTPS//CHRONOLOGIC.NETWORK- PAGE 9 // 26MON TUE WED THU FRI SAT SUNDAY DAY DAY DAY DAYDAY DAYDAY DAY DAY DAY DAYDAY DAYDAY DAY DAY DAY DAYDAY DAYTimeMint0001TimeMint0002TimeMint0003TimeMint0001103.03DAY102.01DAY101DAYMON TUE WEDWhere Bi,d-1 is the balance of TimeMint Ai on the previous day Mci,d is the ChronoPower of TimeMint Ai on day d d is counted from DayZero where d 0 on DayZeroFor example, if a TimeMint has 1 as its ChronoPower 100 DAY as its balance, then on the first day the TimeMint will mint 1 DAY token, which will be added to the TimeMint’s balance resulting in 101 DAY. On the second day the TimeMint will mint 1 of its 101 DAY tokens totaling 1.01 DAY resulting in a balance of 102.01 and so on.There are also different ChronoEras, which have halving periods after which the ChronoPower of the each TimeMint is reduced by half of it’s current ChronoPower. Day Tokens1000000.00000000800000.00000000600000.00000000400000.00000000200000.000000000.000000000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32Total Available SupplyPhase CountTotal Available Supply924025.1875ChronoPower1.200000000000001.000000000000000.800000000000000.600000000000000.400000000000000.200000000000000.000000000000000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32ChronoPower Over Time0.00000000046566ChronoEraThe ChronoPower of TimeMint Ai on day d with halving occurring every Q days is given byWhere Moi is the original ChronPower of a TimeMint with ID i. Q is the duration of the ChronoEra halving cycle of 88 days Basically, floord/Q represents the ChronoEra.The ChronoPower of TimeMints holding DAY tokens is halved every 88 days. See how the ChronoPower of TimeMint0001 decreases over time in the below diagramTotal tokens created on DayZero depend on the amount of ETH contributed in each phase; however, there is a hard cap of 38,383 ETH during the Regular Contribution Period, which will result in the Regular Contribution Period closing even if all of the 3,333 TimeMints have not been assigned. An example of total token supply in the entire ecosystem can be calculated as follows. The below diagram shows the total token supply after each ChronoEra. If every contribution to each TimeMint is 3 ETH then hypothetically the total supply results in the following number of DAY tokensAfter the crowdsale closes all non-reserved TimeMints are assigned, the TimeMints will start minting DAY tokens.HTTPS//CHRONOLOGIC.NETWORK- PAGE 11 // 26TIMETX - TIMEMINT TRANSFER ACQUISITION POST-ICOTimeMintAuctionsTimeMint holders may sell their TimeMint to a buyer. ChronoLogic has a process called TimeTx that allows the sale/transfer of TimeMints to a buyer/receiver. This construct is separate and unrelated to the auction function. To initiate TimeTx, the seller needs a minimum balance of 8,888 DAY tokens in their TimeMint. The seller then specifies the minimum bid in DAY tokens the expiry block number to start TimeTx. During the TimeTx process the seller’s 8,888 DAY tokens are locked and not accessible until the sale is over or the expiry block number is reached.During TimeTx, a buyer can send the requested price to the TimeTxContract to acquire the TimeMint. Any transactions lower than the seller’s price are automatically rejected receive a refund of their DAY tokens. The first one who has transferred the requested amount of DAY tokens or more will acquire the TimeMint from the seller.Once a buyer sends the correct amount of DAY, the buyer acquires the TimeMint. The total tokens involved in the transaction including the seller’s 8,888 DAY tokens plus the buyer’s amount are then be transferred to the seller’s wallet. The TimeTx flow can be seen below1. Seller sends 8,888 DAY to the TimeTxContract specifying the minimum reserve price denominated in DAY an expiration time resulting in the unlocking of the seller’s TimeMint.2. Buyer sends DAY to the TimeTxContract which equals or exceeds the reserve price.3. Buyer acquires the TimeMint converting his address into a TimeMint.4. All DAY tokens including the original 8,888 DAY are transferred to the seller.5. If no buyer surfaces then the 8,888 DAY is returned to the seller after the expiry block number is reached.This is a possible functionality that will be released in the future with advanced capabilities implementing various Time constructs into these auctions. ChronoLogic is reserving 88 TimeMints for release in the future via different auctions.TOKENCONTRACT8888 DAY, Min Purchase Amount, Expiry Purchase Amount8888Purchase Amount DAYMinting AddressStatus TransferHTTPS//CHRONOLOGIC.NETWORK- PAGE 13 // 2603CHRONOLOGIC THE REAL WORLDCHRONOLOGIC’S GOALSPROOF-OF-TIME BLOCKCHAIN PROJECTS IMPLEMENTATION GOALSChronoLogic will ultimately launch a plat, which will allow other users to launch their own Proof-of-Time tokens. The use cases for Proof-of-Time tokens are varied and will grow as additional projects are launched. The goal of the crowdsale is to launch additional Proof-of-Time blockchain projects implementing ChronoLogic’s technology.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 private equity partner Wired Investors. Develop an auction functionality for a decentralized exchange of DAY tokens DAY TimeMints. Finalize development roadmap for the future Proof-of-Time Chronos Plat. Partner, support launch 6 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 Plat to enable the launch of Proof-of-Time tokens by third parties. Partner, support launch 18 Proof-of-Time blockchain projects.HTTPS//CHRONOLOGIC.NETWORK- PAGE 15 // 26USE CASESTRANSPORTATION USE CASEProof-of-Time blockchain projects use cases that will be supported from contributions may include implementations on the future Proof-of-Time Blockchain such as the following.Finance Use CaseIn finance, many securities including debt securities are heavily dependent on time.For example, a debt instrument with a 5 year term paying 12 is effectively a smart contract that can be housed on the future Proof-of-Time Blockchain. To define the roles Company Issuer of the debt Investor Subscriber of the debt Debt Raise Goal 10,000 DAY Interest Rate 12 Terms Balloon payment after 5 years COM Company’s token 1 DAY 5 COMThe Company launches their Proof-of-Time token to help raise pay their crypto debt via the issuance of a smart contract. When an Investor sends DAY to the specific receiving address the Investor in return receives the Com