ICO of the week: ChronoLogic
Project name: ChronoLogic
What’s it about: a system that is tied to time and working on Ethereum
Token time line sale: 08/10/2017-24/11/2017
Project target: hard capitalization 38, 383 ETH
About the project:
ChronoLogic project features an open source system for developers; one can launch applications using the platform. ChronoLogic has its own original, native token, which can be used for transaction processing. It is called DAY. The philosophy behind the company is not Proof of work or Proof of Stake algorithm, but rather Proof of Time. In other words, as time goes the DAY tokens are being created. Transactions made with the ERC20 standard DAY token are secure. Smart contracts will ensure that payments are made timely, regardless of weekends or different time zones.
The promotion of the project is targeted on companies operating in finance, e commerce or transportation. The system of the project uses a special tool the creators called Time Mint. Time Mint allows to generate tokens – the quantity of tokens reduces twice every eighty eight days. After the mining time period is over, one can only buy DAY’s - these tokens can be further used to pay or buy services.
Features of this ICO:
• People, participating in the process of the ICO’s token sale are limited by number: only 3, 333 users can be involved in the sale, since only 3, 333 copies can be issued via the tool called Time mint.
• Risks of investing in this ICO, as ICO Buffer estimated them, can be rather high, even though generally the idea or say mission pronounced in a statement by founders of the company can be called rather interesting & revolutionary.
• ChronoLogic suggests a unit of evaluation - time: hours and minutes. ChronoLogic’s reward system will be based on Proof of time principle.
• As 2017 ends ChoronoLogic’s founders are planning to test a version of the Proof of time system. Native tokens, as well as the DAY timemints will be exchanged in a contest.
• The company will be supported be members of a private equity fun: founders got lucky to attract funds from the Wired Investors.
All team members look professional. Meet CEO - Deven Soni, he was previously involved in an investment banker at Goldman Sachs, served in Lazard & Highland Capital. Toshendra Sharma, one of the key members of the company, was recognized by the Forbes magazine. The Co-founder is Eric Weiss, famous for being an EOS equity investor; Crypto Private Equity investor & adviser to Polymath. Jovar Gaylan is a scientist; he developed the anticipated architecture of the project’s Chronos system. Yet finally, Lee Pennington is an expert in the cloud software as a service solution, entrepreneur and investor, he has extensive experience in blockchain marketing, PR in fintech.