Bringing time asset to the DeFi ecosystem
Chronologic Network is building the first crypto pegged to time on the Ethereum blockchain. The company claims that its solution expands the possibilities of using time in blockchain projects so that it can be implemented in fields such as finance, transportation & e-commerce. This solution was developed because time is a valuable asset, but Ethereum’s blockchain was not originally designed for these use-cases which causes some projects to fail to implement their full potential. The project consisted of several phases, where in the first phase ChronoLogic pegs time to DAY, a store of value token developed on the Ethereum blockchain.
According to its website, Chronologic Network is building DeFi payments & a decentralized scheduling network on the Ethereum blockchain. The company partnered with the Ethereum Alarm Clock in order to apply its solution and solve one of DeFi core problems. Decentralized scheduling itself is essentially a protocol to executes scheduled transactions via an off-chain client network known as TimeNodes, which are incentivized to operate by the network. There is no need for the end-users to know about the smart contracts and TimeNodes, they just have to pay transactions free from wallets such as MEW, MyCrypto, and other Web3 wallets.
With Chronologic Network, the company claims that users can automated trades on Uniswap without a server-based solution. They can also use any web3 wallet to make scheduled transactions and connect with other DEXes for their auto-trading strategies. Chronologic also supports a second layer execution market to support other dapps using its TimeNode network. In order to achieve its goal, Chronologic has established partnerships with industry leaders such as RSK, ETH: Alarm Clock, and more.