What Is The TIME Token And Why Does It Matter?
TIME is the native token of the Chrono.tech ecosystem with fixed supply that enables users to access premium services. All revenues from Chrono.tech’s products are channeled into the TIME token – which has soared in value over the course of 2021 - and redistributed to stakers.
As Chrono.tech’s apps exploded in user numbers and popularity over the course of 2021, more and more people are asking about TIME: the token that underpins many of Chrono.tech’s services and that represents a stake in the overall ecosystem.
Here’s a rundown of what TIME is, how it’s used, why it matters, and how to get hold of some.
About The TIME Token
TIME is the native token of the Chrono.tech ecosystem of blockchain-based dapps and services.
The original TIME token was minted in February 2017 as an ERC20 with a fixed supply of 710,112.8108, shortly after Chrono.tech’s crowd sale ended. No supply is reserved, meaning that all tokens are in circulation.
The token contract was updated at the end of 2021 to the ERC677 standard, which is 100% compatible with ERC20 but is better optimised and offers additional functionality. The token’s supply remained the same, so there will never be more than 710,112 TIME.
Following the upgrade to the ERC677 standard, new blockchains were added to the Chrono.tech ecosystem, making TIME available on Binance Smart Chain and Polygon – both of which enable users to enjoy the same benefits as Ethereum, but without the high fees of mainnet. The tokenomics and current contract addresses can be found on CoinMarketCap.
The TIME Bridge
Users can hold and use TIME on three blockchains:
Transfers of TIME between blockchains are possible using the TIME Bridge, a custom solution developed by Chrono.tech. This offers a fast, simple way to migrate tokens using a MetaMask wallet.
TIME And The Chrono.tech Ecosystem
Chrono.tech’s blockchain-based services provide blockchain-based solutions for the HR and recruitment industry. The company’s products include:
- LaborX
- TimeX
- AUDT
- PaymentX
- CGU
LaborX is a freelance work platform that enables users to connect, organise work, and get paid securely and automatically in cryptocurrency. Because it’s decentralised and open, anyone can use it and the fees are much lower than comparable centralised platforms.
Every time a freelancer completes a job and gets paid, a percentage of the fee is converted to TIME tokens. These are shared between the freelancer, employer, and TimeWarp stakers (see below).
TIME tokens are also used to access Premium status on LaborX, which provides a series of benefits, including increased TIME bonuses and priority placement in search results. The more TIME a user holds in TimeWarp, the higher their Premium tier and the greater the benefits.
TimeX is Chrono.tech’s trading platform, which provides a secure, easy way to buy and sell TIME, popular cryptocurrencies like BTC and ETH, and all of the many tokens used by different applications within the Chrono.tech ecosystem. TimeX has established itself as one of the top 100 exchanges by trading volume.
Every time a user makes a trade on TimeX, 25% of the trading fee is converted to TIME and automatically credited to the users’ account.
AUDT is an Australian dollar-backed stablecoin, combining the benefits of a blockchain token and the price stability of a major currency. AUDT is one of the key ways that Australian users can move funds between their bank accounts and the crypto world. AUDT is regulated by AUSTRAC, Australia’s financial intelligence agency, ensuring compliance and best practice and enabling users to trade with confidence. Many tokens on TimeX are paired against AUDT.
PaymentX is a crypto payroll solution that integrates cryptocurrency payments into HR and accounting processes. Users upload invoices, and companies can settle them quickly and automatically in bitcoin and other cryptocurrencies – avoiding the manual processes and human error typically involved in paying freelancers and employees in crypto.
Crypto Gaming United (CGU) is a new initiative co-founded by Chrono.tech founder, Sergei Sergienko. The aim is to make it easier and more profitable for gamers to access play-to-earn opportunities as the sector booms. While CGU is an independent initiative, it uitlizes all of Chrono.tech’s technology, with gamers joining teams via LaborX and exchanging their earnings via TimeX, thus expanding the user base and revenue for the ecosystem.
TimeWarp: Stake And Earn TIME
The TimeWarp staking programme was launched in May 2021, and allows anyone who holds TIME to lock their tokens in a smart contract and earn their share of ecosystem revenues. All revenues generated by Chrono.tech’s services are used to buy TIME, which is paid out weekly to those who have deposited their TIME in TimeWarp. Holders who commit to locking their tokens for longer receive a proportionally greater share of revenues.
TimeWarp has proven extremely successful. At present over 385,000 TIME are locked in TimeWarp, representing over 50% of total token supply. There are also TIME pools on major AMMs on Ethereum mainnet, Polygon, and BSC, and TimeWarp also pays out TIME weekly to liquidity providers for these. You can find out more by reading the TimeWarp documentation.
How Has The TIME Token Performed?
Over the past two years, and especially through 2021, the Chrono ecosystem has expanded rapidly and the value of TIME has reflected the growing user base and increasing revenues being channeled into the token. LaborX, for example, grew from around 6,000 to over 45,000 users in 2021.
And the TIME Token, which started 2021 at $1.90, has risen in value to a peak of over $195 by the end of the year, a 10,000% increase. In addition to this impressive performance, the company recently attracted external investment of a total of $30 million by venture capitalist Mark Carnegie and a European family office.
Where Can I Trade TIME?
TIME tokens can be traded on several major exchanges, including TimeX (ETH, BTC and USDT pairs). TIME can be deposited to TimeX either as an ERC20 (Ethereum mainnet) token, or a BEP20 (BSC) token. Similarly, users can withdraw TIME to either Ethereum mainnet or BSC. Any users who still own the original TIME token can swap them seamlessly for the upgraded token on TimeX.
Other exchanges on which TIME can be traded include:
- Uniswap (Ethereum mainnet)
- PancakeSwap (BSC)
- QuickSwap (Polygon)
- Kucoin
Find out more about TIME by visiting Chrono.Tech and following the project on Telegram and Twitter.
