The TIME token – the native token of the Chrono.tech ecosystem – was created in February 2017, following the project’s successful crowdsale.
Three and a half years is a long time in crypto, and both the Ethereum platform and its broader ecosystem have seen many changes in that time. The original TIME token contract is now outdated, causing various difficulties for users and developers.
As a result, we will upgrade it to a new version starting from October 1.
There are a number of reasons for updating the token contract, including the following:
- The older smart contract means that token transactions are around four to five times more expensive than for new versions of comparable contracts.
- The contract has outdated metadata hard-coded into it. This needs changing to reflect ongoing development progress.
- The contract was deployed using a version of the Solidity compiler that cannot be integrated with modern analytics services.
- Integration with DeFi applications is not easy with the current form of the token.
It is important to stress that the current circulating supply of 710,113 TIME tokens will remain the same.
New TIME contract version
Chrono.tech’s TIME token contract is currently ERC20-compliant, as were the majority of project tokens at the time of launch (and still many today). It will be updated to the newer ERC677 standard.
ERC677 is 100% compatible with ERC20, which means that ERC677 works everywhere that ERC20 works, but has additional functionality and is better optimised. Further information about the ERC677 standard is available on GitHub.
ERC677 is used by a number of well-known crypto projects, such as Chainlink. The token contract has successfully passed a number of audits. LINK’s audit can also be viewed on GitHub.
TIME can be swapped using Chrono.tech’s exchange, TimeX.io, for a period of one month, starting from 1 October 2020 and ending on 31 October 2020.
Please note that TIME holders will still be able to swap their tokens after 31 October. However, these swaps will be processed manually, on a case-by-case basis, and so there may be delays. Our goal is to ensure all TIME holders have the opportunity to swap their tokens, but that the process is not unnecessarily prolonged.
The swap process is irreversible. When the swap has been completed, TIME tokens cannot be changed back to the old contract.
Trading for the new TIME contract will be supported on TimeX after 31 October 2020. Withdrawals for the new token will also be available after this date.
New TIME ecosystem
The new TIME token will be more versatile than the original, enabling us to integrate it more closely into our ecosystem and implement our new DeFi vision:
- Liquidity. Following the update, we’ll be launching new liquidity pools on decentralised exchanges Uniswap and Spartan Protocol, ensuring greater liquidity and new sources of rewards for the community.
- Staking products. We’ll be developing some new features that both draw on recent DeFi innovations and return to some of the ideas in our original vision – as well as trialling completely new features to gauge interest. Watch out for more details, including a technical paper which is in the works.
- Chrono.tech DAO. This will allow the community greater control and new benefits for holding TIME, which will become the governance token for the Chrono.tech ecosystem.