TIME migration and forthcoming votes

TIME migration and forthcoming votes

After the upgrade to TIME 2.0, the community will decide what happens to the unswapped tokens.

As part of Chrono.tech’s move into DeFi, we have already started migrating the TIME token to the new, more versatile smart contract, TIME 2.0. Hopefully, everyone is exchanging their TIME or has already done so. We are exchanging TIME to TIME 2.0 via either Timex.io or LaborX.com (only for premium users) . You can find out more about how to swap your tokens on the TimeX blog.

As some of our community have pointed out, this method of exchange is not the usual airdrop that a lot of other projects use. However, there are good reasons for this.

While swapping tokens presents its own challenges, we have chosen this method to better integrate TIME into the DeFi space once the process is complete.

As a community, we have a number of decisions to make, to ensure we recover Chrono.tech’s momentum and utilise all of our combined talents and abilities to make sure that we reach our primary goal of creating a truly workable crypto ecosystem and economy, underpinned by wages and earning in crypto.

First vote: unswapped TIME

We recognise that in the past, it has not always been easy to involve the community closely in our development and decision-making processes. This is a problem that we appreciate and are now working to address.

Over the next couple of weeks, we will be proposing a number of votes on important issues for the Chrono.tech ecosystem, starting with: What should be done with the tokens that are not swapped?

We propose one of the following three scenarios for tokens that are not swapped by 31 October 2020 for one reason or another.
  1. Do nothing. We continue to operate with the swapped TIME 2.0 tokens alone.
  2. Burn the tokens that have not been swapped, leading to a reduced supply of TIME 2.0.
  3. Hold unswapped tokens in a “community treasury”. Part of the treasury will be distributed between token holders who have swapped to TIME 2.0, rewarding their commitment to the project, while the rest will be distributed via yield farming pools as early rewards for staking TIME 2.0. This will add value and tokens to everyone who has been with us and supported us for the long term.

We would like to run this preliminary vote in Telegram, to gauge interest and guide our immediate development steps. The official vote on this, plus a number of other ‘housekeeping’ issues, will be conducted as part of setting up the DAO and our first DeFi integrations.

A first vote and general discussion over this topic will be held in our Telegram chat on 20 October. We hope to see you there!