ChronoLogic To Integrate Ethereum Alarm Clock Into MyCrypto.com
At first, Bitcoin and other digital currencies had only a cult following. In the early days, there were only visionaries at meetups who were optimistic enough to think that a protocol could change the global economy.
But now the idealism is becoming a reality and digital currencies are being viewed as legitimate competitors with global currencies.
Even though the list of advantages of cryptocurrencies is a mile long, there are still functions that the current financial system has that cryptos don't. One is the ability to schedule future transactions. The inability to schedule future transactions puts a major limitation on the evolving crypto-economy.
Until now, there was no way to schedule recurring subscriptions, future payments for employees and suppliers, or create advanced smart loan contracts.
In short, the ethereum blockchain was not designed to allow a transaction to be executed at a future time. But if you think about it, time is one of the most important variables to consider in economic decisions. Just like how Ethereum added a new dimension to cryptos through smart contracts, time is now being added as a new dimension or one that integrates perfectly with the smart contract system.
The Ethereum Alarm Clock was first developed by Piper Merriam of the Ethereum Foundation in 2015, and ChronoLogic recently teamed up with Piper to revamp the smart contracts, introduce additional advanced functionality, and bring it back to life so that it can be shared with the masses.
When it comes to paying friends, companies, suppliers, utility companies, and landlords, we take the ability to schedule transactions for granted.
ChronoLogic and Piper have built this functionality from the ground up and it is now available on on the Kovan Test Network.
ChronoLogic.Network, which is a small cap crypto project with big ambitions, says this project fit perfectly with their mission to merge time with the blockchain.
According to ChronoLogic: "We're developing debt smart contracts as part of a P2P lending platform based on time. The Ethereum Alarm Clock is something that can stand by itself and simultaneously integrate with all of our other products."
When asked about one of the best use cases for the Ethereum Alarm Clock, ChronoLogic mentioned that ICO processes can be automated.
"Imagine an ICO where you don't have to worry about being at your computer at the right time to contribute before a cut off date."
ChronoLogic further explained "An ICO could make the Ethereum Alarm Clock functions built into their ICO processes, so that their contributors can just input their details and setup a scheduled contribution to an ICO as setting their morning alarm clock."
When asked how a user can use the Ethereum Alarm Clock, ChronoLogic explained:
"It's as easy as visiting a webpage and clicking next, our goal is to make this functionality very user friendly."
The Ethereum Alarm Clock uses a TimeBounty incentive system that gets pseudo-miners to compete for the chance to execute the transaction on time. As Ethereum evolves from proof of work to proof of stake, this process could provide an alternative way for users to make profit as part of the new ecosystem.
When asked about how the Ethereum Alarm Clock will be used, ChronoLogic replied: "We keep coming up with use cases all of the time. The possibilities are endless.
We're just scratching the surface as to how scheduled transactions will completely change the digital economy."
ChronoLogic is currently undergoing a security audit, but once that is complete, the Ethereum Alarm Clock will be available on their dApp as well as at MyCrypto.com. Furthermore, all of ChronoLogic's projects are open source. According to the team "We're hoping to get more insight as to how developers plan to use this and integrate scheduling function calls in their projects." You can get the latest updates at ChronoLogic.Network and if you want to get involved as a developer go here or here.