Details

Last Funding Type

Series Unknown

Last Funding Money Raised

$3.50M

Industries

Cryptocurrency,Finance,Internet

Founded date

Mar 6, 2010

Number Of Employee

1 - 10

Operating Status

Active

Mytime is a blockchain platform records the amount of time spent by users on a particular online service and converts it into cryptocurrency.

Chronos blockchain protocol keeps record of validated time and MYTC transactions. It generates ratings of platform participants based on scores assigned by services and users to each other. Proof-of-Time is an algorithm used for time validation, preventing users from being rewarded twice for the same period of time.

Smart contracts allow services to make agreements with users on purchasing their time and actions, and to reward them with MYTC for meeting the conditions and performing certain actions (participating in the life of communities or gaming clans, fulfilling an assignment, watching a video, etc.).

Services make agreements with users on purchasing their time and actions for the MYTC cryptocurrency. mytime records the terms and conditions and results of their performance/non-performance in a smart contract. After the transaction is closed the service and the user rate each other. These ratings shape their reputation.