ChronoLogic merges time with the blockchain. It’s introduction Proof of Time innovations for blockchain technologies. ChronoLogic expands the possibilities using time in blockchain projects in industries such as finance, transportation & eCommerce.
|Token Price||15.38 USD|
|Total raised||8,259,637 USD|
|Country||United States of America|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Ethereum platform offers no native way to have a smart contract be called at a specified time in the future, nor a way to make this call recurring. The obvious need for this feature has led developers to create their own solutions. In the (now deprecated) Parity UI4 there was a built-in scheduling feature that would locally hold the transaction in memory before sending it at the desired time. Although the solution worked fine, there were some major drawbacks including the necessity of the user to run their own local node and use the specific Parity client software.
The Ethereum Alarm Clock architecture is best described in two symbiotic and differential components. The first component of the Ethereum Alarm Clock architecture are the smart contracts. They are deployed to the Ethereum main chain and operate trustlessly. The second component is the Time Node network. Time Nodes are off-chain execution agents in charge of handling the logic of executions. They can pay the small premium of the bounty without the need to understand the execution flow of the Ethereum Alarm Clock protocol entirely.
The smart contracts of the Ethereum Alarm Clock can be thought of as consisting mainly of three parts: Request Factory, Schedulers and Transaction Request Core. Within these three main sections of the architecture are numerous libraries that contain various pieces of the core logic and functionality. There are nine library contracts, two top-level scheduler contracts, contract for Request Factory and one for Transaction Request Core, adding in Zeppelin’s Safe Math and Ownable, brings the total to 15 smart contracts which make the entire Ethereum Alarm Clock architecture.
Time Nodes are the off-chain execution agents which represent individual nodes of the decentralized peer-to-peer execution network behind the Ethereum Alarm Clock. The first and primary Time Node action is the execute function while the second action is claim – which go into detail in the next section. Execute is called anytime a Time Node tries to execute a transaction that has been scheduled to be executed. By executing a transaction, a Time Node receives a reward (bounty). This helps incentivize Time Nodes to execute incoming scheduled transactions.
The effect of sending the claim or execute actions for a scheduled transaction can bring more risks, depending on whether a Time Node is connected to a local or a remote node.
Connecting the Time Node to a remote provider can introduce delays due to network conditions and can facilitate failed claims/executions. Running a local RPC provider node would be the recommended way of running the Time Node to eliminate the risk of slow responses for the RPC requests made by the Time Node. which the scheduled transaction was due to be executed, it will lose its deposit.
Currently in the Ethereum ecosystem there are multiple projects working on their own execution markets for their purpose. The drawback of this approach is that the economic incentive to participate in such a market depends on the amount of delegation available. Protocols and DApps2 will scatter the market into smaller ones, potentially not profitable to join. The solution to this problem would be to conceptualize the common market, so that it is able to handle multiple protocols and DApps. Networks run by the protocol and DApps creators are subject to low censorship resistance.
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