Overview
ChronoLogic is certainly different. They have already achieved a successful pre-sale and will be launching their official ICO tomorrow, August 28th. There are only a handful of ICO’s worth looking at these days and ChronoLogic is definitely one of them. The platform has some potentially game changing features. The proof-of-time concept is the key value driver in ChronoLogic. However, let me emphasize that, “proof-of-time concept.” They don’t have a prototype yet, so it is really just a concept at this stage. The proof-of-time concept is a rare example of a new crypto startup actually attempting to do something significant – rather than unnecessarily raising tons of money for a project that tries to fill an extreme niche. It is hard to wrap your head around, but the PoT concept is actually very intriguing and highly scalable (if it works). If they can create a fully functioning prototype, proving their “proof-of-time” blockchain actually works, then this could be huge. However, there is an incredibly high degree of risk that comes with this project. I will walk you through my thought process and analyze the various risks and the potential rewards of the Chronos platform.
Analysis
The first thing I look at when making an investment in an ICO is how professional the website looks – because that is literally the first thing I see. ChronoLogic did not totally disqualify themselves in this aspect, although I did certainly feel as though I had just ingested some form of psychedelics while scrolling through their website. It looks okay, but again I definitely felt like I was tripping because the graphics were bizarre and the sparse amount of text were filled with nonsensical, philosophical garbage about “time.” Literally nothing of substance, just weird statements about how time is the only scarce commodity and other really odd conceptual thoughts about time itself. That bothers me deeply, to the level that I would normally not even consider investing in such a project. However, two of my strongest indicators of good projects showed up as well.
After reading through their whitepaper several times and watching their “informational” video, I still couldn’t figure out if they’re really good conmen or just clueless businessmen who have no idea how to convey their technology. Still, the founding team is actually quite impressive. I looked up each of them and their work history, backgrounds, and other acclaim – it all checks out. Some of the guys involved in the project have strong reputations and would have quite a lot to lose if they were involved in an illegitimate crypto startup. Particularly, the Forbes India 30 under 30 member, Toshi Sharma. He’s got an incredible background in blockchain technology and cryptocurrency consulting, I feel a sense of comfort knowing he is involved in the project. The leaders of ChronoLogic are two guys from a company called Wired Investors. The company is interesting, it a private equity firm that acquires tech startups and other digital assets to build and resell for profit. Meaning the leaders in this project have strong backgrounds in building tech companies.
Conclusion
The more I dug deeper and deeper into this project, the more interesting it got. I wanted to totally write it off, but the team is surprisingly strong and the product is potentially disruptive and highly scalable. They make big claims about their use cases that are mostly unfounded, although the team is actually heavily involved in the industries/markets they are going after. That means they may have the connections necessary to usher development on their platform and expand their usage greatly. The team working on this project has a lot of experience in this area and their company, Wired Investments, builds tech startups through connecting them with the people and resources necessary to create essential business relationships and partnering opportunities. That is a fantastic asset for a crypto startup. Today, in the fast paced, overly optimistic cryptocurrency markets, the fact that ChronoLogic is valuing itself at $12.5 million, it is almost considerably a steal. However, the project could and almost certainly will falter initially, considering they have no prototype and do not have an overly persuasive website or whitepaper. Cryptocurrency investors do not typically have the attention spans necessary to dig deep enough to look into the founding team’s business relationships in order to fully consider the possibility of partnering opportunities. The moment the first major partnership or new project is announced, or even if a functioning prototype of the Chronos platform is released, the project will be destined for big things. Ultimately though, I expect ChronoLogic to drop to $6-7 million at launch, perhaps 10 if we’re lucky.
STRATEGIC INVESTING
So why not invest later if I am so sure it’s going to drop? The answer is simple: hedging. The cryptocurrency markets are highly unpredictable and if you try to speculate on every little movement and control the uncontrollable, you will go insane. Sometimes you have to take risks, the key is to calculate your risks and have a strategy to minimize those risks. For example, if you wanted to invest $1,000 into ChronoLogic, figure out a tiered strategy for increasing your position in the case of a downwards price movement. Maybe only put $600 in the ICO, then if it falls by 40% at launch, invest another $250. If worst comes to worst and the price falls 60% from the ICO, invest the final $150. Figure out a strategy that works best for you. This way you still have skin in the game in the case that it goes up early. It is much more likely that it will drop at first though. Having reserves set aside to increase your holdings and further accumulate is essential to maximizing your returns in the eventuality of an upwards price movement. Pay close attention to warning signs though, you don’t want to become a bag holder. Make sure the team is still communicating with the community, that they are active on twitter and other social media outlets, and that they are ultimately trying to recover and that development continues on strong.
Thanks for your research and analysis. I had already decided to invest in this one and to have done so in stages as you suggested would have made a lot of sense but at the last moment they increased the minimum investment from 1 ETH to 5 ETH in order to prevent someone buying up too many 'TimeMints' to prevent others from getting them! Now await the token distribution but as you rightly said IF they can make this work it will be groundbreaking...
Have you received a time mint yet? i participated in the ICO of 5ETH min, but did not receive back anything yet. I was under the impression, that it would take up to 15 days to receive. on the otherhand, I am a bit uncertain about that part, because i mistakenly sent my ETH with a lower than suggested gas limit. Just trying to talk to those who may have also participated.
With the lower gas limit and gas price I had set (default in myetherwllet), it looks like it went through and my transaction was confirmed, however, I did not receive any DAY or TIME MINTS back to my ETH address. Let me know what your experience was like. I cannot reach anyone at Chronologic at the moment. I emailed them, but have not heard back yet.
Have had my transaction confirmed but we won't get the day tokens for up to 15 days. Last time I checked there were only 71 TimeMints left so the ICO will close very soon. It has been difficult to get information as I would like to have topped up my initial transaction of 5ETH but was worried I would invalidate my first transaction so decided against it. Will post here as soon as I get my day tokens.
awesome. yeah. i did not top off either. i listened to ome of the live webinars. if it is not closed. they said, you just top off using the same eth address u initially used, and send to the same provide contract address posted on their site.you can do this until all 3333 mints are sold
Too late for me as they've run out of TimeMints and the ICO is closed. They've raised 20,276 ETH ($7.75m). Now we await our tokens and to see if they can make this all work?
Hi Did you recieve your tokens yet?
Yes I did! How about you?
Yes I did thanks ...now we just need some good news
Hi Did you recieve your tokens yet?
Thank you for the detailed analysis mate. Agreed 100% with everything you said except the fact that it will drop once it hist the exchange markets. If you read the whitepaper thoroughly this is very difficult to happen because demand will be more than supply by design.
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STOPTiered limit orders is the only way to play the crypto markets. Quality write up! Will be interesting to see how Chronologic develops
Thanks for the write-up. Everything I have gathered points to a game-changing concept with tremendous upside. I participated in the ICO and the team was evidently keen to deploy and I think very capable. But I agree with the observation that they could improve their communications. The website is almost useless at this stage, both for providing more tangible explanations and also updates on some technical hiccups. They are also relying on Slack, which is now saturated with the usual fraudsters, and so it's difficult to follow the latest without actively monitoring 24/7. All-in-all, some super potential but we'll see how it goes once DAY trades on a bigger platform (eg. Bittrex).
Thank you. I stumbled upon this project today and there is not a lot of information out there on it but it certainly looks exciting! Much cheaper now than it was last year :-)