New blockchain platform mytime wants to convert time into cryptocurrency
How do you feel about turning time into cryptocurrency? mytime, a new blockchain platform aims to turn time into a measurable value and give an efficient tool to businesses and users. How can businesses benefit by purchasing time directly from users? We invited Eduard Gurinovich, CEO of mytime to answer all these questions and more.
JAXenter: What is mytime and how can it transform time into a measurable value?
Eduard Gurinovich: mytime is an open blockchain-based platform that converts time spent by a person on a particular service into cryptocurrency. Companies pay users tokens for having chosen them, and the time spent by people is used to generate tokens for the company. As a result, users pay back their time, and companies attract a loyal audience and save on transaction and marketing costs. The mytime blockchain is based on a new Proof-of-Time algorithm, which makes time validation profitable for business and protects the platform from abuse.
JAXenter: Was there a need for such a project? What’s in it for professionals in the IT world?
Eduard Gurinovich: Never before has the quantity of goods, services, companies and content been so huge and grown so fast. We don’t have enough time for everything that we want to see, study and use, even if we’re not limited in money. In such an environment, it’s extremely difficult for businesses to compete for our time and attention.
However, instead of monetizing our time, we give it to brands, making purchases and viewing ads. Moreover, people become blind to advertising, so corporations have to spend even more money to attract users, which leads to an increase in the cost of the goods. Due to this huge competition, it’s increasingly difficult for businesses to attract and retain an audience that is irritated by marketing tools and just follows the low price. Modern media primarily live by advertising, so “banner blindness” and the spread of advertising blockers leads to enormous losses for them. In fact, companies have long paid for each user, but users themselves never see the money.
The openness of data stored on the blockchain will ensure the regulation of the cost of time by the market.
JAXenter: With all the recent cyber attacks, how can we make sure our financial transactions are secure?
Eduard Gurinovich: We understand and are keenly aware of the susceptibility of blockchain technology to cyber attacks. Our company employs the leading security specialists and we’re constantly improving the protection mechanisms. The current status of our efforts to protect against cyber attacks can be found in the chapter “Protection from Attacks” of the Technical Paper.
JAXenter: How does mytime work?
Eduard Gurinovich: The means of payment inside the platform is mytimecoin (MYTC), a cryptocurrency backed by the users time. To fulfill the contract, companies buy MYTC tokens on the exchange and put them in a deposit.
While the user continues to use the service, this deposit is used for mining, and the number of tokens on it is growing. After completion, the user receives the initial deposit, and the company gets newly generated tokens.
The time spent at the service is confirmed by registering it in the blockchain using the transfer of the cryptocurrency. Payment is made by business or service, interested in the time and attention of its users. The more users are rewarded for the time spent in the service, the more tokens the company receives from mining. Any business can integrate with the mytime platform for any business processes.
JAXenter: Could you give us some examples of how mytime can be used?
Eduard Gurinovich: mytime can be used for
- Microtransactions and payments
Payment to producers and authors of content or traffic providers. mytime allows you to pay out per-minute royalties.
- Loyalty programs
Loyalty programs, when the company pays for the user’s time spent in the service, motivating them to return.
- Games and Multimedia
Compensation of time spent watching videos and playing computer games.
- Online Media
Online publications receive cryptocurrency for the time that readers spend on them.
- Payment for services and time
The payments to employees and freelancers and the accounting of working hours per minute.
System of encouragement in training. Monetization of remote online education.
JAXenter: Why is blockchain the best technology for turning time into a measurable value?
Eduard Gurinovich: The openness of data stored on the blockchain will ensure the regulation of the cost of time by the market. At the same time, decentralization of data storage will ensure unbiased treatment of the data stored on the platform. We want to build an open solution for everyone and intend to give up the central possession of data as a company.