October 31st, 2017, Cyprus – mytime, an open blockchain-based platform that rewards users of products and services with cryptocurrency, announced today its official launch. Сompanies integrating with the mytime platform can reward their users with mytime’s new cryptocurrency tokens (known as MYTC, which these companies have the opportunity to mine) based on the duration of the service. Users can use these tokens to pay for additional service time, purchase services online from other companies participating in the mytime platform or convert them to fiat currency.
“Mytime is a revolutionary concept, and we believe it will give traditional advertising models a run for their money when it comes to attracting users to services,” says Eduard Gurinovich, CEO, MyTC. “We expect the increasing number of users and the intensity of transactions to contribute to a flourishing mytime economy, boosting the value of MYTC.”
The new blockchain platform mytime will enable companies to reward their users with MYTC cryptocurrency based on the time they spend using the service. For example, a video game player will receive MYTC for every minute spent in a game, while a news site reader will receive incentives for time spent viewing and reading online articles, and a taxi passenger will receive MYTC from a taxi company based on time spent on the road. At the same time, the service partner also has the opportunity to simultaneously earn MYTC by attracting loyal users to the platform.
The foundation of mytime is a new proof-of-time protocol that validates user time spent and protects the platform from abuse. The whole system operates on two parallel blockchains: one is used to confirm the elapsed service time (which cannot exceed 24 hours a day, and automatically prevents users from logging the same time period for more than one service), while the second one records the participating company’s MYTC reward dispensation.Token transfer will occur in users’ and service partners’ applications on the MYTC online wallet, which they set up. Users can spend earned MYTC rewards on any sites (other mytime participating companies), or exchanged for currency on the mytime exchange.
Alexander Garkusha, co-founder of ModernToken who also participated in creating a whitepaper for Ethereum ICO, is a technical adviser of the mytime platform. Any business interested in attracting users and developing loyalty programs can integrate with the mytime platform, and several dozen companies participated in the closed testing process prior to launch.
mytime is an open blockchain-based platform that converts time spent by a person on a particular service into the 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. The company was founded by serial entrepreneurs and experts in the field of finitech, gamedev and media content.