Mytime is an open blockchain-based platform which converts time spent by an individual on a specific service or app, into cryptocurrencies.
Currently, there is a new type of blockchain which is the start-up company Mytime. According to its functionality, it is similar to the already existing cryptocurrencies like Ethereum, EOS, and Plasma. However, Mytime is an open blockchain-based platform which converts time spent by an individual on a specific service or app, into cryptocurrencies.
The idea behind Mytime is that companies can use it to reward their loyal audiences at the same time saving on transaction and marketing costs. The client gets to spend the cryptocurrency the way they want. By imagining of content networks like news sites reward you for seeing their content and not forcing you to view their ads would give as a different kind of media.
With Mytime, users and website audiences will be rewarded with Mytime new cryptocurrency token (well known as MYTC). The companies will be able to mine these cryptocurrencies themselves depending on the time they spend. The user may use the token to pay for different services from other organization using the Mytime platform or else convert the token to fiat currency through exchanges.
The MYTC CEO, Eduard Gurinovich refers Mytime as a revolutionary concept and that they believe it will offer a traditional advertising platform which will help companies save their money when it comes to bringing users to use their services. He added that they were expecting an increase in the number of users and an increase in the number of traction they perform to contribute to a flourishing Mytime economy thus improving MYTC value. Some of the examples include Video game player receiving MYTC for each minute they spend in a game, reading of a news website, or a taxi passenger receiving the tokens due to using a taxi that is using MYTC.
Mytime as a startup has developed a new protocol to perform the key things. First, it validates the time spent by the user. Second, it protects the system from abuse. The Mytime system runs on two parallel blockchains. The first blockchain is used to confirm the timed-out session which does not go over 24 hours a day. It prevents the Mytime users from logging for more than one service in the same period. The second blockchain keeps the record participating organization’s MYTC reward indulgence. Mytime token transfer takes place on MYTC online wallet.
Gurinovich was the founder of CarPrice that attracted 80 million dollars from investors in the Eastern Europe. He also opened more than 50 CarPrice offices in Japan, Brazil, and India. His co-founders of CarPrice were George Chumbridze who was the founder of Innova (browser-based online games maker) and Ruform (Pladform, Rutube) former CEO, Armen Gulinyan. Ruform is a video distribution platform that has 20 percent of its video advertising market in Russia only. The three are also joined by co-founder of ModerToken, Alexander Garkusha, who participated in developing an Ethereum ICO whitepaper. ModerToken is a technical adviser of Mytime platform.