TimeCoin Protocol is a decentralized sharing economy protocol built on Ethereum’s blockchain. Its original namesake cryptocurrency, TimeCoin (TMCN), is available for special token sales until the end of October 2021.
TimeCoin Protocol’s aim is to “optimize world resource usage”. Numerous applications can be built and run on the protocol, including third-party applications.
A major focus for TimeCoinProtocol is on the gig and creator economies. The protocol is currently developing applications for both. A core value of the protocol is to reduce transaction costs for freelancers and users within the gig and sharing economies,
TimeCoin Protocol (TCP) in a nutshell
TimeCoin is a decentralized protocol. Developers are able to build and operate decentralized applications, or dApps, and enable peer-to-peer trade without intermediaries.
“It is designed to incentivize cooperation and healthy competition between participants. TCP enables users to carry their reputation with them between services and provides correlative tools that allow operators to actively seek out users who are likely to be interested in their services,” says the TCP white paper.
TimeCoin Protocol consists of the following components:
- An open-source, community-managed decentralized sharing economy protocol as a basis for decentralized applications (dApps) through which the sharing economy is realized via the peer-to-peer trading of goods and services.
- A distributed storage facility called the InterPlanetary File System (IPFS) which holds the product and service information for dApps.
- The Ethereum blockchain upon which TCP runs.
Offerings in the gig economy and creator economy
A big focus of TimeCoin Protocol is its applications for the gig and creator economies.
The sharing and gig economies are changing the face of human interaction, work, community, and wealth.
These industries hold huge financial value and are set to grow exponentially in the coming years. The sharing economy is predicted to reach a value of $335 billion USD by 2025, while the gig economy is set to reach a colossal $2.7 trillion.
TimeTicket, a gig economy application that TimeCoinProtocol is involved with, has over half a million users in Japan. According to TimeCoinProtocol, since its inception in 2019, the app has generated over $7 million in sales.
TimeTicket’s revenue has skyrocketed in its three years, with growth increasing over 40 times in those three years, says TimeCoinProtocol. A major plan on the horizon is to expand the app internationally.
Creator applications that the protocol is involved in include GameTomodachi, eSportStars, and VTuber Production, NeoRad.
NeoRad Production is a VTuber management service that targets the global market. NeoRad has supported several VTubers that perform game, anime, and song-related streaming videos. Shirahari Uni was the first VTuber.
Game player matching application
GameTomodachi, launching in September 2021, is a game player matching application targeting the international market. The application will be available in over 30 languages and players will be able to access over 1,000 games.
The location target of this project is India, Indonesia, and the Philippines but there are plans to expand into other regions too. “Influencers in the gaming industry and game players can sell tickets which a buyer can use to play games with or against the sellers,” says TimeCoinProtocol.
eSportStars is an e-sports tournament management application that is undergoing constant upgrades. Esports players can communicate and play with or against fans.
Implementing DeFi and NFT functionalities
For the VTuber project, developments like implementing DeFi and NFT functionalities are still underway. The end goal is to create an NFT marketplace where VTubers and other creators are able to trade NFT items.
The project will also offer an innovative DeFi system called creator sponsor staking (CSS) in addition to the NFT marketplace.
“Fans can increase their TimeCoin holding by 12% after 6 months of staking and 24% after 12 months of staking. The increased portion will be split 50/50 between the fans and the creators. In return for sponsoring, creators will provide memberships with exclusive services, NFT digital items, services, and discount coupons,” says TimeCoinProtocol.
TMCN
The TimeCoin token (TMCN) is an Ethereum-based, native token currently listed on BitFrorex, BiKi, and BitMart. There are plans in motion to list on Binance DEX by November 2021.
“TimeCoin tokens will be the fuel that drives the gig and sharing economy as well as e-sports powered by the TCP,” says the protocol’s white paper.
Functions of TMCN:
- payment for transactions performed in the network
- payment of transactions fees
- allocation of rewards for network supporters
- the mean of payment for the goods and services offered from freelancers to users through the dApps built upon TCP
- TimeCoin tokens can be used on TCP, in the dApp, and on the current centralized TimeTicket platform in order to pay for goods or services.
Off-market token sales
TimeTicket GmbH CEO, Masato Kakamu, explained in a recent AMA: “We want to create a place where professional players, creators, and fans can easily earn money which also helps them to better engage with their fans. To extend the GameTomodachi and eSportStars service, we want to offer esports gambling as well. We offer eSports mining for participants to earn TimeCoin. The more TimeCoin participants own, the better service they can get.”
The decision to launch off-market token sales will allow for the implementation of DeFi and NFT functionalities in TimeCoin Protocol’s dApps and NFT marketplace.
Fans can support creators, whether they’re e-sport players, streamers, VTubers, and so on.
The off-market sale will allow creators and fans to receive extra tokens and in-game items, art, and anime characters that are tradable using NFTs.
Out of a total of 100,000,000 existing TMCN tokens, 10,000,000 tokens will be sold during the special token sales at a 93% discount on the current market value.
TMCN can be purchased in BTC, ETH, or USDT via the TimeCoinProtocol.com/sale page. Here there is also a table of the token release periods.
TimeCoin Protocol recommends purchasing TMCN through a private wallet, like MetaMask and not on an exchange.
Subscribe to the TimeCoinProtocol Telegram to earn TMCN Free Rewards and buy TMCN.
This article contains market information and should not be considered as investment advice. It is a subjective point of view of the author. Past performance is not indicative of future price movements.
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