In this the second in the NKOtB series I look at a very new coin which was only listed yesterday (14 August) for the first time.
Billed as the first “Manually Mined Smart Contract” token, Timereum probably has the shortest whitepaper I have ever come across. That said, I have read 200 page white papers which I understand better than this half page offering. From their whitepaper:-
There are three types of addresses that exist in Timereum: 1. Parent Addresses 2. Child Addresses 3. Normal Ethereum Addresses Each parent address has an associated child address. Each child address begins with one unit of currency. Every other type of address begins with zero balance. When the owner of a parent-child pair wishes to generate currency, they move a nonzero amount of currency into the parent from its child. The first ten transactions from a child to its parent triggers the generation of currency in the child. To elaborate, each owner of a parent-child pair can only create ten batches of coins. The longer the owner waits to create batches, the more coins they will receive. Specifically, the coins per batch created is a linear function that allows 25% of maximum coin generation when the system goes online, and 100% after 10 years. The maximum number of coins per batch is 5000 coins. Therefore the theoretical maximum number of coins per parent-child pair is 50000. The increased batch return over time is meant to incentivize long term interest in the token. Only the aforementioned interaction between parent-child pairs produces batches.
What can I say about this token? It is the first time I have heard of manual mining by ‘Proof of Completion’, but more importantly the problem it is solving or the value it is adding evades me. Nevertheless I see the following on Etherscan:-
TokenTracker Summary
Total Supply: 0 TME
Value per Token: $0.00
Token Holders: 942 addresses
No.Of.Transfers: 6444
Contract Address: 0xee22430595ae400a30ffba37883363fbf293e24e
Token Decimals: 18
Official Links:
Which implies an active community and interested investors.
Short and sweet, I will not get involved with this token for a number of reasons, but the main reason being a lack of understanding of the purpose of the token. I would certainly appreciate it if some bright reader can enlighten me as regards the mechanics of this coin.
