Our mission is to increase the efficiency of the world economy by making human time its basic value, as the only truly invaluable and irreplaceable resource, as opposed to the basic value of today’s world - the accumulated capital, expressed in fiat money. That’s the core reason why our team has started developing the mytime platform.
We don’t want money to be kept offshore, instead we want it to help improve the living conditions across the board, so that the emission reward is distributed among companies that effectively use people‘s time, rather than banks.
We are against the total control of several companies over user data, and want it to be open and belong to the people themselves.
To fulfil our idea, we are developing a decentralized solution based on a blockchain platform and our own cryptocurrency (MYTC), and the following rules:
- A platform participant can pay for the time of another participant with MYTC. Thanks to the blockchain technology and open data we remove intermediaries and make it possible to gradually generate the market value of time. Thus, we will gain a transparency of income earning and higher efficiency of human time compensation.
- A participant’s emission share (i.e. the percentage of newly minted coins) is proportionate to the amount of MYTC payments made to other users. In fact, this rule encourages actively investing money into the future instead of keeping savings, while developing the economy, opening new companies, sharing profits with customers and employees at the protocol level, which cannot be altered by any company or state.
- The reputation of platform participants is derived from their transaction history recorded in the ledger. Our blockchain platform seeks to remove the intermediaries and enhance trust between people and service providers. The unbiased reputation will make it easier to conduct P2P transactions, accelerate decision-making in the economy and reduce overall risks. A transparent world secures a safe life with equal access to opportunities.
- Conflicts arising from selling one and the same time span to different platform participants are resolved at the protocol level. A double sale of time may be permissible. For example, a taxi passenger may combine a ride with watching a video on his/her smartphone, thereby getting his/her cashback for the minutes spent on the ride, and a reward for using a video streaming service at the same time. On the other hand, selling a person’s time to two different employers will result in missed deadlines and lower efficiency, making planning difficult. To avoid such conflicts, this principle should be embedded in the protocol.