Review of ChronoBase (BASE) token
Since ChronoBase has announced its token sale, we would like to describe ChronoBase (BASE) tokens’ unique aspects in more detail and give you an understanding on how any stakeholder of luxury watch market can benefit from using these tokens.
The Ethereum Blockchain is an enabling environment. Any user can take advantage of the blockchain technology to build own projects and decentralized applications (DAPPs) through smart contracts.
Metaphorically speaking, Ethereum can be compared to the Internet, meanwhile, the DAPPs are like websites that run in it. DAPPs have owners, all the people in the network, who can support projects through a token sale.
Ethereum not only has its own currency (Ether) but also has derivative digital assets, tokens which can act as a digital asset themselves. Basically, a person buys certain tokens in exchange for his or her Ether or other cryptocurrency.
There are two types of tokens: utility (they are also called ‘usage’) and security ones.
Utility tokens are those that act like native mean of payment in their respective DAPPs or host platforms. While these tokens have monetary value, they won’t give you any particular rights or privilege within the platform itself. Security tokens identify you as a sort of shareholder in the DAPP. Because of that, you have a say in the direction that that DAPP takes, vote or contribute to automated decisions.
What BASE tokens are?
ChronoBase (BASE) tokens are cryptographic utility tokens, vital to support an internal economy of the ChronoBase ecosystem and facilitate safe and open interaction among ecosystem participants. These tokens are issued to power the ChronoBase platform, purchase platform-based services and make transactional payments. BASE tokens are ERC20 compliant (which makes them compatible with the most common token wallets) and based on Ethereum blockchain. Total token supply is fixed (100 million tokens are issued in total) and BASE token is not mineable (so additional tokens can’t be created).
Once the token sale is completed in July and token distribution event takes place, BASE tokens will be released to the buyers’ Ethereum ERC20 wallets. There is no lock-up period, the tokens can be freely transferable and tradeable on major cryptocurrency exchanges.
What BASE tokens do not offer?
BASE token is neither a bond nor a digital currency. It cannot be treated as a commodity or a financial instrument. It is not registered in accordance with the US Securities Act of 1933 and is not amenable to bond securities laws of any US state, country or other jurisdiction where a potential token holder may be resident. Tokens are not debt securities whatsoever.
The tokens do not confer the owner with a right to share or distribute corporate assets as debt instruments, loans or any other form. BASE tokens do not provide a right to receive dividends, ownership or company/revenue shares in any jurisdiction. The tokens cannot be returned or exchanged back into the assets of any company.
What are users able to do with BASE tokens?
Watch retailers can pay the platform commissions upon watch sales as well as pay charges upon making changes to watch metadata. They can also pay for the platform supplementary services — marketing services, services for the promotion of lots available for sale, featured brand pages, etc. Moreover, token owners will have a chance to buy a Premium account, which provides additional benefits (expanded listings, featuring a lot, membership schemes, etc.).
Pawn shops also benefit from making payments with tokens. They can get an early access to the new sale lots, receive the ‘verified customer’ status, proceed payments for advertising space within pawn shop ratings as well as payment for advertising space within the platform.
Watch buyers are able to make payments for watches when the escrow service is used. They also obtain both an early access to the new sale lots and the ‘verified/premium customer’ status options.
Watch manufacturers are capable to payfor targeted marketing campaigns and access to big data analytics. They can also pay charges upon making changes to watch metadata. Tokens give them an opportunity to promote the authorised service center network and purchase advertising space on the platform.
Service centers can pay for targeted marketing campaigns and the advertising space within the platform, make payments of the platform commissions for customer referrals. They are able to pay for location-based triggers that remind watch owners of the due dates to perform service maintenance.
With BASE tokens, the holders can also benefit from token transactions at cryptocurrency exchanges or token transfers between private wallets within the Ethereum network.
ChronoBase succeeded in selling more than 3.5 million BASE tokens and raising over $250,000 during the presale event. The next token sale event is scheduled to start on May 11th with 66,494,833 BASE tokens available, including up to 35% bonuses offered to the early buyers. The nominal price for 1 BASE is 0.1 USD. BTC, ETH, BCH, LTC and DASH cryptocurrencies are accepted. We invite you to take part in building solutions for the modern luxury watch market.
