Timers project will tokenize your time via blockchain

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Marina Sokolova   Contributor

Timers project will tokenize your time via blockchain

Time is our most valuable asset. Surely everyone has heard about this from their parents. Time is an irreplaceable human resource, which is more valuable than any material wealth, and which cannot be earned. All we can do with time is to make the best use of it.

Therefore, the TIMERS team decided to transform human time into real value so that everyone can receive value for the time spent and pay for the time of others, regardless of their social and financial status.

Dawn of a new era

Over the past three hundred years, waves of industrialization have swept the world. The first industrial revolution took place in the second half of the XVIII century and forever changed the face of the earth. The second wave of social change created the concept of a middle class in society that adapted to the new economic conditions. The third wave of irreversible changes in human life began just a few decades ago and was called the Digital Revolution.

However, the pace of development of new technologies is now so high that we are on the verge of another global change, which will significantly change the labor market for the fourth time.

It is highly likely that many professions and jobs will soon disappear from the market. Technology, neural networks and robots can take on a significant part of the tasks performed by humans. Therefore, there is a great danger that many people will not be able to find themselves in the new world.

It is for this reason that the concept of “unconditional basic income” is very actively discussed in a number of developed countries. In addition, digital money is gaining in popularity, allowing us to build new ecosystems to replace the obsolete concept of "workforce".

A place to sell your time

TIMERS has created a unique blockchain ecosystem in which each person's “time” has the equivalent of material value. The tokenized time format IPM [Income/Per/Minute] will perform a settlement function within a global platform called Forum, of which anyone can become a member.

According to TIMERS, each person has unique knowledge and skills that can be useful to other people. In this way, many freelance professionals with the right technology can create new markets and make money.

The Forum ecosystem, which the TIMERS team is working on, is a free marketplace for services where anyone can sell their skills and knowledge, depending on demand. In addition, valuable exchange is available not only online, but in communication during personal meetings. The blockchain background will be covered with a well-thought-out high-quality interface, in the development of which the best solutions that exist at the moment were used.

“Let's say, you play the piano and want to teach online for an hour, this will bring 60 IPM or more, based on your skills and current demand. Prices for certain, relevant skills can now exceed those of a person working in the financial sector, for example. Best of all, these kinds of online services will be possible right from the app without third parties” — describe Forum developers.

To ensure that all parties comply with the agreements without the participation of intermediaries, smart contracts will be used on the platform. And the IPM tokens earned through the sale of their time can be spent within the platform, sent to third parties or sold by exchanging for other assets.

In addition, after the registration of a new participant, a certain number of TVM tokens, the Forum's base currency, will be automatically created. These 'timed verification minting' will be distributed among the IPM holders. In this form, the project developers implement an analogue of the "basic income" for the TIMERS project community.

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Marina Sokolova   Contributor

Marina is a writer specializing in blockchain and cryptocurrency popularization.