Even though one would assume a project by the name of Time New Bank has something to do with a new computer font, that is not the case. Instead, this is a brand-new cryptocurrency and blockchain project which focuses on developing an accurate time-value-based transmission network.
The Concept of Time New Bank
It is quite interesting to take note of a precision time-value transmission platform using blockchain technology. The goal of this particular venture is to create a network of three-tiered markets for time-commodity exchange. Building such a standardized system from the ground up will not be easy by any means, yet it will open up some interesting opportunities.
The Technology Under the Hood
While this concept sounds pretty confusing to novice blockchain enthusiasts, how it works is actually pretty simple. Time New Bank wants to build a standardized system to fully express the value of time commodities by leveraging a decentralized value transmission platform. The ultimate goal is to use TNB as the settlement currency to tell both current and future values of time commodities on the market.
As one would expect, such a network cannot operate without a steady “supply” of time exporters, mature time asset operators, and investors. At the same time, there needs to be a genuine demand for these time commodities as well. With blockchain technology, Time New Bank aims to deliver the value needed to make all of this happen. Bringing additional trust to this particular industry will not be easy whatsoever, but the team is confident they can make this happen in the future.
The ecosystem itself will have a few different aspects. First of all, there is the underlying blockchain ledger, combined with a time commodity exposition platform, a time commodity issuance platform, the exchange, and a time asset exchange. On top of all that, we will also see support for DApps, enterprise service middleware, APIs, SDKs, and more.
The TNB Currency Explained
The Time New Bank ecosystem would not be complete without its own currency. In this case, TNB aims to become the standard settlement currency for both current and future time commodities. The big question is whether or not the project can succeed in achieving this goal moving forward, as it is ambitious. TNB is also the go-to instrument for transaction and settlement, yet monetizing it will prove challenging.
The Road Ahead for Time New Bank
For the time being, the main focus lies on building up the massive ecosystem which the Time New Bank team has envisioned. It is evident there is still a lot of work to be done, which also means there is no strict timeline for development. Right now, the project is still in the R&D phase, with a demo version to be tested during the next few months. Later this year or in early 2019, the first version of this platform should come to market.