2021-12-14 08:34 |
Grand Time is an ambitious project that aims to take crypto to the masses including billions of unbanked people worldwide.
The vision in itself is not exactly new or unique given that several projects have emerged in the past decade or so to help expedite the mass adoption of crypto. However, unlike most, Grand Time is approaching the goal strategically with a well-calibrated roadmap so far.
There are several aspects of the project that stand out. And that’s precisely what we are going to have a look at today in this comprehensive review.
Grand Time: An OverviewFor starters, Grand Time is not a new project per se. It was launched in Q4 2017 and has since been working towards creating an elaborate ecosystem of crypto-focused products and services. On that count, Grand Time’s approach is poles apart from that of the so-called fresh-off-the-oven projects promising overnight impact, albeit with little to show for.
Grand Time believes that the biggest hurdle slowing down crypto’s mass adoption is the common misconception that blockchain and crypto technology is too complicated for everyday use.
To change that status quo, the team overseeing the project is focusing squarely on making crypto transparent and easily understandable for the average Joe. The Grand Time solution on offer is not one product, but a collective of independent yet interconnected products.
Grand Time productsThe Grand Time ecosystem consists of the following products:
Grand Social MiningGrand TokenGrand Crypto WalletGrand Crypto MessengerGrand Crypto ExchangeGrand Token TerminalGrand NFT Marketplace Grand MetaverseGrand Crypto SchoolAs of today, the Grand Time ecosystem consists of more than 24,000 users across 80+ countries, with the user-base growing organically 10-20% each month.
Tokenizing time“The core idea of Grand Time is the value of time.”
Now, that is indeed a unique concept. In the Grand Time ecosystem, each day is divided into 10 equal parts called Grand hours. In each Grand hour, there are 100 Grand minutes. Same way, each Grand minute is equally split into 100 Grand seconds.
Finally, each grand second is divided into 100 Grands, which gives a total of 10 million Grands. Each day in the Grand Time system is divided into 10,000,000 smallest parts – Grands.”
It is basically a decimal time measurement system that can be summarised as:
1 day = 10 Grand hours1 Grand hour = 100 Grand minute1 Grand minute = 100 Grand seconds1 Grand second = 100 GrandsSimply put, in the Grand Time ecosystem each day is equal to 10 Grand hours, 1,000 Grand minutes, 100,000 Grand seconds, and 10,000,000 Grands.
So, what’s the practical use of this unique decimal time system?
Well, the project uses it to financially incentivize users for performing various tasks. More on that in the next section.
A quick look at the Grand Time ecosystem Grand Social MiningThe idea behind Grand Social Mining is unique but simple. It allows you to earn rewards in Grand token for performing simple tasks such as referring new people to the Grand Time ecosystem or ‘commenting’ or ‘liking’ on social media posts.
The Grand Time whitepaper does an excellent job explaining how this works:
In this illustration, we have three users: Tom, Bob, and Kelly.
They are new users and initially have 0 Grand each. Over one week, Tom left 500 new comments on social media networks to promote Grand and distributed 100 likes. Bob left 200 comments and distributed 50 new likes on his network. Kelly did nothing.
Using our Grand mining algorithm, while setting the current per comment weight at 10 and the per like weight at 1, Tom will have mined 5,100 Grands, Bob will have 2,050 Grands, and Kelly will have 0 Grands.
Grand TokenThe Grand Token is the native digital asset in the Grand Time ecosystem. It’s an ERC-20 token designed to serve as a reference currency for all transactions and actions across the Grand ecosystem.
In terms of supply, Grand token doesn’t have a pre-defined maximum lifetime supply, although it does have a limited daily supply. A maximum of 10 million Grad tokens can be minted every day by the smart contract, which is then distributed in the following order:
Up to 8,333,333 tokens (83% of daily maximum supply) are allocated for social mining rewards. Up to 833,333 tokens (8.5% of daily maximum supply) are allocated to the Grand Time team and projects. Up to 833,333 (8.5% of daily maximum supply) tokens go to charity.The smart contract burns all unminted and unused tokens every day at 00:00 hours (GMT).
It is worth mentioning here that over the past four years, only 720 million tokens have been minted and earned by the Grand community.
The use cases of the Grand token include:
Serving as a reference currency for all Grand Time products and services. The trading base for all trading pairs on the Grand Exchange. Governance token that gives holders voting rights on the future direction of the project.Payment currency for marketing and advertising services on Grand Time.By staking the Grand token, users stand a chance to receive a part of the profit earned by the Grand ecosystem.The go-to currency to buy unique Grand Time NFT tokens. Grand WalletThe Grand team pitches the Grand Wallet as a user-friendly digital wallet with maximum security. It is the project’s homegrown wallet that can be used to receive Grand tokens from the Grand Social Mining Reward System, as well as to deposit, send, store, and withdraw Grand tokens.
The private key for the wallet is stored on the client’s side, which adds further to the privacy and decentralization factors.
As of today, the Grand Wallet is compatible with Grand token, although the team overseeing the project says that they might add support for other ERC-20 tokens in the future
Grand MessengerAs the name suggests, Grand Messenger is the native messenger app in the Grand ecosystem. The Grand team pitches it as a fully encrypted peer-to-peer messaging app that you can use to communicate with other Grand Messenger users. Additionally, you can also use the app to send and receive Grand tokens through P2P transfers.
Grand TerminalThe Grand Terminal enables businesses and individuals to create tokens without requiring any IT knowledge or previous blockchain programming experience. The process is relatively simple and takes only a few minutes to complete.
The Terminal is particularly useful for creating DeFi tokens, NFT tokens, and business/utility tokens. All tokens created using the Grand Terminal can be easily imported into the Grand exchange, the native trading platform in the Grand ecosystem.
Grand ExchangeGrand Exchange is the trading venue where you can trade the Grand token and all other tokens created using the Grand Terminal. The exchange lets you trade your Grand-based tokens using trading pairs such as Grand/BTC, Grand/ETH, and so on.
Grand NFT MarketplaceThe Grand NFT marketplace is where you can buy and sell unique Grand Time NFTs using the Grand token. The NFT auction in the marketplace are held daily and each day 10 unique Grand NFTs will be available for purchase. All Grand token holders can participate in the auction.
The Grand team is optimistic that the uniqueness of the Grand NFT marketplace has the potential to add great value to the Grand token — both in terms of demand and price.
Grand MetaversePowered by the Grand Token, the Grand Metaverse is a unique virtual reality platform owned by members of the Grand Time community. It contains all the products from the broader Grand ecosystem and you can use them to create your own virtual reality worlds.
You can also meet, interact, and collaborate with other Grand Metaverse users, as well as host your own live VR or AR events.
Grand Crypto SchoolAs a platform keen on expediting crypto’s mass adoption, Grand Time aims to build one of the world’s biggest educational database about blockchain, tokens, tokenization, cryptocurrencies, new technologies, economics, and DeFi. This is a work in progress and the Grand team has already created a sizable library of online video lessons, quizzes, and tutorials.
Additionally, the Grand School mentors also stream live educational classes every week to add more value to the platform.
Final thoughtsSo as you can see, conceptually the Grand Time ecosystem is indeed quite extensive and elaborate. If implemented as per plan, it has the potential to grow into a self-sustaining ecosystem with real-life use cases and financial incentives for users.
Technologically and from a risk-analysis perspective, the project has a neat track record so far. The Grand token was audited recently and you can check the detailed report here. (TL;DR: The audit didn’t find any critical, severe, or medium security vulnerabilities in the Grand Token.)
Note that the Grand team has announced the Grand Token sale which will be conducted in three rounds and 201 phases.
The first round, phase-1 (private sale) will offer 10 million Grand Tokens for sale at a price of $0.0005 per token.
The second round (phase-2 to 101) will see the token price jump to $.0.0010 per token. With each new phase during this round, the price will increase by $0.0001 (e.g. phase-3 price will be $0.0011, the phase-4 price will be $0.0012, and so on). In total, 190 million Grand Tokens will be available for purchase in the second round
The third round (phase-102 to 201) will start with a price of $0.011 per token. With each new phase, the price will increase by $0.001. That means the price in phase-103 will be $0.012, in phase-3 it will further increase to $0.013, and so on. In total, 800 million Grand tokens will be sold in the third round.
If you’re interested in participating in the token sale, check out the details here.
Check out the Grand Time smart contract review on Github
For more information and regular updates, visit the Grand Time official website.
Grand Time on social media: Twitter | LinkedIn | Facebook | Instagram | Telegram | Medium
The post Grand Time: A Project That Promises to Finally Take Crypto Into Mainstream appeared first on BeInCrypto.
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