Chronoly.io , a new entrant into the crypto space, has considerably impacted the market. The project is in the first phase of its presale and already seems to be challenging other crypto long-standing projects.
But what is Chronoly, and what makes it a viable competitor for well-established players like Dogecoin (DOGE) and Fantom (FTM)? This article will elucidate everything you need to know about Chronoly.io and its competitive potential.
Dogecoin (DOGE), developed by Billy Markus and Jackson Palmer in 2013, is based on the Doge meme, a Shiba Inu dog who speaks broken English. It was supposed to poke fun at Bitcoin and the silliness of purchasing digital assets that aren’t backed by cash flow or real assets. The “altcoin” Dogecoin, which was designed in about two hours, is now worth money. There is no limit on the issuance of Dogecoins, referencing the absurdity of digital assets being “scarce.”
DOGE, the native token of Dogecoin, has been used mainly as a tipping system on Twitter and Reddit to reward individuals for creating or sharing quality content.
As of May 2022, the reported total value of all Dogecoins is about $15 billion. You can either get DOGE by getting tipped for participating in a community or acquire it from a Dogecoin faucet (a website that issues a small amount of DOGE for free) to start participating in Dogecoin communities.
Fantom (FTM) is an open-source and decentralized smart contract platform designed for digital assets and DApps created as an alternative to Ethereum. The project’s mission is to “grant compatibility between all transaction bodies around the world.” Fantom (FTM) aims to overcome the limitations of earlier blockchains and balance security, scalability, and decentralization.
Fantom is a Layer-1 blockchain that employs an independent consensus layer, Lachesis, and a scratch-built consensus mechanism to facilitate DeFi and other related services based on smart contracts. Lachesis also offers security for other layers like Opera, which is Fantom’s EMV-compatible smart contract chain.
FTM, the native token of Fantom, is used to secure the network, make payments, contribute to on-chain governance, and settle network fees.
Chronoly is a blockchain-based fractional watch investment marketplace where people can make value-based investments in luxury watches from Patek Phillippe, Richard Mille Audemars Piguet, Rolex, and other multinational brands. With Chronoly, investors can own fragments of real watches via linked NFTs for as little as $10.
Owners of collectible watches can deposit their watches in Chronoly’s secure vaults as collateral against loans, and investors can collect fragments of the watch’s NFTs to gain partial ownership of the underlying asset. If the original owner wants to retrieve their watch out of Chronoly’s vault, they can do so by purchasing 100% of the watch’s NFTs.
CRNO token, Chronoly’s utility token, offers its holder staking options in Chronoly’s lending pool and tier-based discounts on transaction fees, storage fees, and club membership fees. CRNO holders also stand a chance to win a luxury watch every month via Chronoly’s watch lottery which is free.
The presale is already live for the CRNO token, which starts at $0.01. Industry experts predict significant growth based on the unique use case of Chronoly’s ecosystem and NFTs.
Dogecoin is not backed by real assets, and Fantom holds more value for developers than investors.
Chronoly, on the other hand, is backed by real collectible watches and holds much potential in the form of ownership and rewards for investors. Therefore, Chronoly is a more attractive option for those looking to enter the crypto space with value-based investments. In turn, the project is more likely to surpass Dogecoin and Fantom in terms of popularity and market value.