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What are time tokens - Timeticket

time tokens
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The TimeCoinProtocol (TCP) is a decentralised protocol that allows developers to create and run decentralised applications (dApps) and facilitate peer-to-peer trade without intermediaries. Its vision is to encourage cooperation and healthy competition among participants.

TCP allows users to carry their reputation across services and provides correlative tools that enable operators to find people who are likely to be interested in their services.

What is TimeTicket inc?

TimeTicket, Inc., founded in April 2019, acts as a go-between for individuals wanting to provide services by selling their own time and those who want to buy them. Users can buy and sell personal time in 30-minute increments using the platform. Since the service's inception, TimeTicket has grown rapidly. Within three and a half years, Gross Merchandise Value (the total value of merchandise sold on the platform) has increased more than 30-fold. The total number of users has now surpassed 500,000.

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TimeTicket, Inc. is working on its first dApp for TimeCoinProtocol, which will be a decentralised version of TimeTicket, Inc.'s economy service.

The current TimeTicket platform is popular for connecting people who want to buy, sell, and exchange knowledge. Users will also receive TimeCoins for purchasing services on TimeTicket. The decentralised TimeTicket dApp extends these services and allows for direct peer-to-peer interactions without intermediaries.

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Use of TimeCoin token

The TimeCoin token will be used to pay for goods and services provided by freelancers to users via TCP-based dApps, as well as to pay transaction fees that support the TCP platform's operation and to allocate rewards to platform supporters. TimeCoin tokens can be used to pay for goods or services on TCP, the app, and the current centralised TimeTicket platform.

The daily distribution of TimeCoin token rewards is split into three categories:

• Users of TCP dApps who use services.

• Contributors who create and run dApps and support TCP's decentralised autonomy.

• TCP operators who assist with TCP management.

TimeCoins will be issued in 100 million units and sold on crypto asset exchanges and in the open market. The TimeCoinProtocol website will be updated with the TimeCoin sales plan.

TimeTicket Inc. will have greater flexibility in raising funds as a separate business unit. Sellers, also known as hosts, can list their knowledge and skills for sale. Prospective buyers referred to as guests, can look for hosts based on their geographic location, knowledge, and abilities. When a guest finds a suitable host, they buy a 'ticket' — a token that entitles the bearer to a set period during which the host should perform the agreed-upon service — and then they can set up a meeting. The user chooses the time and location of the meeting, which can take place face-to-face, online, over the phone, or via message.

The value and growth of TimeTicket's GMV have more than quadrupled in the last four years. The platform has over 400,000 active users and more than 12,000 annual transactions. TimeTicket is now one of the fastest-growing sharing economy platforms on the market. TimeTicket is only available in Japanese, but it will soon be available in other languages.

The conversion rate, repeat user rate, and average lifetime of active users of TimeTicket are comparable to those of the world's most successful online businesses. 6% of TimeTicket users continued to trade three months after their first use in 2018, which is comparable to the behaviour of repeat buyers on popular e-commerce sites like Amazon, Flipkart, and eBay.

Time tokens applicable benefits of TimeCoinProtocol

Here are several scenarios in which TimeCoinProtocol will be helpful!

• A professional photographer is looking to grow their business and gain new clients. It advertises its portraiture services for professional business images, dating profiles, and other occasions using TCP and successfully acquires many new clients.

• A business owner wishes to file tax returns but wants to ensure that all legislative procedures are carried out; using TCP, it seeks out a tax specialist to assist it in correctly filing its returns.

• For the holidays, a busy city worker travels to the countryside to visit his family. He decides to advertise his itinerary, including the trip's time, date, and start and end points because it will be a long journey. This way, he can find a travel companion and split the trip's fuel costs.

• A woman resolves to get in better shape and live healthier. She seeks a personal trainer to meet in person and sets up an online consultation with a nutritionist. These experts' advice helps her achieve and maintain her personal fitness goals.

• A successful freelancer wants to supplement his income by renting a spare room in his home. He promotes the space by using the positive reputation he has already established due to his work within the TCP ecosystem. He quickly secures a tenant with a positive reputation due to his trust while using TCP.

• A college student is having difficulty with one of his classes. They search for TCP for a tutor who can assist them in filling these knowledge gaps while accommodating their hectic schedule, which only allows for a limited amount of study time.

• An entrepreneur has a new startup idea but lacks expertise in critical areas. Using TCP, it seeks out a business advisor and establishes an ongoing relationship with them, allowing them to consult their mentor as needed.

• A young professional is dissatisfied with his current position and is looking for career advice. She connects with an employment consultant via TCP, who assists her in polishing her resumé. Later, the same professional has a job interview. He reconnects with the advisor via TCP to get interview preparation advice.

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Author: Emmanuel Baiden

Author: Emmanuel Baiden

7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.

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