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How one company is using the blockchain to monetize user time

Mytime will utilize the blockchain and their own cryptocurrency, MYTC, to drive engagement

Technology trends and news by Josiah Motley
October 31, 2017 last edited October 31, 2017 7:32 AM
Short URL: http://vator.tv/n/4a71

There are a lot of companies and entrepreneurs right now looking for ways to utilize the blockchain in order to bring something new and exciting to the table. While there have been lots of plays in both fintech and adtech, and rightfully so, it’s always nice to see startups stepping outside the bubble a bit in hopes of bringing something different to the market.

Enter mytime. To break it down in very basic terms, mytime wants to monetize your time in an effort to help the user (you), the websites and apps you use, and even the companies that want to put ads (hopefully relevant ones) into your apps and websites. While currently we may not receive payouts for our time looking at a website or playing a mobile game, our time on these services is still very valuable and marketable.

How it would work is that services would invest into the mytime platform’s new cryptocurrency, MYTC. These new tokens can be used to reward and encourage users to either stay on the platform or perform certain actions. Everything would be accomplished through the use of smart contracts that will bind the user to the provider and when the requirements are meant, release the coins to the appropriate party. Those coins can then either be used on the same platform, or any others that support MYTC.

There are almost endless ways this system could be utilized, but some that stand out are time spent watching ads, free-to-play game incentives, and rewards for spending more time reading articles on a particular website. All of these can bolster the individual ecosystems, while still providing value to all of the parties involved. It’s a radical concept, but if mytime can pull it off, then it could really shake up how we look at our time spent on different applications.

Like many startups in this sphere, mytime will be holding a token sale to help fund the project and bring initial value to the MYTC token. Expect this to happen on November 15th of this year.