The world’s first “decentralised” luxury watch database has raised more than $250,000 (£175,000) following a presale event.
ChronoBase succeeded in selling more than 3.5 million BASE tokens during the sale, paving the way for it to commence the next stage of project development involving blockchain platform integration.
ChronoBase was set up to protect watch owners and buyers by recording their ownership and confirming authenticity of watches, helping to avoid stolen or counterfeit items as well as alert users to better deals. It is also used by manufacturers and dealers.
More than 100,000 watches are already secured in its database, according to the company’s website, allowing users to record the whole lifecycle of a luxury watch. ChronoBase generates Ethereum-based digital certificates and protects information on each timepiece with the blockchain technology.
The main token sale event is scheduled to start on May 11th with 66,494,833 BASE tokens available, including up to 35% token bonus offered to the early buyers. The nominal price for 1 BASE is 0.1 USD. BTC, ETH, BCH, LTC and DASH cryptocurrencies are accepted.
Once the token sale is completed in July and token distribution event takes place, BASE tokens will be released to the buyers’ Ethereum ERC20 wallets. There is no lock-up period, meaning that tokens will be freely transferable and tradeable on major cryptocurrency exchanges.
Andreas Fleischer, CEO of ChronoBase, said: “A deep understanding of the blockchain technology allowed our experts to create a project which overcomes data safety and retention issues on the luxury watch market. Now anyone can benefit from this global ecosystem, where the information on watches, their current status, as well as their provenance and service history is stored.”
BASE utility token will enable a thriving, self-sustaining ecosystem around the ChronoBase decentralised database and mobile applications.
Token holders will be able to pay BASE tokens for ChronoBase services and platform access. Token holders may also benefit from growth in BASE token value and soon BASE will be convertible to BTC and ETH on cryptocurrency exchanges.