M.I.T which stands for Miao’A International Timechain has worked for a long time to come up with a precision time-value-based transmission network. According to MIT, every individual has time-value for money and the extent to which one’s time is valued depends on how much that person is needed by other people. In other words, if a person impacts more on the lives people around him or her, the more they will be needed. MIT found that for the purpose of presenting a people’s time-value and then matching them to time exporters and time users (demanders), TNB should be introduced.
TNB is a precision time-value transmission platform based on blockchain technology. It is designed to organize a detailed network made up of a primary, secondary and third-party market for the time-commodity exchange. M.I.T intends to introduce a system whereby, the commodities belonging to time exporters will be recognized and demanded via an organized scientific analytical model. This will be done by leveraging its decentralized value transmission platform. Time New Bank (TNB) will be used as the currency to settle accurately any transaction and to also tell the present and the future value of a commodity. Once a purchase has been done, time demanders can either materialize the commodity or transfer them to a secondary market.