Use by other high-profile projects constitutes a huge vote of confidence in the quality of our smart contracts and other source code.

You may have heard about Blackmoon, a compliant investment fund that combines the traditional investment world with the cryptocurrency market. Blackmoon recently held an extremely successful ICO in which they collected $30 million in BTC, ETH and LTC. Interest in the project was such that the ICO hit its hard cap in just one day, and the majority of the investment took place in Ether — a total of 73,175 ETH, or the equivalent of almost $20 million at the time.

What you may not know is that Blackmoon is one of the first initiatives to use ChronoBank’s source code — most notably its smart contracts. As you will have read in an earlier blog post, we are strong advocates of open source software, and we have made our source code available for others to use.

This is not just an ideological decision — although, in keeping with the fundamental ethos of crypto, we believe that it’s the right approach. ‘Information wants to be free’, as the writer Stewart Brand put it. We’re making this software for public benefit rather than narrowly to promote our own business, and open-sourcing it is a part of that.

Good software should benefit everyone. People are still used to the zero-sum thinking of the traditional economic paradigm and often have the idea that if you make something freely available, you are actually making it less valuable. Often the reverse is true. Bitcoin itself is a good example: its open source nature is what makes it work and gives it the value it has. Closed-source crypto is practically an oxymoron.

Security

On the practical level, though, open-sourcing our software allows it to be adopted and battle-tested by all kinds of other projects. Blackmoon was one of the first but there will be many more. They will continue to develop our code and improve it, meaning that we directly benefit from making it publicly available — the improvements come back to us too and ensure any bugs are addressed quickly. Good software works in everyone’s favour.

We’re pleased to say that Blackmoon conducted a full security audit of our code and that the auditors said they were some of the most accurately written smart contracts they had ever seen. Blackmoon will also use and improve our middleware and frontend sources, which will be converted into the dApp application framework very soon.

In addition to Blackmoon, there are several ICOs which are running right now, or that will be announced in the near future, which will also be basing their development on our source code. For ChronoBank, this is a fantastic vote of confidence: these major projects consider our smart contracts robust enough to want to use them for their own applications. That is a huge endorsement of the work we’ve been doing and a great testament to the skill and dedication of our developers.

Github: https://github.com/ChronoBank

TIME is trading on the following exchanges: https://coinmarketcap.com/assets/chronobank/#markets

It is also available via Changelly service: https://changelly.com/

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