On Tuesday July 17th 2018, ChronoLogic developer Logan Saether and Community Manager Sean Morgan hosted a LiveStream to discuss “Second Layer Markets” . During the LiveStream you can: Get a sneak peak at Logan’s upcoming presentation for DappCon. Learn about second layer blockchain markets Learn why scaling solution projects are interested in TimeNodes Learn about other applications for TimeNodes Learn how ChronoLogic designs robust execution clients If you want to understand the future potential of ChronoLogic within the entire blockchain ecosystem, you need to watch this LiveStream recording.https://youtu.be/2rGmhDpffgY

1. CHRONOLOGIC LIVESTREAM
17 JULY 2018

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DEV UPDATES
• Posted the second MIP about the Melonport integration.
• https://github.com/melonproject/MIP/issues/4
• Chronos Validator + Melonport Integration
• https://github.com/chronologic/chronos-melonport
• Token Allocater Updates and Fixes
• https://github.com/chronologic/token-allocation-distributor
• Updates to Dapp (Show analytics unavailable)
• Dai and Day token transfer natively in Dapp (develop branch)

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4. EXECUTION MARKETS
DappCon Preview
Logan Saether

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WHAT IS AN EXECUTION MARKET?
• An emerging pattern across projects
is the idea of delegated execution.
• In some ways it is analogous to the
gas market, but instead you’re
paying a third party to send a
transaction on your behalf.

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WHERE DO WE NEED THESE?
• Scheduled Transactions (Ethereum Alarm Clock &
Chronos)
• Transaction Relayers
• Pay gas costs in tokens or other assets
• Miximus

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EXAMPLES

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EXAMPLES

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DESIGNS

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WHAT PROBLEMS DO WE HAVE?
• Incentivization problem - What incentive do we give to
the third party that executes?
• Communication problem - How do we communicate
the transaction we want executed to the third party?
• Coordination problem - How does the third party
coordinate to avoid things like transaction collisions?

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INCENTIVIZATION
• Third-party executors will not pay gas costs for free.
• Provide enough ether to cover the gas costs, or pay with
Tokens.
• An additional incentive must be present, such as the
bounty.

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COMMUNICATION
• How to communicate the transaction to the third party
executor?
• On-chain you can emit events, third parties just need to
watch a known contract for a log topic.
• Off-chain you can use anything, libp2p, Whisper, even
FB Messenger or Twitter.
• Decentralized vs. Centralized

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COORDINATION
• How do the third party nodes coordinate so that only
one does the execution?
• In centralized systems this is straightforward, they can
run traditional consensus algorithms or just have one
executor.
• If we think about decentralized execution market, the
problem becomes much more challenging.

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ON-CHAIN COORDINATION
1) TimeNode stakes an amount of ether or tokens.
2) When staking, they specify the requirements of the
transaction that they will claim (bounty, window start)
3) When a new transaction is scheduled, the TimeNode
with highest stake and claiming preferences that fit
will be popped off the top of the stack and “assigned”
to this transaction.
4) If it executes on time, it will be given back its stake and
can re-enter the queue.

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OFF-CHAIN COORDINATION
• An “off-chain” solution for a decentralized execution
market may in fact need a blockchain to work.
• There is a need for the nodes to have some stake on
chain that they risk to lose if they execute out of turn, or
fail to execute.
• The actual election of the executing node can be signed
messages that they pass between themselves
• There needs to be a way for all of these nodes to agree
on the execution cycle

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LINKS
https://chronologic.network
https://blog.chronologic.network/
https://github.com/chronologic
https://github.com/ethereum-alarm-clock
https://t.me/chronologicnetwork
https://t.me/chronologicnews
https://www.youtube.com/channel/UCTAH_8hSgbz
d8Mq84zMsZJQ
@ChronoLogicETH

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Q&A