Time Currency

What is time?

The life span of any entity is quantified with time. Time is measurable with natural happenings or by human-invented instruments.

The definition of time is not so simple. But, time is invaluable.

Time is indeed gold and will remain the costliest resource humans (and all other entities, living or nonliving) may have.

The past, present, and future are entwined with invisible threads of time.

Think about a machine that can give the power of bringing the past, present, and future at the same temporal coordinate.

Time flows like a river

The water flows in a river from the upper side to the lower side. The flown away water in the downstream never goes back towards the upstream. The laws of gravitation and the slope of the land decide the direction of water flow.

Time flows in one direction only - from present to future.

Time continually progresses from the present to the future. The present gradually becomes the past in the future. The time elapsed can't be brought back. There is no way one can get hold of the elapsed time.

Nobody can save time

Image 01: Photo by Pixabay from Pexels

There is a say - "Time is money." But nobody can save time like we can save money. Time is a rare commodity that one can't give to another person.

Although "Time is money," "Timebank" is a misnomer.

Time may be very weakly compared with the limited-time gift offer in credit cards that expire with time. There is no provision for offering someone the elapsed time.

Time machine is a science fiction

• It is not feasible to realize a unified reference axes system that can accommodate all spatial and temporal coordinates. The theory of relativity due to Einstein doesn't explain how to physically exist simultaneously in the past, present, and future.

• Therefore, the current state of science can do nothing to go back to a past time. The possibility is ruled out because then one has to have the capability to move faster than the light.

No earthly object can attain a speed greater than the speed of light.

• The light reflected from the objects, humans, and other past things might still be propagating in space. It would take several light years to reach a point in the extra-terrestrial space that is very far away.

If someone could have moved faster than the light, they could have reached ahead of the light reflected from an ancient past time, and still propagated to reach a VERY far away point in the space.

The science-fiction film "In Time" utilizes time as a currency

The 2011 film "In Time" showcased a fictitious example of time as a currency.

Video Clip: In Time | Official Trailer | 20th Century FOX (link embedded).

The film "In Time" used "time" as a currency to buy and use as a payout.

In the film "In Time," the concept of time has been used not only as of the central economic instrument but time has also been marked as the expiry date of a human. A human is shown to have a lifetime stamp on his/her hand, which shows how much time is left to live a time-economic life.

There were many scientific pieces of literature on time. But, nobody had utilized time in the entertainment industry before "In Time."

With much ado, I leave the interested readers to watch the film and enjoy dealing with the concept of time economy.

Time currency decides the actual value of a cryptocurrency

Time has a vital role in the field of cryptocurrency. At first, you may ask me why. But, after reading this section, you may think otherwise. It is not difficult to perceive why the success of cryptocurrencies solely depends on technology and time.

The reasoning is so simple to understand how time has been the deciding factor to choose or discard a particular cryptocurrency. For example, Bitcoin and its hard fork cryptocurrency Bitcoin Cash innovated a little bit in the block size.

• The time required to complete a transaction decides the resources utilization economy of a cryptocurrency.

• Bitcoin requires more processing time than Bitcoin Cash which also affects the cost of each transaction.

Thus, time is the essential commodity in the cryptocurrency domain. As cryptocurrency technology matures, the processing time and fees per transaction decrease.

To reduce the processing time of a transaction, the consensus algorithms of cryptocurrencies have a significant role to play.

There could come a drastically new type of distributed ledger technology or an altogether different technology of distributed computing which would radically reduce the time of processing of a cryptocurrency transaction.

Time currency is limited in our hands

Image 02: I created the animation with my texts and a Photo by William Fortunato from Pexels. I used open-source software for this purpose.

We are the controllers of our everyday life.

• Can we control our time?

Very much yes, we can progressively spend our limited-time currency.

• Can a cryptocurrency project control its processing time?

The processing time of a cryptocurrency is in the hands of the innovators and developers. Reducing the time for each transaction can increase the value of a cryptocurrency.

• Can we save time?

We can't save time. Spending our time currency cautiously can help us utilize our available time in a day, week, month, and year. It doesn't mean that we can keep unspent time in any "time wallet" of a "time bank" and spend it later when needed.

• Can we encrypt time?

Most probably, all times are equally open to everybody in the universe. The principles of relativity govern many things around time. As such, time is not encrypted. But, who knows, if a technique may appear to exist, and humans would be encrypting life with a "lifetime" stamp.

The concept of "crypto-time" is not ruled out.

Postscript

I am from STEM - Science, Technology, Engineering, Mathematics. I develop solutions for password and cybersecurity relevant to the blockchain and cryptocurrency.

I consider cryptocurrencies as just one financial instrument.

Cryptocurrencies are nothing more and nothing less than that.

I invest time in earning new technical skills relevant to cryptography.

• Read my articles on safeguarding the private keys of crypto wallets.

• Follow the new writing community - "Linux and Open Source Software" for helpful articles on GNU/Linux, free and open-source software.

• Follow the new writing community - "Just Tip and Upvote" for friendly and authentic discussions on tipping and upvoting.

• Follow the writing community - "Movie, Music, and Literature" for entertaining articles on film, music, and literary topics.

Have a nice time, all my blogger friends!

Let me tag a friend!

@Duvinca , I am inspired by your last article, "In the Past .." that discussed time.

Cheers!

Lead Image: I created the animation with my texts and a Photo by William Fortunato from Pexels. Sources of all other images are mentioned below the respective images. All animations are created with open-source software.

Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

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January 31, 2022.