# What is OpenChrono? ### What Is OpenChrono? OpenChrono is an ecosystem for enthusiasts to enjoy, buy, sell, and collateralise luxury watches. We’re building a new transaction standard for a secondary market often plagued by speculation, scams and poor customer service. OpenChrono is built on Web3 technology, but you wouldn’t know it. Our tech sits behind the scenes, driving a transparent architecture and the highest security transactions. Each watch on the platform has a timepiece passport – an accurate record of all its information – and has been independently and professionally authenticated, then securely vaulted. This passport sits alongside a digital representation of ownership, and is linked to a set of legal contracts protecting its new owner. Owners can sell their watch online, take delivery from our third-party vault, store, or collateralise it safely and securely. {% embed url="" %} ### Why OpenChrono? OpenChrono empowers everyone to focus on the timeless joy of collecting and owning watches, whilst tapping into blockchain-powered benefits such as the following: * We are making transactions secure, and providing new ways to unlock value. * Each watch listed on OpenChrono is authenticated, digitalised and vaulted. * Digitisation creates a [digital twin and timepiece passport](https://openchrono.gitbook.io/openchrono/about-openchrono.io/digital-twins-and-timepiece-passports-tm) that includes full details about the watch, a set of contracts and [accurate condition report](https://openchrono.gitbook.io/openchrono/about-openchrono.io/authentication-process)*.* * Once onboarded into the OpenChrono ecosystem, owners can engage with the marketplace, redeem their watch to receive it from our third party vault, store it, or collateralise it to unlock value. ## OpenChrono challenges the 'Status Quo'.... ### Legacy commerce makes it hard to figure out what you are being sold. Historically, the person selling you a watch is wearing two hats. They describe the watch, and they deliver the watch. The nature of one-sided responsibility is why almost all fraud / occurs.

Traditional Sales Model - One sided power balance

### What if there was another way? OpenChrono's transparent and secure architecture allows buyers to remove doubt from the buying process. Sellers can ‘prove’ asset condition and obtain the best valuation. Independent experts (Watchmakers) assess the quality of the watch and produce documented evidence. This provides the information basis for a set of legal warranties.\ In summary, experts contribute knowledge, receive compensation for this knowledge & pay damages in the event of errors occurring. Efficient vendors store and deliver the goods. Our modular architecture allows for a variety of experts to assess asset condition, provide robust authentication checks and securely transit and store assets.

Removing doubt and providing user confidence

## OpenChrono empowers users to realise 'maximum asset value. OpenChrono’s modular and ‘trust-less’ architecture allows everyone to thrive with its fair and scaleable ‘split fee’ structure. * Low quality documentation inserts ‘doubt’ - OpenChrono documentation standard inserts 'certainty' * OpenChrono empowers its users to realise an assets ‘full value’ * Dealers are able sell with no risk of comebacks * Private sellers are empowered to sell 'peer to peer' with no security or come back risks * OpenChrono assets will carry a 'certainty premium'

OpenChrono users are able to increase realised value from assets

## Conclusion \ OpenChrono has designed an ecosystem to not only revolutionise secondary market transaction standards, it will also act as key infrastructure to support the growth of the asset class.\ \ OpenChrono empowers its users with unmatched buyer and seller certainty and enables a new set of players from the financial sector to seamlessly deliver luxury asset exposure to its clients. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://openchrono.gitbook.io/openchrono/about-openchrono.io/what-is-openchrono.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.