MiaoA International Timechain (M.I.T.) has developed a new cryptographic digital currency called Time New Bank. The MiaoA International Timechain (M.I.T.) is a high-precision time-value transmission network that seeks to allow individuals and/or organizations to value their time assets or commodities. The whitepaper mentions that the M.I.T. platform is built on Grid blockchain. Time can be exchanged as a commodity because of its commercial worth, and it is also known as a time commodity.

The network claims to enable automated management of digitized time assets with smart contracts, seeking to utilize the unique benefits gained from blockchain technology and digital identification. Time commodities still have a long way to go before being considered a mature marketing area. The absence of objective and widely acknowledged time commodity valuation norms is the current limitation. Individuals' time cannot be commercialized due to a lack of transformation tools and sales channels. Time exporters can create the primary exchange market through brokerages. Still, it is claimed that they lack the resources to develop the secondary and tertiary exchange markets necessary to efficiently utilize the economic value of time commodities.

The absence of a centralized time product-trading platform complicates the process of gathering product information and making a purchase. The Founding team has thus claimed to build M.I.T., a precision time-value transmission platform based on blockchain technology, to seek to organize a comprehensive network of primary, secondary, and third markets for time commodity exchange.

The native token of the platform is "Time New Bank" or "T.N.B." This token was introduced to build a time-value transmission network. This network's key features seek to include payment flexibility, price transparency, robust rights protection, and proof of stake. Individuals or organizations contributing to the M.I.T. ecosystem are rewarded with T.N.B. In addition, T.N.B. aims to transport and deliver the premium created by time exporters' self-promotion to end users. Lastly, T.N.B. aims to be traded on third-party digital currency exchanges. The maximum total supply of T.N.B. is 6 billion coins.