Metronome CEO Jeff Garzik After Blockchain Hopping Test: “MET Is Not An Atomic Swap”
The concept of having to swap your tokens to move from one blockchain to the rest is one of the issues facing the industry’s global adoption race. Imagine using your tokens to make a payment on Bitcoin Cash (BCH), storing the same tokens in Bitcoin (BTC) as a safe haven asset, transact on Ethereum (ETH) and make an international transfer on Ripple’s xRapid feature. Metronome (MET) offers the users of the platform such features through the chain hop feature.
Metronome Completes Successful Tests Of The Chain Hop Feature
Following a successful test of Metronome’s “chain hopping” feature, users are now able to move from one blockchain to another without the need to swap tokens. The Metronome development team announced they had successfully completed the move of MET tokens from the Ethereum blockchain to the Etherum Classic platform and back.
Metronome (MET) Tokens Are Different To Atomic Swaps
The announcement brought about questions on the functionality of the blockchain as some users confused the feature with “atomic swaps.” One user complained on the need of the blockchain altogether on Metronome’s BitcoinTalk Reddit page terming the platform “useless” and further comparing it to a swap.
The co-founder, CEO and principal architect of the project, Jeff Garzik, addressed the confusion surrounding Metronome replying to the user saying,
“It sounds like there is misunderstanding of Metronome here. Metronome is the opposite of a swap: There is no asset exchange, thus no exchange rate difference, thus no exchange rate risk or volatility risk.”
Jeff Garzik, CEO and co-founder of Metronome
He further said,
“If you swap BTC/ETH, then you risk BTC price changing or ETH price changing. Volatility risk + exchange rate risk. With Metronome, the MTN asset moves to a new blockchain, but keeps the same asset (and same asset price).”
MET tokens will not change value due to the movement between blockchains as he analogized the asset as a gold bar moving from one warehouse to the next warehouse. This is completely different to atomic swaps which are like exchanging gold bars for silver bars.
According to Garzik, it would be better if crypto investors were not limited only to the blockchains they hold digital assets. He further noted that the cross-chain concept is a solution to risks attributed to the reliance of one blockchain community.
“Decentralization’ is an article of faith within the blockchain industry…” he added that; “one species of centralization that our industry has become comfortable with is the notion that a digital asset must be forever tied to its blockchain ledger.”
Metronome Team Completes Test Of MET Chain Hop Feature
Last week the Ethereum Classic Labs development team announced the launch of the interoperability feature with Ethereum following the successful test of Metronome. The chain hop feature takes roughly 24 hours after validators on the platform vote and approve on the transaction. The waiting period is made as a mitigation to the risks involved with reorganization of the blockchain.
Unlike the normal blockchain algorithms, Metronome has the export and import algorithms on the blockchain that allows the transfer of MET tokens across different blockchains by switching between different sets of Metronome smart contracts.
“Before emitting an Export event, the Source chain creates and stores the burn transaction, capturing all details of the burn, including the previous burn transaction. In this way, each chain maintains a list of all burn transactions that have originated from that chain, regardless of what their destination chain will be.” – Metronome import and export algorithms
The dev team is still working on a solution to pending hard forks across chains to avoid the double spending of coins.
Metronome: The Chain Hopping Tokens Blockchain
One year ago, Metronome launched its ‘1.0’ moment project that aimed at creating a “boxcar” not limited to any blockchain. This milestone on chain hopping puts Metronome at a good position in terms of technological advancement with the $12 million raised for this development.
The Metronome project ecosystem is designed to be autonomous whereby no founders control its activities. This platform is instead run with the help of smart contracts allocated functions such as; token balancing, fund movement, governance and liquidity regulation. It’s built to mint 2,880 MET tokens in a span of 24 hours, these are then operated within the ETC and ETH chains as per the smart contract instructions. In addition, tokens purchased on Ethereum are mirrored by the Autonomous converter contract on the ETC chain.
MET holders will be able to govern their risk given that the platform has lily pads in charge of funds. These will be complemented with the smart contracts which work together to provide autonomy for operations.
At the moment, Metronome’s features in chain hopping are to be made available for both mobile phones and desktops with prominent operating systems pioneering the tech. The firm will also include these advancements in GitHub for tech savvy crypto enthusiasts.