Metronome.io Has Officially Launched With a Descending Price Auction for MET Tokens
Metronome, which describes itself as “the built-to-last cryptocurrency”, just launched its website and auction at Metronome.io.
The website features an auction where users can buy Metronome (MET) tokens. The auction uses an autonomous descending price mechanism.
At the time of writing, the current auction price is 0.670902 ETH per MET. The auctions take place every few hours, with 8 million MET available for sale.
Despite the fact that Metronome is accepting ETH in exchange for digital tokens, Metronome isn’t calling it an “initial token sale” or an “initial coin offering (ICO)”. Instead, they’re calling it an “initial supply auction”.
The goal of Metronome is to deliver “institutional-class endurance” to the cryptocurrency industry. The developers of MET claim to have optimized their cryptocurrency for “self-governance, long-term reliability, and maximum portability.”
One of the unique features of Metronome is that it’s the first cryptocurrency capable of being exported and imported across chains. Metronome will initially be issued on Ethereum. In the future, the company plans to launch Metronome on Ethereum Classic, Rootstock on bitcoin, and Qtum. This cross-chain portability will allow users to pick the chain that meets their needs. You might choose to use your MET token on the bitcoin network for maximum security, for example, or the Ethereum network for its transferability.
In terms of self-governance, Metronome claims to have “no undue influence from founders” after the initial launch. Public governance will start immediately at launch. The issuance and supply of Metronome tokens are also immutable.
Metronome’s auction is the latest step towards launching the MET cryptocurrency. Metronome first appeared online in October 2017. The auction was always scheduled for June 2018.
How Does the MET Auction Work?
Metronome is selling its MET tokens via an auction. The auction uses an autonomous descending price mechanism. Authors will receive a one-time retention of 20% (2 million MET) of the initial supply of MET tokens. 100% of the proceeds from the initial auction will be used to provide long-term support for the community.
The initial auction will last up to 7 days. However, it may conclude sooner if the MET tokens sell out.
MET tokens are ERC20 tokens on the Ethereum blockchain. Your tokens will become usable when the initial supply auction ends (after 7 days or when all the tokens are sold).
You can participate in the auction today at Metronome.io.