Metronome claims to be the world’s first cross-blockchain cryptocurrency. Find out what that means today in our review.
What Is Metronome?
Metronome, found online at Metronome.io, is a cryptocurrency under the symbol MTN. The cryptocurrency promises to deliver “institutional-class endurance” with cross-blockchain compatibility.
The currency is being developed by Bloq, which announced Metronome in October 2017. Metronome is scheduled to launch in early December 2017, with the first cross-chain transfers (between Ethereum and Ethereum Classic) scheduled for Q1 2018.
Metronome has several unique features that distinguish it from other cryptocurrencies. The first is that there’s no fixed, limited supply. New Metronome tokens are minted daily and available via an auction. An autonomous contract controls the number of new tokens minted daily. That minting process is scheduled to continue “ad infinitum”.
Another unique feature is that users are in full control of the future development of Metronome. Bloq, the founders of Metronome, will have no control after the initial launch.
With these unique features in mind, let’s take a closer look at how Metronome works.
How Does Metronome Work?
Metronome is being developed with three main goals in mind:
MTN tokens will be managed by a community of users, with that community managed by autonomous smart contracts. There will be no third party with any special privileges either within the system or in the MTN marketplace. Metronome is promising “zero founder control after initial launch and public access.”
Metronome was built to provide rapid market price discovery, to prioritize predictability, and to provide a known supply of MTN tokens over time. The issuance of MTN tokens is immutable, similar to other cryptocurrencies. However, there is no fixed total supply of MTN tokens. New tokens are minted daily at a fixed, known rate. This aims to provide stable, predictable mining ad infinitum.
Metronome is cross-blockchain compatible through the use of a proof-of-exit receipt. Users leave one blockchain, then enter another.
The MTN token will first be issued on the Ethereum network. So initially, Metronome will only be compatible across one blockchain. In the future, however, Metronome will support Ethereum Classic, Rootstock on Bitcoin, and Qtum.
The end result is that users will be able to choose the blockchain that suits their requirements for governance or security. Or, they can even upgrade the MTN contract if necessary.
One of the unique things about Metronome is that the development team hasn’t released a whitepaper: they’ve released an “owner’s manual”. Since users are in full control of the currency after launch, they can read the owner’s manual to understand the value of the token.
Other key features of the MTN token include payment settling within 15 to 30 seconds, mass payment support (allowing multiple payments to be sent in one batch), and subscriptions (allowing for recurring payments between users).
Benefits Of Metronome
Metronome’s “Owner’s Manual” outlines the idea that each cryptocurrency has its own unique pros and cons. Different blockchains have different features. Today, some users hold multiple currencies to access different features between blockchains. Metronome, however, wants to create a cryptocurrency where users can choose their own blockchain. Users can choose the blockchain that suits their desired settlement time, for example, or matches with their privacy requirements.
Some of the benefits of Metronome include:
- Reliability: MTN’s issuance and supply will be predictable forever, as defined by its contracts. There is no uncertainty about supply or issuance.
- Self-Governance: MTN is governed entirely through autonomous contracts, allowing users to be in full control of the future development of the currency.
- Portability: Metronome can be carried between blockchains through the use of exit receipts – something that isn’t possible on any blockchain today.
- No Fixed Supply: Bitcoin has a fixed supply of 21 million. Litecoin has a fixed supply of 84 million. Metronome, meanwhile, has an unlimited fixed supply. Coins will continue to be minted at a fixed rate as outlined in the autonomous contract.
- Fast Settlement Times: Metronome offers settlement times of 15 seconds, compared to 10 minutes on bitcoin or 15 seconds on Ethereum.
- Built to Last: Many cryptocurrency users appreciate the fixed supply of bitcoin, Litecoin, and other cryptocurrencies. Others, however, have criticized the fixed supply of these currencies, because it could limit their long-term viability. Meanwhile, other ICO tokens have a fixed supply, but much of the supply is in the hands of a centralized group – like the founding team. Metronome attempts to fix these problems with a consistent issuance model over time, including daily auctions that provide an ongoing supply of tokens.
As the Metronome owner’s manual explains,
“An ongoing token supply mintage is theorized to provide sustainability versus other cryptocurrencies whose mintage either is or goes to zero.”
The Metronome Token Sale
The Metronome token sale is scheduled to begin in December 2017.
There will be an initial supply of 10 million MTN tokens. 8 million will be distributed via a public descending price auction, while 2 million will be distributed to founders.
New MTN will also be minted daily, again via public descending price auction. The daily minted volume will be either 2880 MTN per day, or an annual rate equal to 2% of the then-outstanding supply per year (whichever is greater).
A descending price auctions, or Dutch auctions, see the price of a token drop over time. The price begins at a high initial price, then that price drops over time.
The tokens are ERC20 and ERC223-compliant tokens.
100% of proceeds from the initial auction will go to the MTN smart contract.
Who’s Behind Metronome?
Metronome is being developed by Bloq, a blockchain technology company known for its enterprise-grade software – including the BloqEnterprise and BloqThink suite. The company is led by a team of blockchain developers, entrepreneurs, and investors.
Key members of the team include Jeff Garzik (CEO, Co-Founder, and Chief Designer), Matthew Roszak (Chairman and Co-Founder), and Peter Vessenes (Chief Cryptographer).
Metronome is a cryptocurrency being released in December 2017. By Q1 2018, Metronome aims to become the world’s first cross-chain compatible cryptocurrency by adding Ethereum Classic support (the currency is initially built on Ethereum). Metronome’s cross-chain compatibility system involves creating exit receipts when leaving the chain and entering a new chain.
The project is led by Jeff Garzik’s Bloq.
You can learn more about Metronome by visiting the platform online at Metronome.io.