Idea & Token
Metronome is trying to become the first platform that allows you to transfer cryptocurrency across different blockchains. This way, it aims to overcome price volatility on the cryptocurrency market, isolation of different blockchains and low transaction speed. They are building their strategy basing on self-governance, reliability and portability.
Unfortunately the project’s whitepaper does not contain enough technical details about how the project will be implemented, and looks more like a list of new features than a roadmap. They are not really building a blockchain, but planning to launch on Ethereum, Ethereum Classic, Rootstock, and Qtum.
A Metronome token called MTN is Ethereum-compliant. The initial token supply is set at 10 million, with 80% distributed via reverse auction. Unlike other tokens, the supply is not fixed or limited.
The initial price is set at 2 ETH, and the price will decrease very slowly for a week (February 5-11). Then new tokens will be issued indefinitely on a daily basis at a rate of around 2,880 MTN. This way of distribution has already been criticized by some users for possible token inflation.
The cryptocurrency will allow of quick payments (from 15 to 30 secs). The mass pay feature and subscriptions will also be used.
The Metronome project is being implemented by BloqLabs, a talented team of blockchain developers, early adopters and venture capitalists. The key specialists Jeff Garzik and Peter Vassenes have a multi-year experience in the bitcoin market.
The core team consists of 15 people, including blockchain engineers, data scientists and a chief cryptographer (Vessenes). Add here six advisers and a list of partners that includes Jaxx, New Alchemy and Smith + Crown.
Metronome has become a very popular theme in the blockchain community discussions. The idea is unique and deserves a thorough research, but as it happens quite often, the implementation is still to be polished, and many technical details of the project have not been clarified. Also don’t forget the alarming uncertain situation with possible token price inflation. As a bottom line we’d recommend that project as average. If you plan to invest significant funds, consider reading and analyzing their whitepaper yourself to make your decision more consciously.
Metronome ICO datesexport to calend
Bloq, a leading blockchain technology company, announced the upcoming launch of Metronome (“MTN”), the world’s first cross-blockchain cryptocurrency. Metronome is a next generation cryptocurrency with a predictable and autonomously managed token supply, built for store-of-value, payment and transactional use cases. Metronome is expected to launch in early December 2017.
Developed by renowned technologists and pioneers in the blockchain industry, Metronome emerged from a vision of a novel cryptocurrency that could provide both immediate utility and multi-generational longevity. To achieve this vision, Metronome was built according to three key design principles:
- Self-Governance: MTN tokens will be managed by its user community, with the system managed by autonomous smart contracts. There will be no third party with any special privileges either within the system or in the MTN marketplace.
- Reliability: Metronome was architected to provide rapid market price discovery, prioritize predictability and provide a steadiness to the MTN token supply over time.
- Portability: Metronome’s cross-blockchain capability uses a proof-of-exit receipt when users leave one blockchain, which enables them to enter another. The MTN token will be issued first on the Ethereum network, with Ethereum Classic, Rootstock on Bitcoin on Bitcoin and Qtum support expected to follow. This will allow users to select the blockchain that suits their requirements for governance and security, or even upgrade the MTN contract if needed.
Upon launch, an initial supply of 10 million MTN tokens will be issued, with 8 million MTN tokens sold in a descending price auction (“DPA”) for Ethereum’s ether currency (ETH). Each day thereafter, new MTN tokens will be sold in a DPA at the rate that is the greater of 2,880 MTN per day, or an annual rate equal to 2.0000% of the then outstanding supply per year, providing a predictable supply over time. 100 percent of the ETH proceeds from the initial and daily auctions will remain within the Metronome smart contract system to provide liquidity to the MTN marketplace. Bloq will retain a 2 million MTN author retention, and will not receive any ETH proceeds from the auctions.