Metronome: The Built-To-Last Cryptocurrency
Metronome is a blockchain based platform that intends to become the very first platform that allows anyone to transfer cryptocurrency across different blockchains. By making this happen, Metronome aims to overcome price volatility on the cryptocurrency market. It will also stop the isolation of different blockchains. Metronome also aims to increase transaction speed in a much affordable manner. 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.
How Does Metronome Work?
Metronome is being developed with three main goals in mind. They are self governance, reliability and portability.
Surprisingly, the MTN tokens will be under the management of a community comprised of users from all around the world. The community which manages MTN tokens will be managed by autonomous smart contracts. This helps in the total elimination of intermediataries. There will be no middlemen either within the system or in the MTN marketplace. Metronome is promising a revolutionizing concept called; “zero founder control after initial launch and public access.”
The main aim over which Metronome was built was, to provide rapid market price discovery so that market predictability and the MTN token supply over time will be of top priority and paramount importance. The issuance of MTN tokens is immutable, similar to other crypto currencies. 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 block chain compatible. This feat was made possible with the use of a proof of exit receipt. With the help of metronome, users leave one block chain, and then enter another. The end result is that users will be able to choose the block chain that is tailored for their specific needs 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 feature of Metronome is that they have ensured payment settling from fifteen seconds to thirty seconds and also mass payment support. Mass payment support allowing multiple payments to be sent in one batch), and subscriptions (allowing for recurring payments between users.
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 initial token supply is set at ten million MTN tokens, with eighty percent 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. Then new tokens will be issued indefinitely on a daily basis at a rate of around two thousand eight hundred and eighty MTN. This way of distribution has already been criticized by some users for possible token inflation.
The mass pay feature and subscriptions will also be used. 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. One hundred percent of proceeds from the initial auction will go to the MTN smart contract.
Metronome has Jeff Garzik as its co founder. He is also the Chief Executive officer at Metronome as well as the Chief Designer at metronome. He is also the co-founder of Bloq, a blockchain firm that develops software and previously worked with BitPay. Matthew Roszak is the Chairman and also one of the Co Founder of Metronome. Roszak is the co-founder of Bloq as well and a big name in the blockchain industry.Peter Vessenes is the Chief Cryptographer of the metronome.
The success of the Metronome investor depends heavily on the price at which the fund is collected. This ICO is being pumped by the usual suspects on you tube and blogs, which will probably make the tokens sell out fast and at an expensive price. Metronome has some of these ingredients but not all of them, time will if this project will be a success. But there is cutthroat competition in this field. But with the team, the investors and the advisers that Metronome has, it is a force to be reckoned with and has a really bright future. Anyone interested in investing should make a profound asn deep research before investing.