Metronome appears to be the first cross-chain cryptocurrency the crypto-world has ever experienced.
Metronome, MTN in short, is committed for providing an endurance of institutional-class also with cross-blockchain compatibility.
Bloq, the developer organization of Metronome, inaugurated the token in October 2017. It was planned to be launched in the early days of December 2017 and the first cross-blockchain transfer between Ethereum Classic and Ethereum was planned for early 2018.
It has a number of distinctive features which differentiate it from other digital currencies. There is no fixed or limited supply of Metronome tokens.
New tokens are minted on a daily basis and are provided through a valid auction. The amount of tokens to be minted is controlled by an autonomous contract protocol. This minting process is particularly designed to maintain ‘ad infinitum’.
Users’ control over the future advancement of Metronome is another great feature of it. Just after the initial launch, Bloq, the founder organization, will possess no control over it.
Let’s concentrate on how it performs its functions.
How Metronome works?
Metronome is currently being designed with a view to completing three major goals:
Metronome was intentionally constructed to emphasize on predictability, to promptly explore the market price, and to initiate the supply of MTN token time to time. Like other cryptocurrencies, issuance of the token is immutable. The total supply of token is not limited. Tokens are regularly minted in a determined rate. Thus, predictable and stable mining ad infinitum is maintained.
Metronome runs are under the control of the users’ community, which is managed by smart contracts. There is no scope for any third party to interfere within the system or to take any advantage from the marketplace. It is committed for initiating “zero founder control after the initial launch and public access”.
It is compatible to cross-chain interactions due to proof-of-exit receipt. By leaving one, users get access to another connected blockchain. Initially, MET will be issued on the network of Ethereum and therefore, it will be susceptible to this particular platform only. Just after a few days, it will be compatible to Rootstock on Bitcoin, Qtum, and Ethereum Classic.
Finally, it results in the liberty of the users to select the network which is the best suitable for them and meets their requirements such as security, low cost, and so on. It also enables the users to upgrade MTN contracts if required.
Token Sale of Metronome
The token sale was scheduled to start in December 2017. In total, 10 million tokens were supplied initially. 2 million MTN tokens were distributed among the founders and the rest was distributed through a public descending price auction. New tokens are minted via the similar process. Furthermore, the volume of tokens to be minted was determined at a rate of either, 2880 tokens daily or 2 percent of the then-outstanding supply annually. The more convincing one will be followed.
As the tokens are ERC20/ERC223-compliant tokens, they can be stored on ERC compatible wallets.
Cross-chain interaction is a prime feature of third-generation blockchains. Chances are, Metronome will bring revolutionary changes in the world of cryptocurrency.