The Cross-Chain Cryptocurrency Building a Meritocracy
Has cryptocurrency’s promise of collaborative value creation deteriorated into competitive cannibalization? “Personal attacks, fear-spreading, smears and conspiracy theories” is how pioneering Bitcoin core developer and Metronome founder Jeff Garzik recently characterized the infighting in the Bitcoin community over the cryptocurrency’s future architecture.
As more new cryptocurrencies are introduced and become the currency of their respective blockchain platforms, tribalism has indeed set in. At this early development stage, each blockchain operates more like a fiefdom with a closed token economy rather than nodes in a sharing economy network. Getting back to the basics of cryptoeconomics, Metronome’s cross-platform cryptocurrency is positioning itself as a universal currency of the cyrpto economy. The ERC-20 compliant coin is the first that can be used across different blockchains.
Seamless Chain Switching
Garzik (CEO) together with Metronome co-founder Matthew Roszak (chairman), both partners in Bloq—a consultancy to enterprises implementing blockchain solutions — conceived of the need for a currency that could seamlessly change tracks like a train. Thus, Metronome was designed to be used across all blockchain platforms.
Like a train car, users can switch to the blockchain or sidechain that best suits their interests such as for speed, preferred apps and so on. Sidechains — blockchain protocol extensions optimized for special app requirements such as high speed, high transaction volume, computational requirements, privacy or tradable game tokens — further bifurcate blockchain services without interoperability mechanisms such as the Metronome coin.
Mayhem for Market Manipulators
Metronome has implemented several mechanisms to create a stabler currency less susceptible to fluctuations from central banker decisions, big money moves, and the heightened commercial and competitive risks of token economies. The cross-chain currency seeks to avoid the fate of Bitcoin (BTC) whose price, like that of fiat currencies, is highly influenced by large speculative investors. These whales control one-third, or $37.5 billion, of the bitcoin market, according to Chainanalysis. Metronome, in contrast, has insulated its coin from manipulation by human intervention by creating fully autonomous smart contracts.
Keeping speculators further at bay, unlike many major cryptocurrencies that centrally manage the control and supply of coin — the supply of Bitcoin and Litecoin (LTC), for instance, will eventually go to zero — Metronome’s daily distribution is predetermined and capped at 2.000 percent annually, thereby providing a controlled and predictable token supply. Crucially, Metronome is not subject to a hard cap such as Bitcoin, Litecoin or ZCash (ZEC).
Steady Supply – MET vs. Popular Cryptocurrency Mintage
The coins will be distributed through a daily descending price auction indefinitely to produce a stable supply. Metronome will gradually reduce the inflation rate, but unlike Bitcoin, which will ultimately remove the effect of inflation altogether, Metronome’s inflation rate will instead adjust to 2 percent ad infinitum. The descending auction provides a fairer and more equal distribution of tokens, preventing whales from controlling the supply, and thus prices.
The Metronome token (MET) serves as both a store of value and cash. The token can be used for transactions and payments with an expected transaction speed of 15—30 seconds. A subscriptions service supports recurring payments among users.
In support of its commitment to creating a true meritocracy, Metronome has eschewed the practice of giving preferential token access to institutional investors through a pre-sale. Jumping straight to the main sale, the token sale starts June 18th and will last until all tokens are sold, or after seven days. Ten million MET tokens will be issued, of which 80 percent are available to the public. The remaining two million coins will provide liquidity to the marketplace. The sale is a descending price auction starting at 2 ETH and descending to 0.0000033 ETH.
Sign-up for MET token sale updates on the Metronome website.
Symbol: MET (ERC-20)
Token Sale: June 18, 2018 (up to seven days)
Descending Auction Starting Price: 1 MET= 2 ETH, Ending Price: 1 MET = 0.0000033 ETH
Available Tokens for Sale: 80%
Token Supply: 10,000,000
Metronome will launch its first cross-chain on the Ethereum Classic platform (ETC) in the third quarter of 2018.
Jeff Garzik, CEO & Founder/Chief Designer
Matthew Roszak, Chairman & Co-founder
Peter Vessenes, Chief Cryptographer
Ryan Condron, Chief Engineer
Gustav Simonsson, Orchid Labs Co-founder
Jim Newsome, Delta Strategy/Former CFTC Chairman
Dan Tapscott, Blockchain Research Institute
Vinny Lingham, Civic
Don Wilson, DRW
William Mougayar, Token Summit