Bloq, a leading blockchain technology company, today announced the upcoming launch of Metronome (MTN), a unique 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 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.
Matthew Roszak, co-founder and chairman of Bloq said:
“We believe that individuals will be empowered by a currency designed with self-governance as a first-order variable. Further, institutions can more confidently enter the cryptocurrency category, as Metronome will enable them to innovate and develop reimagined financial products.”
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% 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.
Jeff Garzik, CEO and co-founder of Bloq, chief designer of Metronome, and one of the earliest Bitcoin developers said:
“With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations. To accomplish this, we recognized early on that allowing users the freedom to select which blockchain most closely aligns with what they value was not only an important feature, but a vital one if we were to realize the Metronome vision.”
In the development of Metronome, the Metronome authors aspire to take the lessons learned from previous cryptocurrencies and build one whose sole purpose is to be a monetary system. With this in mind, the Metronome authors saw a novel opportunity in:
- Economically engineering something to last
- Bootstrapping decentralized financial products
- Ensuring equal access to token distribution
- Ensuring autonomous, self-governing contracts
- Taking cryptocurrency to the next level… literally
More information specifically on the token can be found in the Metronome Owner’s Manual.