The launch of Metronome’s 7-day auction has been set for June 18, 2018, during which the first 8 million Metronome tokens will be available for purchase. Additionally, the Metronome token will use MET as its ticker symbol.
The auction will begin at 12:01 a.m. UTC on June 18, 2018 (8:01 p.m. on June 17, 2018, U.S. Eastern Time). The price per Metronome token will start at 2 ETH and descend every minute until 12:01 a.m. UTC on June 25, 2018, or until all tokens are sold. The “Descending Price Auction” method has been designed to attempt for the fairest distribution of tokens and the most effective means of price discovery.
After the initial auction, 2,880 MET will be auctioned every day until a 2% mintage rate floor is reached, at which point the daily supply of MET will adjust to maintain that rate.
“Metronome has the potential to play a key role as a currency of the future, and we see this as a watershed moment for the industry. The Metronome team has been deliberate in taking all the time required to build a multi-generational-class cryptocurrency, and everyone is proud to have reached this important milestone,” said Jeff Garzik, co-founder, and CEO of Bloq and chief designer of the original Metronome protocol.
Metronome’s Advisory Board Comments on Imminent Launch
Metronome is unique not only for its technological and economic aspects but for the top-level advisory board it has assembled.
“Securing smart contracts is a non-trivial effort, and the Metronome team has pushed through multiple iterations of security audits and protocol designs,” said Gustav Simonsson, Co-Founder of Orchid Labs, former Ethereum Project core developer, and Metronome advisor.
“I like to think I have an eye for worthwhile projects and efforts in technology, particularly in blockchain,” said Don Tapscott, CEO of the Tapscott Group and co-founder of the Blockchain Research Institute. ”Metronome is a rare convergence of a strong solution to identified shortcomings in the space, an experienced and committed team to develop it, and the fairest possible access to the new technology. That combination doesn’t happen often.”
“Handing power back to the community is perhaps the most compelling part of Metronome,” said Vinny Lingham, co-founder, and CEO of Civic. “Its cross-chain and self-governing characteristics give Metronome purchasers maximum choice on how to use it and interact with its ecosystem.”