Metronome (MTN) is a new cryptocurrency focused on making greater decentralization possible and delivering institutional class endurance. In the development of Metronome the authors aspire to build a cryptocurrency whose sole purpose is to be a long term monetary system.
MTN aims to be the first cryptocurrency capable of being exported and imported across chains.
This cryptocurrency is founded on three key design principles:
- Self-Governance with no undue influence from founders after initial launch and public access; contract governance starts at launch.
- Reliability and predictability where issuance and supply are immutable.
- Portability to enable maximum decentralization, even across different blockchains.
Metronome aims to be the first cryptocurrency capable of being exported and imported across chains.
It will be initially issued on Ethereum with Ethereum Classic, Rootstock on Bitcoin, and Qtum support expected to follow. Such portability will allow users to select the chain that suits their requirements for management and security, or even upgrade the MTN contract if needed. Metronome will not be controlled by any party after launch (not even its authors) as it is completely autonomous.
Every other cryptocurrency is tied to one blockchain network. Litecoin is only recorded on the Litecoin Blockchain, Bitcoin is only recorded on the Bitcoin Blockchain. There are risks involved in being tied to just one blockchain like as management discord, supply uncertainty, etc. People do not know that cross-blockchain is even possible.
Metronome is a cryptocurrency that has the potential to be secured by the best blockchain networks without permanent commitment to any one blockchain.
Metronome will be launched to the public with equal opportunity for access and it will have zero founder privileges after launch.
Metronome will be offered to the public via an autonomous descending price auction. Its authors will receive a one time retention of 20% (2 million) of the initial MTN supply. 100% of the proceeds from the initial auction will be used to provide long term support for the community. The initial supply auction will last up to 7 days. After 7 days or when all MTN in the initial supply are sold, the auction will end.
Descending Price Auction
Currently most cryptocurrencies run their ICOs with traditional sales. Their offers can include bonuses, early purchaser discounts and other incentives to encourage investors to buy all of their coins. While these incentives can help, they do not guarantee a sell out and tend toward asymmetrical public access.
The Metronome team decided to use a different method, the discending price auction.
With a descending price auction the price begins at a high initial price. As the auction proceeds the price is gradually reduced until all coins are sold, a pre-set price floor is reached or the auction time limit is reached and the auction ends.
If a potential investor thinks the price is too high or unfair at a certain time, he/her can wait for the price to descend to a lower level and then buy (provided there is supply left).
The Metronome team choosed this method in an effort to mitigate against whales from controlling an exagerate amount of MTN coins.
Website: https://metronome.io
Owner's Manual: https://metronome.io/pdf/owners_manual.pdf
DISCLAIMER
- I'm not affiliated in any way with Metronome, I just think it's an interesting project.
- I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
- All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or coin picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.