The prominent Blockchain firm, Bloq, recently revealed their new altcoin, Metronome. This altcoin will operate as a cross-blockchain cryptocurrency and will be made available via an initial coin offering (ICO).
According to Bloomberg, Bloq revealed Metronome at the Las Vegas Money 20/20 conference which took place last week. The project was initiated and developed by the prominent blockchain developer, Jeff Garzik. Garzik is also chief executive of Bloq and previously worked as a Bitcoin Core developer. Additionally, he is one of the top developers working on the Segwit2x fork, which is scheduled to take place in mid-November.
What sets Metronome apart, according to reports, is its ability to run on several blockchains simultaneously. Several developers noted that this feature is likely to ensure its survival in the event that an underlying blockchain, such as Bitcoin or Ethereum, gets compromised or replaced by other blockchain technologies in the future. Metronome will also allow its users to transfer Metronomes across different blockchain platforms. In their press release announcing the new token, Garzik stated that in designing Metronome the team aimed to design a cryptocurrency that was autonomous and therefore resistant to external failures. To achieve this goal, the team designed a cryptocurrency which would give its users the freedom to switch between blockchain platforms at will.
According to Matthew Roszak, co-founder of Bloq, the features of Metronome will allow it to withstand the test of time. Roszak stated that they’ve built a thousand-year cryptocurrency which would extend a sense of stability to the market, and encourage timid investors to plunge into the world of cryptocurrency. During an interview with Fortune, Garzik stated that if he were given a blank slate, Metronome would have been the cyptocurrency he would have preferred to design, as it is the optimal cryptocurrency.
According to Garzik, the Bitcoin faces several factors which pose a threat to its existence, such as forks and disputes between developers. Garzik stated that the Metronome team took these factors into consideration when they started to design the cryptocurrency. However, the timing of their announcement has struck many as odd, as it was announced a mere three weeks before the scheduled Segwit2x fork.
The press release confirmed that Metronome will be launched with Metronome tokens (MTN) issued via an ICO in December 2017. There is a finite supply of 10 million tokens available and only eight million of these will be available through the ICO. The other two million will remain under Bloq’s ownership. After the ICO, MTN tokens will be available through auctions held daily at an annual rate of 2%. All tokens will be launched using the Ethereum network and are expected to include support for Ethereum Classic, Rootstock on Bitcoin, and Qtum. The firm has not yet released a date for when this will be implemented.
According to Bloq, all funds generated towards the ICO will be put towards the Metronome smart contract system to provide optimal liquidity for the digital currency.
According to Bloomberg, Bloq revealed Metronome at the Las Vegas Money 20/20 conference which took place last week. The project was initiated and developed by the prominent blockchain developer, Jeff Garzik. Garzik is also chief executive of Bloq and previously worked as a Bitcoin Core developer. Additionally, he is one of the top developers working on the Segwit2x fork, which is scheduled to take place in mid-November.
What sets Metronome apart, according to reports, is its ability to run on several blockchains simultaneously. Several developers noted that this feature is likely to ensure its survival in the event that an underlying blockchain, such as Bitcoin or Ethereum, gets compromised or replaced by other blockchain technologies in the future. Metronome will also allow its users to transfer Metronomes across different blockchain platforms. In their press release announcing the new token, Garzik stated that in designing Metronome the team aimed to design a cryptocurrency that was autonomous and therefore resistant to external failures. To achieve this goal, the team designed a cryptocurrency which would give its users the freedom to switch between blockchain platforms at will.
According to Matthew Roszak, co-founder of Bloq, the features of Metronome will allow it to withstand the test of time. Roszak stated that they’ve built a thousand-year cryptocurrency which would extend a sense of stability to the market, and encourage timid investors to plunge into the world of cryptocurrency. During an interview with Fortune, Garzik stated that if he were given a blank slate, Metronome would have been the cyptocurrency he would have preferred to design, as it is the optimal cryptocurrency.
According to Garzik, the Bitcoin faces several factors which pose a threat to its existence, such as forks and disputes between developers. Garzik stated that the Metronome team took these factors into consideration when they started to design the cryptocurrency. However, the timing of their announcement has struck many as odd, as it was announced a mere three weeks before the scheduled Segwit2x fork.
The press release confirmed that Metronome will be launched with Metronome tokens (MTN) issued via an ICO in December 2017. There is a finite supply of 10 million tokens available and only eight million of these will be available through the ICO. The other two million will remain under Bloq’s ownership. After the ICO, MTN tokens will be available through auctions held daily at an annual rate of 2%. All tokens will be launched using the Ethereum network and are expected to include support for Ethereum Classic, Rootstock on Bitcoin, and Qtum. The firm has not yet released a date for when this will be implemented.
According to Bloq, all funds generated towards the ICO will be put towards the Metronome smart contract system to provide optimal liquidity for the digital currency.