Bloq Announces Metronome: World’s First Cross-Blockchain Cryptocurrency

New Digital Asset Delivers Next-Generation Levels of Self-Governance and Reliability

default
ADVERTISEMENTSglobal
Token Agency
Blockchain Expo North America 2019

Share with:


Bloq, a leading Blockchain technology company, today announced the upcoming launch of Metronome (“MTN”), the world’s first 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.

advertisementToken Agency

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.

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 percent 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.

For more information, and to download the Metronome Owner’s Manual, please visit metronome.io.

“With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations,” said Jeff Garzik, CEO and co-founder of Bloq, chief designer of Metronome, and one of the earliest Bitcoin developers. “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.”

“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.” said Matthew Roszak, co-founder and chairman of Bloq.

“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.” said Matthew Roszak, co-founder and chairman of Bloq.

Bloq is a leading Blockchain technology company, providing enterprise-grade software, services and support through its BloqEnterprise and BloqThink suite of solutions. Bloq is led by a world-class team of Blockchain developers, entrepreneurs and investors. BloqLabs originates, sponsors and supports innovations in leading edge decentralized networks and applications. For more information, please visit bloq.com, and follow us on Twitter: @bloqinc.

Share with:


About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisements
Blockchain Partners

Token Agency
global
Tymlez
Blockchain Expo North America 2019
trusted in trading
Ammbr Blockchain Technology

8 COMMENTS

  1. […] Metronome: There’s a new cryptocurrency coming out called Metronome. It is being auctioned off started at $500 per coin in a descending price auction and selling once the price matches the demand. Initially there will be 8 Million MTN coins offered in the auction. The coins will be sold in exchange for Ethers (Ehtereum).  According to their CEO, Jeff Garzik, he and his team have watched the evolution of Bitcoin and Ethereum along with the problems these currencies have encountered with forks and security breaches. In response they have created a coin that innovates on each weakness found in the other cryptos making it foolproof, or so they hope. The coin is built on smart contracts that will not be controlled by any central group. It is also built to work cross-chain meaning that consumers can transfer the value of their Metronome coins between other blockchains including Bitcoin and Ethereum. It was pointed out that perhaps this means the MTN value is susceptible to the ups and downs of these blockchains it is built upon. But Garzik says the smart contracts are being built in such a way, the coins naturally search for stability and will switch between blockchains accordingly. Sounds amazing, and maybe too good to be true. The launch is set for early December so we’ll make sure to keep you up to speed on what follows. 3,4 […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.