One of the original Bitcoin Core developers has created a new token, “Metronome,” in an attempt to overcome the shortcomings of current crypto standouts like Bitcoin and Ethereum.
Metronome, ticker symbol MTN, will be designed to hop between different blockchains, a first-mover capability for the space.
MTN: The Chain Hopping Token
Jeff Garzik, an infamous name in the crypto space and CEO of blockchain enterprise Bloq, announced his creation of Metronome at Money 20/20— a blockbuster innovation conference currently ongoing in Las Vegas.
As Garzik explained throughout numerous remarks to the press at the conference, the idea is for Metronome to be able to jump from different blockchains—say, from Bitcoin to Ethereum, for example—at will, and particularly for financial security.
To the former Bitcoin Core dev, the cross-chain security MTN provides can help crypto users transcend the uncertainties that Garzik alleges are inherent to the Proof-of-Stake (PoS) and Proof-of-Work (PoW) protocols.
“It’s sort of a best-of-all-worlds cryptocurrency. You can run it on the Ethereum, Ethereum Classic, Quantum. That’s one of the key ways that this is self-governing, for the first time, you’re not tied to a single blockchain, you can run Metronome contracts on any EVM compatible blockchain.”
“You can expect the Bitcoin maximalists’ from the Ethereum maximalists’ reactions, but [MTN’s] building on the strength of existing blockchains, it’s not trying to elbow them aside.”
Garzik also phoned in with Fortune, saying MTN will provide versatility and stability in the midst of volatile crypto markets:
“Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what what would we build and the answer is this.”
If Metronome works out like Garzik hopes it will, then, the token will be able to “talk” between blockchains, as it were, in a way that hasn’t yet been possible.
The Specs of Metronome Sale Are Pretty Interesting
Interestingly enough, there won’t be an ICO for Metronome. Instead, Garzik’s hosting a reverse auction.
This means the price of one MTN will be priced at around $500, as Garzik’s suggested, as the beginning of the token sale. The price, in theory, should steadily drop afterwards until demand settles the value.
Altogether, MTN will have a circulating supply of 10 million tokens:
- 8 million reserved for the reverse auction
- 2 million reserved for Metronome’s devs
And after the sale completes, the yearly distribution of MTN is set to be paltry at best. Metronome’s devs project that approximately 2,880 MTN tokens will be created altogether over the next four decades.
Metronome (And Garzik) Are Already Controversial
Garzik, true to form, is already causing controversy in the community after Metronome’s unveiling.
Interesting convo going on in the btc1/s2x slack. Jeff just fundamentally cannot accept the reality that capitalized full nodes are a thing. pic.twitter.com/z8go5IbV3l
— Bitcoin is Saving (@BitcoinIsSaving) October 24, 2017
What do you think? Does MTN sound viable or do you not trust Garzik? Let us know where you stand, sound off in the comments below!
Images via mybtccoin.com, cryptoninjas.net