Metronome Begins ICO for a ‘Thousand-Year Cryptocurrency’
Metronome, a new cryptocurrency that promises cross-chain compatibility, self-governance, and long-term reliability, started its initial coin offering on June 18th. Crypto investors with a taste for risk are now able to put their chips on the table for a blockchain network that is designed to be a “thousand-year currency.” Yet, in the fast-moving crypto world, where it’s impossible to predict even the short-term future, such a claim seems speculative.
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An Altcoin to Span the Millenia
Metronome is the brain child of Jeff Garzik, a former Bitcoin Core developer, and Matthew Roszak, an early crypto investor named earlier this year on Forbes’ “Richest People in Cryptocurrency” list. Originally announced in October of 2017, the founders of Metronome claim they have created a blockchain that is intended to be a “thousand-year cryptocurrency.”
Per the firm, it will accomplish this by making careful design choices that avoid the problems of previous blockchains, like bitcoin and Ethereum. These include features such as allowing cross-chain compatibility and encoding chain governance via unalterable smart contracts.
Some of the projects promoted in the past by Garzik and Roszak have lasted considerably shorter than a thousand years. Garzik was a proponent of Bitcoin upgrade SegWit2x, which eventually failed to become adopted. Undeterred, last December Garzik and Roszak drove the creation of a Bitcoin fork called United Bitcoin (UBTC), which adopted SegWit2x along with other changes.
But UBTC has not fared well in the markets. Per Coinmarketcap, UBTC made its debut at around $430 USD in the middle of December before peaking at $572 a few weeks later. At press time, UBTC is trading at under $7, a decline of 98.8 percent from its peak.
Metronome, A Rebranded United Bitcoin?
There are several striking similarities between UBTC and Metronome. To start with, some of the same language has been used by Garzik to describe both projects. In a video published January 15th by United Bitcoin, Garzik said of UBTC:
“If I could start on a clean slate, what technologies would I include? If I could start with a clean slate, what economics would I include?”
Garzik also saw UBTC as having cross-chain interoperability — like Metronome — suggesting in January that UBTC could allow bitcoin and its many forks to do atomic swaps. He also said he was working on updates to the UBTC protocol called BTC1.
However, these plans seem to have gone unfulfilled, with nothing on the United Bitcoin website referring to the changes. Bitsonline contacted United Bitcoin but has not received any reply at the time of publication.
Delayed ICO, Auction Process Confuses Some
According to a report by Reuters from October — when Metronome was initially announced — the ICO was supposed to begin in December. When questioned by Bitsonline about the delay on Metronome’s Telegram group, Garzik answered:
“This is like a rocket launch, we only have one chance to get it right. We cannot launch until the product is ready for production field use. That is a super high quality standard. Like a rocket launch, you only get one chance. It is better to delay than explode, haha”
Metronome’s ICO is occurring via a descending Dutch auction, whereby prices start high and decrease over time. One Redditor found himself dissatisfied with the results of his transaction, though the auction information is clearly displayed on the Metronome website. It is unusual for an ICO to penalize the earliest of investors.
So, will Metronome tokens be “used for the next 100 years and beyond,” as the white paper claims? Unfortunately, most of us will likely never know.
What’s your take on the ambitious claims of the Metronome ICO founders?
Images via Pixabay