One of the apparent early Bitcoin
developers, Jeff Garzik has finalised the launch of a new altcoin, by the name of ‘Metronome’.
Metronome uses a very unique smart contract system to allow for the movement of Metronome tokens (MET) across different blockchains
without changing the total supply of MET. This essentially means that the total supply can be accounted for, even with MET tokens moving onto other blockchains. Whilst in many cases, blockchains remain closed, MET is offering a vessel through which tokens can be transferred between blockchains, yet in the meantime, because of the smart contract, no tokens can be lost or unaccounted for, therefore the supply remains consistent and thus, a true price can be reflected.
According to CCN, Matthew Roszak, the co-founder of Metronome has said:
“Institutional investors should be very excited to see something like this. We’ve built a thousand-year cryptocurrency, something that’s built to last.”
Moreover, Garzik has said:
“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 would we build and the answer is this.”
You can see the full report by CCN, for yourself, here-
This is the start of a very new and exciting project, one which indeed does have real implications for institutional investors. One thing that is stopping large institutional investment into cryptocurrencies
is simply that Bitcoin (as an example) comes with a whole host of extraneous factors and problems, making it volatile and risky. By addressing these issues, Metronome promises to be a fare more appealing investment opportunity due to its innovative technology and its less volatile price structure.
Moreover, by having expertise form the likes of Garzik on board, Metronome really is able to learn from Bitcoins mistake, in many ways, this is a clean slate for Garzik. Instead of sitting back and thinking about what he could have done differently during the early days of Bitcoin, with Metronome, he really does get to do things differently.
As it stands, Metronome is now in the midst of a ‘descending price auction’ which will see MET tokens sold off at lowering price thresholds until all tokens enter circulation.
You can find out more about Metronome here- https://metronome.io/
Likewise, use the above link to find out more about the MET descending price auction.