A new version of cryptocurrency that launched in the market as a new altcoin is “Metronome Coin” in December, 2017. Developed by the famous Blockchain providers team “Bloq” founded by Jeff Garzik and Mathew Roszak, it is one of the coolest and advanced digital currencies that resolve uncertainties of its rival cryptocurrencies. So, what’s special about this particular digital currency? How does this new system work? Let’s go through this article for more details.
Commonly termed as MTN, Metronome coin is a game changer and considered as a longtime running asset. So, the coin is similar in fashion as it is formless and can be used for any transaction process. The uniqueness of the coin from that of others is that, it does come with a “Blockchain transfer strategy” without losing any sort of data and money. This is the reason behind the expert’s opinion that it will resolve all the other rival’s drawbacks pretty much in a pleasant manner. The present system works like the picture depicted below,
For example, an investor buys Bitcoin where he/she sees investing opportunity but, later on, an alternative comes into an act that expects more opportunity. So, it’s best to invest in it rather than the Bitcoin. Here, comes the difficulty where the investor has no option other than to sell the Bitcoin and then buy the other one. The investor is expected to face all the charges or even a loss in the initial period due to the add-on charges. There is no direct way to transfer the current system into another one.
Metronome coin is different at this point; here the blockchain of one cryptocurrency can be transferred to another cryptocurrency’s blockchain without any hidden charges.
A unique cryptocurrency development technique, Isn’t it?
Whenever a new coin hits the market, a lot of things buzz in our mind and one common thing everyone will be looking forward is what Metronome can do that other cryptocurrencies cannot? Cross-chain import and export of MET will provide efficient failure recovery by quickly migrating from one blockchain to another. Also on automatic blockchain’s, MET provides recurring payments and subscriptions which other cryptocurrencies cannot provide.
8,000,000 MET tokens (10 million, less the 20% one-time author retention) will be available for sale to the public with a “descending price auction”. Initially the starting price will be fixed as maximum of 2 ETH per MET and floor price of 0.0000033 ETH.
Yet another difference from other crypto-rivals is that, apart from mining effort, the MTN comes into play with a new option called “reverse auction process”. Here, the MTN teams sell the coin in a reverse procedure where the sellers compete with buyers and bidding amount decreases as per under-bidding process. A series of such auctions will follow and eventually distribute it. MTN will also be minted daily, again through public descending price auction. The daily minted volume will be either 2880 MTN per day, or an annual rate equal to 2% of the then-outstanding supply per year.
Smart contracts are yet another effective way of making client-provider deal where no hackers will be able to break it up easily. This process is thus based on cross-blockchain feature and an opportunity for investors.
Now let’s check what the components of Metronome Coin are.
Metronome is comprised of four fully-autonomous and cooperative smart contracts.
Which are the blockchains, MET compatible in the present digital world?
As per the sources, Metronome coin will be initially issued on Ethereum with Ethereum Classic, Rootstock, and Qtum. As the development continues, we can hope that, it will become compatible with more blockchains.
Though Metronome coin was launched as a cryptocurrency that will run for 100’s of years, there are certain risks involved with MET. These include chain dependence problems like chain mutability, and contract attacks which can be either technical or economical. The one important property of Metronome coin is that Bloq, the founders of Metronome, will have no control of the coin after the initial launch. Users have the privileges regarding the further development of the coin.
Look forward to hear such new innovative digital currencies that can change the current technology and concepts effectively.