Jeff Garzik—CEO of blockchain start-up Bloq—just announced at the Money2020 conference in Las Vegas that his company will be launching a new cryptocurrency, “Metronome.”
But Metronome (MTN) won’t just be another run-of-the-mill crypto.
Garzik’s new token would allow users the revolutionary option of transferring metronome tokens between different blockchains. This would be the first time such a capability has been made possible in the space, and the ramifications for use-cases are seemingly limitless.
The chain-agnostic nature of MTN would allow users of the token to “hop” between blockchains at will—a major advantage during choppy markets.
Indeed, in new comments to the press, Garzik was unabashed when it came to Metronome’s versatility:
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
As a former developer for Bitcoin Core, Garzik hopes Metronome will allow crypto-enthusiasts to protect the value of their investments should contentious debates keep occurring in the community, much like the space is seeing now ahead of the upcoming November 16th Bitcoin hard-fork.
The idea here, of course, is that users could use MTN to easily transfer investments from one blockchain to another in an optimized and streamlined process.
Unsurprisingly, Garzik thinks Metronome will be a game-changer, telling Bloomberg that “Institutional investors should be very excited to see something like this. We’ve built a thousand-year cryptocurrency, something that’s built to last.”
Specs of the MTN Token
As it stands, Garzik has declared Metronome will have a circulating supply of 10 million tokens—a very low and, well, sexy number for investors.
The MTN team will auction off 8 million of these tokens to the general public, with 2 million being reserved for Bloq’s developers.
And, unlike other contemporary cryptocurrencies, Metronome will aim to distribute its token supply over decades, not merely years. Garzik’s goal is to have only 2,880 MTN created during the first 40 years of the token’s life.
This dynamic can be contrasted from Bitcoin, for example, as the current bellwether cryptocurrency will eventually reduce its supply to zero once all its coins have been mined.
Per Garzik, this “supply-to-zero” problem is one of the major issues that was considered during MTN’s creation:
That's one of the worries about the bitcoin-type supply curves, and it's assumed and hoped that that will pay to sustain the system. But, that's just a hope.
However Metronome ends up playing out, then, it’s clear that Garzik’s new token is sure to set the crypto community abuzz in the weeks ahead.
Featured Image via Fotolia
