The Metronome crypto ecosystem combines a self-governing monetary system and an autonomous cryptocurrency with predictable issuance and supply. Also, the Metronome token (MET) is part of this sustainable and robust monetary system that was built to endure. The Metronome blockchain services on offer cater to a wide demographic, from users of decentralized finance (DeFi) to developers, businesses and investors. The Metronome blockchain service suite is designed to meet all the needs of the modern crypto user. Featuring a decentralized exchange (DEX), smart contract compatibility, and an innovative approach to transaction validation, Metronome, and the MET token aim to become key facets of the crypto industry.
In this article, we’re going to explore the Metronome blockchain suite and the inventive technologies that underpin the project. Also, we’ll discuss the Metronome token (MET), how it is used, and some of the exciting features that are yet to be implemented!
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Exploring the Metronome Crypto Ecosystem
The Metronome blockchain ecosystem comprises an autonomous cryptocurrency and a robust monetary system made to withstand the test of time. Metronome has built a durable, sustainable cryptocurrency with predictable issuance determined by code, based on three key elements.
Self Governance
Metronome is a self-governed, autonomous cryptocurrency and monetary system. As the project matures, the self-governance and decentralization of the platform will increase.
Reliability
Token issuance predictability is determined by code. This makes it easy to calculate the total supply of MET tokens.
Portability
Metronome promotes interoperability by allowing users to move freely between blockchains without friction. Whatever the application, Metronome provides bespoke, flexible blockchain solutions that are simple to manage and easy to change or upgrade.
Metronome Technology
The technology that powers the Metronome crypto ecosystem was created and is governed by a series of smart contracts.
Ledger Contract - First, is the Ledger Contract. This dictates the overall behavior of the Metronome blockchain infrastructure. The Ledger Contract incorporates advanced payment features, subscriptions, and “mass pay”.
Auction Contract - Secondly, is the Auction Contract. Each day, the Auction Contract issues new MET tokens and auctions 2,880 MET through descending price auctions. Each auction begins at double the closing price of the previous day. This will adjust as the platform grows to maintain a 2% annual inflation rate.
Proceeds Contract - Thirdly, is the Proceeds Contract. The Proceeds Contract retains 100% of the proceeds from all daily auctions and helps to maintain the security of assets.
Autonomous Converter Contract - Finally, the Autonomous Converter Contract facilitates on-chain conversions. The Autonomous Converter Contract is used whenever a user converts the Metronome token (MET) or a chain’s native token.
Chainhops
Metronome is the first cryptocurrency to allow “Chainhops”. Chainhops make it simple to move cryptocurrencies between blockchains and allow users to choose which blockchain they use to store their Metronome tokens (MET). This can be to find the most attractive fees or to optimize security, and governance arbitrage. Furthermore, Chainhops allow for autonomous token minting and offer various benefits to builders of decentralized applications (dApps).
Validators ensure that the supply of MET tokens is not attacked or manipulated during the Chainhopping process. The evolution of Chainhop validators will be rolled out in three phases. As the project matures, each stage will allow the project to become more decentralized with each phase.
Phase One - Federated Network of Validators
In the initial phase, a “federated network of validators” validates transactions using a multi-signature approach for import and export transactions. The initial federated validator network consists of ETC Labs, Bloq, the QTUM Team, Inc., Veriblock, and Spacechain. Initially, these validators will play a key role in determining the outcome of a fork, should it occur.
Phase Two - Chain Attestors and Stake Weighting
This will allow the Metronome blockchain ecosystem to become further decentralized and be less reliant on federated validators. During this phase, Metronome automatically allocates chains and data, while automating the event of a hard fork. This will be determined by the desire of the community of Metronome token holders.
Phase Three - Fully Autonomous, Stake-Weighted Cross Chain Transfers
The third phase will see the rollout of “fully autonomous, stake-weighted cross-chain Transfers” to provide fully decentralized finality. This model is similar to the Proof-of-Work (PoS) consensus mechanism used by Bitcoin, with additional Proof-of-Stake (PoS) functionalities. This phase will utilize the full potential of smart contracts to position the Metronome blockchain ecosystem among some of the most popular smart contract-enabled blockchains in the industry.
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The Metronome Token (MET)
The Metronome token (MET) acts as a decentralized store of value that can be easily imported across blockchains. This directly addresses the issue of interoperability by enabling frictionless cross-chain token swaps, unlike anything the crypto industry has ever seen. If, for example, one blockchain network was to fail, or go down, the MET token can easily be moved to another blockchain.
The ERC-20 MET token was created with reliability in mind. No doubt, different users and institutions will find their own use cases for MET, however, a robust and reliable cryptocurrency is what lies at the heart of the Metronome crypto ecosystem.
Furthermore, the MET token facilitates recurring, automated crypto payments and subscriptions, similar to the model used by TrustSwap. This is something that has been possible for several years, but largely absent. Crypto subscriptions and recurring payments have historically been complex to implement and scale. However, this area has recently been developed further thanks to advancements in smart contract programming.
Moreover, the Metronome token has a broad scope for utility. This includes advanced mass payment settlements that enable tokens to be sent to multiple addresses simultaneously with a single transaction. Though this has long been a feature of the Bitcoin network, it is largely absent on Ethereum.
Metronome Token Distribution
Every day, new MET tokens are minted via a public descending price auction. The distribution of Metronome tokens (MET) was very much in keeping with the fair, and equitable ethos of the project. After the initial launch, no team members or contributors had a privileged interest in the Metronome token. This has allowed for a predictable and reliable token supply thanks to the Metronome TokenLocker contract.
10 million MET tokens were initially supplied upon launch. Of these, 8 million were distributed via a public descending price auction (explained below). A further 2 million tokens were allocated to founders to maintain sustainability for the platform and pay for the hard work and investment provided by the Metronome core team. After the initial auction, 25% of team tokens were unlocked. The remaining 75% was made available over 12 calendar quarters.
Whereas initial coin offerings (ICOs) and other common distribution models utilize funding rounds and pre-sales to finance a project, this token distribution model prevents too many stakeholders from eating up large stakes before the public can, which could jeopardize the decentralization of the Metronome economy. With no whitelisting, bonuses, or pre-sales, the only way to access the initial Metronome token (MET) launch was through the “Initial Supply Auction”, which was available to all.
Descending Price Auctions
Generally speaking, most cryptocurrency projects rely on multiple investment rounds, team token lockups, and early investor bonuses to facilitate initial token distributions. Though this has been successful for many crypto projects, it is not a completely reliable model and does not guarantee longevity. Moreover, with the ever-increasing number of cryptocurrency projects available today, many are not in it for the long haul.
Metronome addressed this issue by implementing a descending price auction model for the initial supply of MET and Daily Supply Lots. During a descending price auction, the price of the token begins high, reducing until all tokens are sold, a pre-set price floor is met, or the auction duration has ended. This allowed potential investors to pay what they deemed to be a fair price for the newly minted tokens. Furthermore, daily auctions help to regulate the minting of new MET tokens.
Metronome Wallet
The Metronome Wallet allows users to store and keep track of multiple cryptocurrencies and purchase MET directly from the Metronome blockchain ecosystem. The Metronome Wallet is available to download for mobile and desktop. It provides access to port functions, auctions, the Metronome autonomous converter, plus, a secure mnemonic seed phrase.
Why use Metronome?
The Metronome blockchain ecosystem and the Metronome token were created for institutional-level endurance. Taking lessons from the pitfalls of other cryptocurrencies, Metronome is positioned to withstand the ups and downs of the crypto industry for many years.
Furthermore, Metronome is not tied to any single blockchain. Rather, it can be used across multiple blockchain networks. This is a novel concept in the crypto industry and could prove to be a major draw for potential investors.
Metronome Summary
Currently, Metronome supports cross-chain interoperability between Ethereum and Ethereum Classic. However, soon, we can expect to see migration-path integrations with Cardano, EOS, QTUM, and many other blockchain networks.
Furthermore, Metronome has a thriving community of developers working to create the next generation of contracts for the Metronome blockchain ecosystem. Contributors are highly encouraged to get in touch and participate, as a host of new features are under development!
Metronome is creating a sustainable and equitable suite of decentralized finance (DeFi) and cryptocurrency products designed to benefit both users and developers. Through self-governing contracts and fair token distribution, Metronome is engineering a highly auditable, robust, and decentralized blockchain solution that is built to last. Metronome gives public access to all token sale events through descending price auctions, which make the MET token supply predictable, and stable.
With mass payments, crypto subscriptions, a built-in decentralized exchange (DEX), and cross-chain compatibility, the Metronome blockchain suite offers a compelling range of cryptocurrency offerings. Moreover, Metronome is bootstrapping self-sustaining decentralized systems and creating innovative solutions that are pushing the boundaries of the blockchain space.
Blockchain technology is changing the financial landscape in an unprecedented manner. Ivan on Tech has a wide range of courses designed to get you up to speed in the world of crypto in no time! To learn about the evolution of money and the value proposition of Bitcoin, see our Bitcoin Monetary Revolution course. Or, to learn how blockchain is being integrated into current business IT infrastructures, implemented in supply chain management, and used on an enterprise level, check out the Blockchain for Enterprise, OriginTrail 101, and Blockchain Business Masterclass courses at Ivan on Tech Academy today! Also, don’t forget to follow us on Twitter @Academy_IOT! We’d love to know your thoughts about Metronome and the MET token!
