Metronome (MET) ICO Review – ICO Token News
Metronome (“Metronome” or “MTN”) is a new cryptocurrency, engineered for institutional-level endurance. Metronome incorporates lessons learned from other cryptocurrencies like Bitcoin and Ethereum and is designed to be used for the next 100 years and beyond. Metronome will be launched to the public with equal opportunity for access. Metronome will have zero founder privileges after launch and features a highly-predictable and reliable token supply.
Blockchain is a new type of cryptographically-secure record-keeping technology, that has major implications in the finance sector. It is a distributed and—usually—decentralized ledger accounting for all units in its entire ecosystem. Public and complete ledgers across the entire network need to sync and agree with one another. These are called nodes. Nodes prevent “double spending” of the blockchain units and also validate transactions in blocks on the network. Blocks are packaged transactional data, the hash of the previous block, a targeted hash, and a number called a nonce. Where nodes validate these blocks, miners write them to the blockchain by attempting to discover a nonce that makes a hash of all the data in the block meet its targeted hash. For their efforts and computational power, they are rewarded with newly-minted units of cryptocurrency. The “chain” in blockchain refers to the unbroken line of mined blocks that miners write to the decentralized public ledger. Miners must incorporate the data from previous blocks to successfully discover new blocks, making a traceable history to the very beginning of the cryptocurrency.
A cryptocurrency is a digital currency that uses cryptographic techniques to regulate the addition of new currency supply into the market. Often, its new issuance is a reward for successfully discovering blocks in the above-described mining process. The cryptography also verifies the validity of funds changing hands. Only the private keys held by the transacting users authorizes the transfer of funds between their wallets. Since these transactions are visible on the blockchain (see above) and the use of cryptographic keys ensures that the user intends to send funds and has sufficient funds for a transaction, the need for a third party to transfer and validate the transfer of funds between accounts is reduced. Encryption techniques replace the roles of clearinghouses and other intermediaries. Therefore, cryptocurrencies have the potential to provide greater predictability for monetary supply and issuance over fiat currencies. Where the fiat currency issuance and supply can be managed extensively by their issuing authorities, cryptocurrencies can only behave as they are engineered to behave. This is why one can predict the monetary supply and mintage rate of a cryptocurrency with greater ease than predicting the monetary supply rate of a fiat currency.
As part of the Metronome team’s goal of providing fairer, more equal access to auction opportunities and MTN supply, Metronome’s Initial Supply Auction and Daily Supply Lot will utilize a descending price auction (DPA). This model is different than traditional auctions, and deserves some explanation. In a descending price auction, the price per ICO token starts at a maximum price. The price slowly decreases until all offered supply is purchased or until the auction time limit is reached and the auction ends. Metronome employs DPAs in an effort to establish transparent and predictable pricing. 18 The starting price in the Initial Supply Auction will be 2 ETH per MTN. As long as the auction is open and there are still MTN available for purchase, the price descends by 0.0001984320568 ETH every 60 seconds, toward its floor price of 0.0000033 ETH. Purchasers purchase Metronome cryptocurrency in real time and will receive their Metronome almost immediately after purchase. Metronome purchased during the Initial Supply Auction will not be transferable until the close of the Initial Supply Auction, while Metronome purchased during the Daily Supply Lots will be transferable immediately upon receipt. The Metronome team believes conducting the auction this way provides purchasers with the opportunity to purchase MTN at the price they see as fair, provided there are MTN available for purchase at that price. The Metronome team believes that a descending price auction will also provide more accurate market price discovery than a pure dutch “everyone gets final price” auction, simply because if purchasers are willing to pay above that price, then the final price is inherently undervalued.
Token Supply Economics
- Predictability of supply enables market participants to accurately gauge supply 12 months, 5 years, 50 years into the future
- Pricing is determined via descending price auction
- Initial supply: 10,000,000 tokens, via descending price auction
- Supply after initial supply: an annual supply that is the greater of (i) 2,880 MTN per day, or (ii) 2.0000% of the then-outstanding supply per year
The token API used to query and transfer MTN tokens is the familiar ERC20 token standard. Metronome also 44 aligns itself with the current best practice of using ERC827. ERC827 is the newer superset of ERC20, and is the 45 latest standard with enhanced decentralized transfer and security. The improvement also makes it easy for the transfer to call any function on the receiving contract. ERC827 allows for data to be transferred as well as value, something that the ERC20 token standard cannot do alone. Metronome is proud to use the most cutting-edge technology available. Check ICO list to know more about ICOs.
- Jeff GarzikCEO & Co-Founder,
- Matthew RoszakChairman & Co-Founder
- Peter VessenesChief Cryptographer
- Ryan CondronPrincipal Engineer
- Troy BenjegerdesPrincipal Engineer
- Jordan KrugerData Scientist
- Gabriel MontesEngineering Lead
- Pablo EnriciSoftware Engineer
- Ignacio AnayaSoftware Engineer
- Jaclyn KramerMarketing
- Dariusz JakubowskiCommunity Advocate
- Steve BeauregardPartnerships
Partnership with New Alchemy formed
Smart contract development begins
Metronome website and Owner's Manual published
- 5June 2018
Metronome Initial Supply Auction
- 6Q3 2018
First cross-chain launch on ETC