The Metronome ICO
What is the Metronome ICO?
Metronome aims to be a real currency to be used as a common medium of exchange. To do that, the project has implemented some features they consider to be an improvement over first generation cryptocurrencies like Bitcoin.
MTN tokens will have an infinite supply, minted daily and sold at a descending auction each day. The price will descend as time goes on, leaving market traders to choose what they think is the best price for MTN.
The token will function across multiple blockchains, instead of being limited to just one. This allows import and export of smart contracts from different chains and is also designed to be more secure than relying on one chain in the event of a chain collapse. Metronome is described as the first cross-blockchain cryptocurrency. The project also aims to be autonomous and self-governing with minimal oversight and no centralized leadership.
How does RightMesh work?
The descending price auction is designed to provide equal buying opportunities and prevent wealthier individuals from absorbing disproportionate amounts of tokens. Every 24 hours, new tokens are added to the Daily Supply Lot at a rate of 2,880 MTN per day, or an annual rate equal to 2.0000% of the then-outstanding supply per year. There will be no auction overlap.
Each auction begins pricing the MNT tokens at double the closing price of the previous day. If there is ever an auction where zero tokens are sold at an auction, the pricing will begin at 1 percent of the most recent closing price of sold MNT tokens.
During an auction, the token price decreases to 99% of the previous price every 60 seconds. Any unsold tokens are added to the next auction supply. For cross-blockchain portability, users will receive a ‘proof of exit’ merkle receipt when migrating from one blockchain which is then provided to the destination chain. The supply is allocated proportionally - if 50% of the supply is distributed on two blockchains, the auction supply will be split evenly in two lots for each blockchain.
Why is Metronome unique?
Metronome has a number of unique features designed based on existing problems seen with earlier cryptocurrencies. The descending auction technique combined with an infinite supply is distinct from that of other currencies which often have a finite supply that will run out at some point in the future.
The project will also be the first cross-blockchain currency in the cryptocurrency market upon launch, aimed at avoiding the risk of a particular blockchain failing and also for convenience and to provide users with more choice based on their preferences and on the status of a given blockchain. The project is decentralized and will function autonomously with smart contracts carrying out auction commands.
Who makes up the team behind Metronome?
Metronome is a Chicago-based project.
Jeff Garzik is the CEO, Co-Founder, and Chief Designer. He also founded Bloq, Inc which deals in blockchain software as well as founding Dunvegan Space Systems and was CEO of exMULTI Inc. prior to his role at Metronome, and is a Bitcoin Core developer with BitPay.
Matthew Roszak is the Chairman and Co-Founder. He is also a Bloq founder and a founding partner of Tally Capital as well, as well as a founder of the Chicago Blockchain Center, Blockchain Capital LLC, and A BitGive board member, and the chairman of the Chamber of Digital Commerce.
Peter Vessenes is the Chief Cryptographer for Metronome. He is Co-founder and Chairman Emeritus of the Bitcoin Foundation, former CEO of CoinLab, and the patent holder for Bitcoin clustering analysis.
Ryan Condron is Principal Engineer for Metronome and is also Principal Blockchain Engineer for Bloq. He is the CEO of BaseSpin LLC and was CTO for HelloVid and Web Innovations LLC.
More details about the Metronome ICO
The Metronome ICO will begin on 18 June 2018 at 00:00 UTC and end on 25 June 2018. Tokens bought during the sale are immediately transferrable after the ICO ends. Users will donate Ethereum via Ethereum wallets. The Metronome token is called MNT. The price of a single MNT token will begin at 2 ETH in a descending auction with a floor price of 0.0000033 ETH. There is no hard or soft cap, no pre-sale, and no whitelist. No countries are excluded from the token sale. Tokens will be received at once and are immediately transferrable after the ICO ends. 20% of the initial supply is allocated to Metronome authors before the sale begins, and the distribution after that is as follows:
20% available for Initial Supply Auction/ICO
80% available for community supply
Projected use of contributions:
100% of contributions will be allocated to the project’s Autonomous Proceeds Provider (APP) contracts which will provide support for the team and project. No Metronome authors will receive these contributions.
10 million MNT tokens will be issued in the Initial Supply Auction with 20% (2 million MNT) allocated immediately to the authors, and the total supply is infinite.