One of the early bitcoin developers, Jeff Garzik, officially launched an altcoin called Metronome, which, according to his supporters, should be the first cryptocurrency to have a long-term “institutional level.” This writes CCN.
About the development of Metronome blockchain-company Garzik Bloq first announced in October last year, when the market of cryptocurrency was at the beginning of its parabolic upsurge. The announcement turned out to be rather controversial, including because Garcic was the leading developer of the controversial solution for scaling bitcoin SegWit2x, which was canceled due to lack of support in the community.
The main competitive advantage of Metronome is the ability to import and export tokens of various blockchains using smart contracts without changing the overall offer of MET coins. Bloq claims that this feature will allow Metronome to exist for “many generations”, even if the underlying blockchains lose its relevance.
“Institutional investors should be extremely pleased with the appearance of such a product,” said co-founder Matthew Roszak last year. “We created the cryptocurrency for ages.”
Garzik took part in the development of bitcoin in 2010, but his last contribution to the Bitcoin Core repository is from 2015. Commenting on the release of Metronome, he said that he would have created such a cryptocurrency, if he could start from scratch.
“Today, bitcoin faces significant threats in the form of forks, developer disagreements and the like. Having our current knowledge and a clean sheet of paper in front of us, we asked ourselves what we would like to create, and here is the answer,” he said.
Metronome is distributed through an auction with a falling price, that is, the value of the cryptocurrency at the crowdsale falls with time, but the offer of coins is limited. According to the developers, such a system avoids unnecessary agitation and provides a more fair price distribution.
In the first hours of sales, investors did not show increased activity, and some of them wrote that they misinterpreted the rules of the campaign and thought that over time the price would increase.
At the time of publication, of the 8 million available METs, only 88 were sold, and the price of one token was 1.82736 ETH.