In the digital currency world, individuals who can claim ties to the development of Bitcoin (BTC) tend to command the attention of the larger community. Even without that advantage, though, it’s likely that a new altcoin called metronome (MET) would turn heads.
Created by one of the early Bitcoin developers, Jeff Garzik, metronome uses a “very unique smart contract system” that takes the technology developed in the ethereum space and continues to develop it, according to Crypto Daily. Garzik was a part of the development team that created the blockchain technology behind Bitcoin.
MET Supply Tracking
Thanks to the use of smart contracts, metronome tokens can be transferred across different blockchains without impacting the total supply of tokens. Effectively, this means that the full supply of MET can be accounted for at all times.
One of the most important implications of this facet of MET’s transaction procedure is that a true price for the token can be observed. With a consistent supply, and no tokens either lost or unaccounted for, regardless of the blockchains they have been moved to, the tokens will provide more stability in this area than those of other digital currencies.
A ‘Thousand-Year Cryptocurrency’?
Metronome co-founder Matthew Roszak is particularly excited about the implications for metronome, stating 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.” Garzik added that, “today, Bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what would we build and the answer is this.”
Metronome’s developers hope that the new altcoin will offer much of the allure of Bitcoin without the volatility and risk associated with the problems plaguing the world’s largest cryptocurrency. Garzik’s early experience working on BTC could prove extremely useful. Metronome’s team hopes that he will facilitate easy navigation of some of the mistakes that have already impacted Bitcoin.
For the time being, metronome is in the midst of a “descending price auction,” a process by which all MET tokens will be sold off at lowering price thresholds until all MET tokens have entered circulation.
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