ICO Spotlight: Metronome Token Functions Across Multiple Blockchainsbr>
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.
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. [MORE]
The Metronome ICO summary was originally published on the Amity Blog. The Amity editorial team of cryptocurrency experts and writers predominately covers whitepaper summaries of ICOs and long-form articles about topics that interest their community.
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