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The metronome is a digital currency that can be moved smoothly on decentralized platforms.
When Bitcoin arrived, it was locked into a closed decentralized platform. However, that wasn’t a problem considering it was the only coin on the market. But, when Ethereum and many other blockchains and cryptocurrencies were born, they showed their rigidity in interacting with other distributed networks.
Later a solution was found in decentralized platforms that enable cross-chain interactions.
Unfortunately this was not enough. Although information could be transferred across distributed networks, it was still difficult to smoothly move the platform’s native currencies between these systems. To fulfill this purpose, Metronome was created.
background
The Metronome team is made up of a group of professionals. At the top are Jeff Garik (chief designer and co-founder), Matthew Roszak (co-founder), Jordan Kruger (chief executive) and Manoj Patidar (chief engineer).
In addition to the team, the project has the support of strategic partners such as Jaxx, Delta Strategy Group and Perkinscoie. Additionally, New Alchemy, Zeppelin, and Smith + Crown are among the leading strategic advisors.
What is the metronome?
The metronome is a virtual currency that can be moved smoothly on decentralized platforms. The coin was born from the need to bring a virtual asset that has institutional class functionality. The key aspects of Metronome revolved around self-governance, portability and reliability.
The self-government part addresses the need for a community-based decentralized governance system. On the other hand, cryptography is portable enough to move from one blockchain to another without losing value, stability, or requiring additional management. The reliability aspect ensures Metronome’s constant supply of cryptocurrencies.
Specifically, the cryptocurrency seeks to provide a consistent store of value without being locked down by a single blockchain platform. Although other projects have attempted to implement cross-chain interoperability, there is still one area that is difficult to crack: subscriptions.
In the blockchain space, it’s difficult to come up with a scenario where cryptography can be set up natively for recurring automatic payments. Fortunately, Metronome users can conveniently and securely enable subscriptions and / or recurring payments. By supporting multiple blockchains, Metronome’s use cases are different.
However, the most important ones include storing value on platforms powered by distributed ledger technology (DLT). Furthermore, in addition to subscriptions, the digital asset can be used for bulk payments. Here, Metronome users can send cryptocurrencies to multiple wallets with the push of a button.
Metronome coin (MET)
Metronome (MET) was launched with a supply of 10 million tokens. Only 8 million tokens were released during the launch, with the team retaining 2 million or 2% of the launch supply. Interestingly, its price decreases over time.
For example, during the launch, the price of a single MET coin was 2 ETH on the upper side and 0.0000033 ETH on the lower side. Note that Metronome’s use of a devaluation price auction is intended to provide clear and predictable pricing.
Critical components of the metronome platform
Four smart contracts guide the operation of Metronome. They include,
- Ledger ERC20 contract: This contract defines the behavior of MET between blockchains. Plus, it holds the key to automatic and bulk payments. The Metronome Ledger ERC20 contract guarantees the security of the token.
- Auction Contract: As the name suggests, the contract is tied to the price of the token, including the price depreciation function. Its functions include defining the rules that govern the round-the-clock supply batch of cryptography and offering tokens. It also makes it easier to send ETH to the proceeds contract.
- Contract proceeds: It is one of the two contracts that form the autonomous revenue provider. This ensures that 0.25% of the accumulated balance on the system has been sent to the standalone transformation contract on a 24 hour basis.
- Standalone Conversion Agreement: Feed the exchange of ETH with MET and vice versa. Note that this is the second part of the standalone revenue provider.
In addition to the critical components, the Metronome ecosystem is made up of other equally important features. They include a chain and a validator.
Chainhop is how Metronome moves a MET token from one decentralized platform to another. This approach is different from other projects that work to get resources sent across multiple distributed networks. For example, Metronome only manages one coin, MET, while other systems use a token exchange. Keep in mind that a token exchange leads to the management of multiple cryptocurrencies.
On the other hand, a validator is a well-known entity that runs off-chain software on decentralized nodes. Their essential function is to facilitate the circulation of funds between distributed networks. Additionally, metronome validators vote on the validity of an event. At the time of writing, known validators of the Metronome ecosystem include ETC Labs, Bloq Inc, The Qtum team, Veriblock, and Spacechain.
Although validators are few, Metronome ensures system security by employing a gradual addition of functionality during its inter-chain launch.
Cross-phase distribution of the chain
Phase one
This phase introduces a federated network of validators. Validators reach consensus on the validity of an event by working as a team and using a multi-signature approach. These validators also guide the Metronome family as to which chain to follow in the event of a hard fork.
Phase two
Phase two weakens the role of validators by introducing chain attesters. It also brings weighting into play. Mail weighting helps the community choose which path to follow in the event of a hard fork.
Phase three
This is the last step and improves the decentralization of Metronome. In particular, the decentralization at this stage is inspired by that of Bitcoin (BTC). It consists of nodes, blockchains, blocks and consensus protocol.
Integrations and metronome lists
Metronome has developed a native wallet for iOS and Android devices. However, in addition to storing MET on its native wallet, other wallets have provided MET integrations.
For example, Edge Wallet, a secure cryptocurrency software store, has MET support built in. In addition to the wallets, MET is integrated with CoinPayments, a cryptographic payment processor. As such, MET is exposed to buyers and traders in 182 countries around the world.
In addition to wallet integrations, crypto has been listed on major digital currency exchanges. On ProBit, for example, MET is paired with USDT, while on Bittrex Global it is paired with ETH. Notably, the MET / ETH trading pair on Bittrex Global is the second specific pair for MET as the coin already has a MET / BTC pair.
How does the metronome fit into the decentralized finance (DeFi) puzzle
Although Metronome was born in 2018 and before the DeFi boom, it had the future at its core. Digital currency fits into the DeFi puzzle by facilitating advanced blockchain-based payments. Additionally, it features a decentralized exchange (DEX) in the form of a standalone conversion agreement that allows for a seamless exchange of blockchain assets.
Another popular aspect of DeFi is the Total Locked Value (TVL), which shows how much a DeFi protocol has accumulated. On Metronome, this is represented by the proceeds and the autonomous transformation contract.
For this purpose, MET trading is active in the Balancer pool. Therefore, liquidity providers can interact effectively with the pool. Interestingly, more than earning a portion of the pool’s trading fee, providing liquidity in MET also earns the pool’s token, BAL.
Conclusion
In a world where more and more businesses are embracing cryptocurrencies, bulk payments, subscriptions and automatic payments are a vital component. In this light, Metronome’s focus on these key values makes the platform poised to lead the future of crypto-based services.
Furthermore, being easily transferable between blockchain platforms, it powers the DeFi space among other sectors. But even beyond, its availability on major cryptocurrency exchanges and integration with CoinPayments opens the token to more users. As a result, it adds value to the crypto ecosystem and its investors with its innovative cross-chain transfer capabilities.
