What is Metronome (MET)?
Metronome (MET) is a new crypto designed to bring institutional-class to the cryptocurrency category through:
Self-governance – Metronome is designed to operate indefinitely without the management of a particular group or individual, even its author.
Reliability – The system is structured to provide a stable and predictable token through descending price auctions.
Portability – With the ability to move between blockchains, cryptocurrencies are better protected from management issues and instability.
Metronome is being sought to be the first platform to enable the transfer of value between different blockchains. This is aimed at solving many of the problems that are plaguing the cryptocurrency market, including the instability in prices, lack of mobility between blockchains, and slow transaction speeds. Its summary report outlines a strategy for building a cryptocurrency around the core principles of governance, reliability, and portability.
Features of MET
Serves as a reliable, immutable basis on which DeFi Projects can build.
Ability to convert MET to the token of its base chain and vice versa.
Total value locked
The Proceeds and Autonomous Converter contracts both represent TVL’s DeFi concept or Total Value Locked.
Use cases of MET
- Decentralized store of value on blockchains
- Advanced payment settlement:
- Mass Pay – allows users to send tokens to multiple addresses with one action. While mass pay is a well-known and widely used feature on the Bitcoin network, it lacks on the Ethereum network.
- Subscriptions – allows users to set up recurring payments between them and other parties. Subscription is a unique payment feature for Metronome. Users can set up recurring payments between themselves and other parties by authorizing that party to receive a certain amount of MET from the periodic, recurring wallet.
Reliability: The issuance and offering of MTNs are predicted to last forever, as determined by MTN contracts. There are no uncertainties about source or release.
Self-governance: MTN is fully regulated through autonomous contracts, giving users complete control over future currency development.
Portability: Metronome can be done between blockchains through the use of certificate receipts – something that cannot be done on any blockchain today.
No fixed supply: Bitcoin has a fixed supply of 21 million. Litecoin has a fixed supply of 84 million. Meanwhile, Metronome has an unlimited fixed supply. The coin will continue to be minted at a fixed rate as outlined in the autonomous contract.
Fast processing times: Metronome offers a processing time of 15 seconds, compared to 10 minutes on bitcoin or 15 seconds on Ethereum.
Built to last: Many cryptocurrency users appreciate the fixed supply of Bitcoin, Litecoin, and other cryptocurrencies. However, others have criticized the fixed supply of these currencies, because it may limit their viability. Meanwhile, other ICOs have a fixed supply, but the majority of the supply is in the hands of a centralized group – just like the founding team. Metronome attempts to fix these issues with a consistent, timed-release model, which includes daily auctions providing a constant supply of tokens.
What is MET token?
Metronome is launching an Ethereum-compatible token called MTN. The token supply was initially set at 10 million, with 80% distributed via reverse auction. Unlike other currencies, there is no fixed supply or limited supply. Cryptocurrency will allow fast payments with a payment time of 15 to 30 seconds.
Metronome solves the complex problem for users of cryptocurrencies (such as Bitcoin) who want to switch to another cryptocurrency. Usually, they have to go to the exchange, sell Bitcoin, and buy another currency; there are transaction fees and a few other risks. With Metronome, this doesn’t happen. Metronome users will receive an electronic invoice for the transfer of their assets from a blockchain. They can send that invoice to another blockchain and add Metronome there.
You can check the MET price here.