What is Metronome?
Metronome is a token proposed by Bloq, the blockchain company delivering enterprise-grade blockchain solutions. Metronome advertises itself as a token allowing cross-blockchain usage of digital assets. The Bloq team even claims that Metronome can make a token or coin exist even if its blockchain is already dead, with no mining. Metronome has put an extremely ambitious task before itself- and we will see if it can complete it as promised in 2018. The token has been called “Bitcoin Killer” around the time that Bitcoin was breaking records above $7,000.
- Owner's Manual
- Country of origin: USA
- Ticker: MTN
- ICO Dates: December 2017, No specific date
- Hard Cap: Unknown, 8 million tokens distributed in event, 2880 MTN in daily auctions after that
- Funds raised: Unknown
- ICO Period: December 2017-Unknown
- Industry: Finance, Blockchain Infrastructure
- Funds accepted: Unannounced
- My Rating: 2/5
Bloq/Metronome Social Media
Metronome by Bloq Overview
Metronome is a project promising to link several blockchains, to be added in the future. It tries to solve the problem of cross-compatibility of digital assets. The token sale in December and a series of daily falling-price auctions would secure the funding for the Bloq company to expand its presence and build the infrastructure for the Metronome token to run as promised, even outside the Ethereum network.
The Bloq Team
The Bloq team is highly visible and known in the cryptocurrency community- headed by Jeff Garzik, an elite developer from the early days of Bitcoin. Matthew Rhozak is the co-founder, famous for also leading Blockchain Capital LLC, among other cryptocurrency projects.
Other notables in the team include Gavin Andersen, the former lead developer of Bitcoin Core, assigned to the project after the founder, Satoshi Nakamoto, went anonymous. He is also founder and major moving force behind the Bitcoin foundation.
The rest of the team includes various industry experts:
- Jim Newsome, chairman of Delta Strategy;
- William Mougayar, founder of Token Market;
- Don Tapscott, Chairman of Blockchain Research Institute;
- Colleen Sullivan, CMT Digital.
The technical team is featured on the Metronome token page.
The Bloq team is full of experience and includes unique personalities from the cryptocurrency community. They know the faults and weaknesses of Bitcoin, and yet it is strange how a member of the Bitcoin Core team has moved on to build over the Ethereum platform.
But there is one thing very strange about this team. And it is that the two founders, Garzik and Andersen, are on opposite sides of the debate when it comes to the future of Bitcoin. Garzik believes Bitcoin should evolve with larger transaction blocks to scale more easily. Andersen has worked with Bitcoin since the beginning and believes Bitcoin should seek other solutions.
It is really strange how the two of them have decided on a common project just as Bitcoin is about to split into two competing networks, one trying to kill the other by drawing in all the miners. When it comes to Bitcoin and its fate, Garzik and Andersen are the closest thing to frenemies one can imagine.
Interestingly, Vinny Lingham is listed as an advisor to the project. Lingham is a prominent persona in the cryptocurrency industry, having achieved one of the most successful ICOs in 2017, that of Civic.
About the Metronome Token
Metronome (MTN) claims it is a unique cryptocurrency. In fact, technologically it is an ERC-20 token, meaning it is linked to the Ethereum network, with all the advantages and limitations of that network.
There is no fixed cap to the amount of Metronome tokens. Initially, 10 million tokens will be produced, with 2 million left for Bloq. After that, every day tokens would be sold with a falling price auction, again distributing based on user demand.
In theory, the amount of tokens could be determined by the users, through a still unknown smart contract. To educate users, which supposedly would appear one day, there is no white paper, but instead an “Owner's Manual“. So the exact structure of the digital asset would be determined by the users.
The Metronome token will not be governed by the Bloq team- there would be no meddling, issuing or burning of tokens. All decisions would be between users and the existing smart contracts.
Investing in Metronome: The Pros
With an all-star team, Metronome looks like a well thought out proposition. Because of its high publicity profile it may just take off- especially given the strategic connections of the team, which are always important for blockchain projects. Knowing the right developers and resources is always a plus for a project. And when it comes to knowing people and having an influence, Garzik and Andersen are kingpins. This might be a high-activity ICO with a good chance at remaining influential even after the hype of the token event has receded.
The Risk of Metronome
Metronome may hardly become “Bitcoin killer”. It's hard to imagine how the creators and keepers of Bitcoin would make an attempt at undermining their creation. I have seen the Twittersphere and various crypto blogs criticize Jeff Garzik for pushing the Segwit 2x scaling solution for Bitcoin, meanwhile he's developing his own token, diverting his attention from making S2X fully successful and focusing Metronome.
At best, Metronome may prove to be a glorified decentralized exchange that manages to allow you to swap between several assets. Metronome would also require Ethereum to work, pressuring users to also stock up on ETH coins for running the application. Every swap between blockchains would burn the ETH tokens for gas- and the more activity there is, the more expensive it becomes for users. For now, the Ethereum network has shown it is still too small to ensure all of the ingeniously conceived distributed apps actually run without annoying time lags.
Metronome is also not quite original in its claim to be able to emulate any blockchain asset. There is a small array of tokens performing a kind of “virtual mining” through a smart contract, and thus claim to be versions of Litecoin or even Bitcoin. Of course, what those versions do is burn gas.
At the moment, it is technically easy to create or destroy a token- so Metronome may switch between blockchains by simply re-generating itself as a token on the new platform almost for free- and thus for example look as if it hops between Ethereum and Waves.
ICOs are becoming a game of Jenga- the more new projects there are, the shakier the whole structure becomes. Metronome comes at a late stage in the game, at a time when the appetite for ICOs is decreasing and all eyes are on Bitcoin.
Lastly, the unlimited supply of MTN tokens is worrying- it may permanently depress the price.
Final Thoughts on Metronome
Metronome is a shiny new proposal with a lot of baffling discoveries under the surface. There is more time for the ICO to start properly, but the company has a lot of tough questions to answer.
It is a misnomer that the MTN token would work on many blockchains unless the token's technology somehow changed in the future. ERC-20 tokens work with Ethereum, and while smart contracts can simulate a lot of characteristics, hold information and perform swaps, this is not the same as moving between blockchains, some of which are algorithmically incompatible and can never communicate cryptographically. The MTN token may be a smart workaround but is not the Holy Grail of cryptocurrencies.
There is also little technical explanation of the feat of moving a digital asset between blockchains. The team has hinted that the Rootstock and Qtum platforms may allow the hopping of tokens between platforms- but it would entail merely the creation and destruction of tokens, still burning gas and gas-like assets to emulate the activity of cross-blockchain compatibility. There are other similar platforms such as Waves and even Neo, but all of them offer an Ethereum-like ecosystem. It is not possible to swap Ethereum-based assets with the Bitcoin blockchain- only coins with the right algorithm have done that, and only in experimental settings so far.
Exchanges are already giving indications they may stop adding new ICO tokens, and buyers would be limited to several decentralized services, which are notoriously hard to use.
The constant daily auctions of MTN tokens recall the approach of EOS, adding the extra risk of buying at auction.
Last but not least, the Bloq company lists a shared office building as its address, another strange sign. While a shared office may be in order sometimes, it is an approach used by shady companies as well. True, the project's founders and advisors are highly visible, but this makes the Metronome ICO even stranger.
Metronome tokens will be sold at a Dutch auction with a starting price of $100 per MTN token, which would gradually drop until buyers accept it.
We have given the ICO a rating of 2/5 for the technical idea, but we consider it highly risky, with potential difficulties in finding users and implementing the technical solutions to run the application smoothly.
Should YOU Invest?
Honestly, most people looking to invest in altcoins, tokens, and ICOs are hoping they discover the next Bitcoin or Ethereum. The chances of that are rare.
So where is your money best invested? My recommendation might surprise you. It's free to join, and won't require that you invest in risky cryptos!
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