Last week, Metronome’s project lead Jordan Kruger was in Chicago to present Metronome during a meetup hosted by the Chicago Blockchain Center.
For the newcomers in the crowd, Jordan gave a high-level overview of how Metronome works, particularly the interplay between the four contracts on each chain where MET is deployed. (There are Metronome contracts on Ethereum and Ethereum Classic, with more to come soon.) “Each blockchain with MET has its own Auctions contract, its own Proceeds contract, and its own Autonomous Converter,” Jordan said. “The Auctions contract will mint new MET [of the 2,880 minted daily] proportional to its share of the global supply.” All proceeds from all auctions stay in the ecosystem and flow into their respective Autonomous Converter Contract.
Unsurprisingly, the recent chainhops were a focal point for attendees. “We were very proud of sending MET between Ethereum and Ethereum Classic,” Jordan explained. “It was no small task, made all the more critical by the autonomous nature of the Metronome ecosystem itself.” That autonomous nature is why the team spares no expense in rigorously auditing the code.
Crowd questions included how the Validator Network (the network that maintains the MET global supply during chainhops) operated, what the next steps for that network were, and Metronome’s unique features. In discussions with the attendees during the Q&A and the following networking session, the team emphasized why chainhops are so important — even necessary. A cryptocurrency owner should be able to move their cryptocurrency between chains based on governance arbitrage, security needs, or fee optimization — Metronome’s portability increasingly enables that.
If you want to host a meetup, or know of one where Metronome team members should present, drop us a line on metronome.io/engage with the relevant information.
More to come,