Metronome Update — June 2019

Metronome Token

The Metronome team would like to take the opportunity to congratulate the community, as June 2019 marked a major milestone for Metronome. In case you haven’t heard, Metronome’s chainhop functionality is now enabled with Ethereum and Ethereum Classic as the first chainhop pair.

Metronome Contracts on Ethereum Classic

As of June 26, 2019, at UTC 21:48 PM, Metronome chainhops between Ethereum and Ethereum Classic are possible — the first few chainhops were initiated soon after at Ethereum blockheight #8036077.

Ported MET is transferable on the origin or destination chains (depending on chainhop direction) about 24 hours after the chainhop is initiated, as explained in the Validator document . This is to mitigate against reorganization attacks and maintain the global supply. Should any chainhops not receive the necessary three confirmations from Validators within this time, the user can simply “retry” the import from their wallet — this will requeue the port for validation.

Since chainhops have been enabled, about 11,500 MET has moved over to the Ethereum Classic chain. The shift in share of the global supply means that the amount of MET minted and auctioned on each chain also reflects their percentage of the global supply. As of writing, The Ethereum Classic chain auctions 2.9 MET each day. As owners import and export MET to and from a given chain, its auctions contract will adjust accordingly.

Metronome chief designer Jeff Garzik outlined his thoughts on this milestone in a recent blog post and a feature in CoinDesk.

Metronome AMA and Meetup

The second week of July will be a great opportunity for the wider cryptocurrency community to come learn about Metronome, and for the already-initiated to ask Jeff, Manoj, and Jordan questions.

On July 9th at 2:30–3:30 PM Central Time, Jeff and Manoj will be in the Metronome telegram to field questions from the community.

The following day, July 10th, Jordan will be in Chicago hosting a meetup with the Chicago Blockchain Center.

Know a meetup you’d like to see the team present at, or want to present at one yourself? Check out the Metronome community engagement page.

More to come

Soon, the Metronome team will publish its updated timeline for the next target chains for Metronome contracts. While the community is welcome — indeed, encouraged — to fork the GitHub repositories and tinker with adding a Metronome lily pad to their favorite chains, the Metronome team has identified Qtum and RSK as the next chainhop targets. Active research is going into EOS and Cardano (ADA), with others to come.

Join the conversation in the Metronome Telegram, on Twitter, or check out our new Messari Crypto Board.

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