Metronome (MTN) ICO: Cross-Blockchain Cryptocurrency
Metronome’s sole purpose is to be a cross-chain monetary system, simply put, with Metronome, people will be able to send tokens from one blockchain to another. Its token, MTN, is the first truly portable cryptocurrency, and tokens will be sold through a daily auction. Given that MTN can be on various blockchains at the same time, the amount issued in the daily auction is in proportion to the amount of MTN on each blockchain. What this means is: if 50% of the total MTN supply is on Ethereum, then 50% of the daily auction will be sold on Ethereum.
Transaction time for MTN will be ~15 seconds, and to make things even better, Metronome will be the first platform to offer subscription services with recurring payments on the blockchain. In addition to this, with Metronome, mass transactions are possible i.e. you can send multiple transactions in one batch.
The proceeds from auctions all go into the Proceeds Contract. 0.25% of the Proceeds Contract’s contents goes into Autonomous Converter Contract on a daily basis. The Converter is an alternative way to buy the token and can be used by anyone willing to convert ETH into MTN and vice versa. The price during the daily auction and the price on the Converter will not be the same, but due to arbitrage, it is very likely that they will be close enough.
In addition to the 2 methods of acquiring MTN outlined above, the token can also be mined through Metronome’s Bloq mining pool. All you have to do is provide hashpower to the pool (a pool that mines Ether), and get rewarded in MTN. This, combined with the mass-pay function of the platform means Metronome boasts of greatly-reduced fees on their platform.
Hard Cap and Valuation
During the initial sale, 10 million MTN will be made available. Out of this, 80% is up for sale to the public, and 20% goes to the Metronome team and their advisors. Out of the 20% earmarked for the team, 75% is on a 3-year vesting schedule with quarterly payouts. Therefore, after the initial auction, only 85% of the total supply will be in circulation.
Metronome’s crowdsale will be conducted as a descending price auction; starting at a high price and reducing gradually. The initial auction will go on for a week with an initial price of 2 ETH, and every 60 seconds, the price will be reduced 0.00019843205 ETH. This will be done until all the tokens are sold, or until a price floor of 0.0000033 ETH is reached.
Every 24 hours, a new auction will begin with the same descending price structure, along with a cap of 1000 ETH per purchase. On days when the auction does not sell out, the remaining tokens will be put into the auction for the next day.
The initial auction will start on the 5th of February, 2018 and end a week after, on the 12th of February, 2018, or when all available tokens have been sold.
As at the time this post was published, Metronome has almost 1,600 followers on Twitter , along with over 1200 users on Telegram, 390+ subscribers on their Facebook page, and over 160 Reddit readers. Furthermore, they have 100+ subscribers on Medium.
Some of their team members also have noteworthy online presence, for example, CEO and Co-Founder Jeff Garzik has over 50,000 followers on Twitter.
- Orchid Labs Co-founder.
- Former Ethereum Core Dev.
- CEO of Civic.
- Author, The Business Blockchain.
- Producer, Token Summit.
Well-Known Team Members
- Jeff Garzik, CEO and Co-Founder.
- Peter Vessenes, Chief Cryptographer.
According to the Howey’s Test conducted by Research Center analysts, it is unlikely that Metronome’s token will be considered a security.
Team Members’ Areas of Expertise
Jeff Garzik, CEO and Co-Founder.
- Founder of Dunvegan Space Systems.
Matthew Roszak, Chairman and Co-Founder.
- Founding Limited Partner at Blockchain Capital for 4 years (ongoing).
- Founder of Chicago Blockchain Center.
- Founding Partner at Tally Capital for 4 years (ongoing).
Peter Vessenes, Chief Cryptographer.
- Former CEO of CoinLab.
- Co-Founder and Chairman Emeritus, the Bitcoin Foundation.
Ryan Condron, Principal Engineer.
- CEO of BaseSpin (software development and cryptocurrency consulting) for over 3 years.
- Owner of Condron Enterprises (freelance graphic design and website development).
Jaclyn Kramer, Marketing.
- President, and CEO of Onramp Creative for over 2 years.
- Owner, and President of Fireside Studio (boutique marketing agency) for 2 years.
Steve Beauregard, Partnerships.
- Co-Founder, and Board member at Go Coin for over 4 years (ongoing).
Target market experts
- Dunvegan Space Systems (mentioned above) was a blockchain project.
- See above
- See above
Matt Lam, Blockchain Strategist.
- Manager at Deloitte for over 9 years, including some work in the blockchain sector of the company.
- Product Owner of Deloitte Mercury.
Jaclyn Kramer, Marketing.
- See above.
- Marketing Coordinator for a year, after that, Product Marketing Manager, then Director of Marketing and finally, Director, Social Media & Content Marketing; all at Silkroad for a total of 9+ years.
Perkins Coie, International law firm.
Software engineering experts
- Principal Software Engineer at Red Hat for over 10 years.
- CTO at HelloVid for a year.
- CTO at Web Innovations for almost 5 years.
- Software Engineer at Pixel Fish for a year.
- Web Developer at California Baptist University for 2 years.
Troy Benjegerdes, Principal Engineer.
- Engineer III, Software at Cray for a year.
- Chief Technologist and Holistic Engineer at Freedom Fertilizer for almost 2 years.
- Embedded Linux Engineer at Monta Vista Software for 3 years.
Gabriel Montes, Engineering Lead.
- Freelance software development for almost 6 years.
- CTO and Lead Developer at I am at for over 3 years.
Felix Enriquez, Software Engineer.
- Full Stack Developer at Mad Mobile for 2 years.
- Mentor at Coder House for almost 2 years.
- Node.js backend Developer at I am at for a year.
Ignacio Anaya, Software Engineer.
- Software Engineer at Crackle for over a year.
- Software Engineer at E-xact Transactions for over a year.
- Software Engineer at VMBC for over a year.
- Full Stack Developer at Plus54 for over a year.
Blockchain development experts
- Bitcoin Core Developer for nearly 2 years.
Token sale structure
- From his experience at Go Coin.
- He developed the business model & plan for Go Coin.
- From his experience at DSS and overall experience in the market.
- Nothing written in this article is a legal or an investment advice.
- Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.