Bloq, a Blockchain firm has announced the creation of Metronome which is a cross-blockchain cryptocurrency that will be discharged through an initial coin offering.
Bloq had intended to reveal Metronome earlier week at Las Vegas Money 20/20 conference. The project is being developed by Bloq chief executive Jeff Garzik, who was a former Bitcoin Core developer as well. He is also the leading developer for the controversial SegWit2x hard fork scheduled to activate on Bitcoin network in November.
Metronomes main ability is to operate on top of multiple blockchain which developers are of the view that will ensure survival if the underlying blockchain becomes compromised or becomes replaced by another cryptocurrency in future. Moreover, users will be able to transfer metronomes across a number of blockchains.
The co-founder claimed that it will prove to be a ‘thousand-year’cryptocurrency providing investors with the stability they need to justify entering the digital economy. One of the earliest bitcoin developers also said that Metronome is a digital currency he would want to design.
Garzik also stated that the empiric threats from forks would raise some issues. Nevertheless, the timing of announcement is also awaited amongst users. It will potentially lead to both a blockchain and community split.
Creation of Metronome was objected to design an authoritative digital currency system which is highly resistant to governance failure and intends to last for generations down the line. In order to attain this feat, users were given the freedom to select which blockchain mainly aligns with what they value.
According to an ooficial announcement, metronome tokens will be issued in December through an initial coin offering. The initial supply may be of 10 million tokens of which 8 million will be distributed through initial coin offering. The remaining will be retained by Bloq.
This prestigious blockchain company has brought competition to bitcoin. It has been counted as a potential threat to bitcoin saga. However the major point of distinction between these two is how they are distributed and sold. Metronome will be sold through a series of auctions whereas bitcoins are mined using extensive electronic power through computers.
Bloq has also unveiled that it will use existing infrastructure of digital currency and go for cross-blockchain. The company will mainly use the networks of Ethereum and bitcoin. They will also allow the owners to transfer the currencies into Metronome.
This might make Metronome much more flexible but it even poses same risks in case the basic network collapses. However the problems will be solved through smart contracts which will provide stability.
However no one knows the conclusion. Digital currencies are rising at its peak and investors are looking for potential in these cryptocurrencies. The real potential of this new currency can only be determined once the time moves on. It is too early to make any assumptions. Regular investors are mainly concerned on making gains from these currencies. Investors are of the notice that this is not the first company to develop its own cryptocurrency, but the proponents believe that once the project kicks up, it will be a major threat for bitcoin.