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'Metronome': SegWit2x developer Jeff Garzik also builds an Altcoin

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The firm Blockchain Bloq announced the creation of Metronome, a cross-blockchain cryptocurrency which will be published thanks to an initial offer of coins (ICO).

As reported by Bloomberg Bloq intends to unveil Metronome today at the Las Vegas Money 20/20 conference. The project is being developed by Bloq CEO Jeff Garzik, a former developer of Bitcoin Core who is also the lead developer of the SegWit2x contagious fork that is expected to be activated on the Bitcoin network next month.

The main feature of Metronome is its ability to run on multiple blockchains, which developers say will ensure its survival if the underlying blockchain – such as Bitcoin or Ethereum – is compromised or simply supplanted by another cryptocurrency. . In addition, users will be able to transfer metronomes through different blockchains.

Bloq co-founder Matthew Roszak claims that Metronome will prove to be a "thousand-year-old cryptocurrency" and provide institutional investors the stability they need to justify their entry into the crypto economy .

"Institutional investors should be very excited to see something like this," Roszak said in a phone interview with Bloomberg. "We have built a thousand-year-old cryptocurrency, something that is built to last."

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In an interview with Fortune, Garzik – one of the first bitcoin developers – said that Metronome is the digital currency that he would conceive of when he received a clean slate.

"Today, Bitcoin faces existential threats from forks, developer dramas, and so on, knowing what we know and having a clean sheet of paper we asked what we were going to build and the answer is this, "said Garzik

Garzik's commentary on "existential fork threats" is certain to raise eyebrows. As the lead developer of SegWit2x, many community members consider, rightly or wrongly, his involvement in SegWit2x as one of these threats.

The timing of the announcement is also curious, as it comes less than a month before SegWit2x is active on the Bitcoin network, which could lead to a split of the blockchain and from the community.

"With Metronome, we sought to design an autonomous cryptocurrency system, highly resilient to governance failures and intended to last generations," Garzik said in a press release. "To achieve this, we quickly realized that allowing users to choose the blockchain closest to what they liked was not just an important but essential feature if we were to realize the metronome's vision.

According to the official announcement, the Metronome Tokens (MTN) will be issued through an initial offer of coins (ICO) held in December. The initial supply of MTN is 10 million chips, of which 8 million will be distributed through the intermediary of the ICO. The remaining 2 million MTN will be retained by Bloq. Thereafter, MTN will be continuously issued by daily auctions at an approximate annual rate of 2%. Bloq says that all ICO products will remain in the Metronome smart contract system to help provide cash for the currency.

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Metronome should be launched in December, the first MTN tokens being issued on the Ethereum network. Support for Ethereum Classic, Rootstock on Bitcoin and Qtum is also planned but has no planned release date yet.

Image from Shutterstock to photo

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