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A new digital currency is said to be issued in December by Bloq, Jeff Garzik’s company. The coin is going to work on all types of blockchains, thereby solving some of the issues that bitcoin faces currently.
Bloq is one of the leading blockchain development companies in the world right now, with CEO Jeff Garzik, who worked in the blockchain industry for several years. On October 24th, the company announced the upcoming launch of Metronome (MTN) that will work on cross-blockchain principle, allowing a predictable and independently managed supply of tokens. The coin is to be released in the early days of December, 2017.
The major advantages that the new digital currency boasts on the Bloq’s website are self-governance, portability and reliability. The MTN tokes will be managed entirely by the MTN community via smart contracts, and according to Bloq’s press release, no third party will have any “special privileges” in the coin management.
For the reliability element, MTN will provide users with fast market price discovery feature, while providing a steady flow of the MTN token supply. That feature is very important, since it confronts some of the issues that bitcoin has faced in the recent past.
The third special feature of Metronome will be its portability. According to Bloq’s press release:
“Metronome’s cross-blockchain capability uses a proof-of-exit receipt when users leave one blockchain, which enables them to enter another. The MTN token will be issued first on the Ethereum network, with Ethereum Classic, Rootstock on Bitcoin and Qtum support expected to follow. This will allow users to select the blockchain that suits their requirements for governance and security, or even upgrade the MTN contract if needed.”
Some of the initial actions in early December when Metronome will be launched include the supply of around 10 million MTN tokens. The supply will be steady and smooth.
Jeff Garzik shared his opinion on the new product:
“With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations.”
While the price of bitcoin is fluctuating around the $5,800 – $6,100 range these days, the release of such sophisticated digital currency is expected to “rock” the bitcoin “ship”. With government and central banks around the world imposing regulations and casting doubts on the future and viability of bitcoin, Metronome can come to the rescue, especially with the feature of being “government resistant”, as hinted by Mr. Garzik.