About Metronome (MET)
Metronome (MET) (“Metronome” or “MET”) is a new cryptocurrency designed to bring institutional-class endurance to the cryptocurrency category through: Self-governance – Metronome is designed to function indefinitely without management by a particular group or individual, even its authors. Reliability – The system is architected for steady and predictable token supply via descending price auctions. Portability – With the ability to move between blockchains, the cryptocurrency is further protected from management issues and instability.
Metronome (MET) expect that MET will act as a store of value that is decentralized across blockchains. Since MET will be capable of being exported and imported across chains, it will empower users to move MET for whatever reason they desire. Other cryptocurrencies cannot do this. Cross-chain export and import of MET will provide the ability to migrate from one blockchain to another in the event of a failure. MET also allows for subscriptions, or recurring payments on the blockchain that are automatic. This is something cryptocurrencies have struggled with, until now—MET users can schedule repeat payments easily. Additionally, MET uses custom funcationality for enhanced security and transfer.
Metronome (MET) While many different communities and institutions will discover their own use for Metronome, it was designed for any scenario where reliability is a first-order variable for selecting a cryptocurrency. Some possible use cases include, but are not limited to: Decentralized store of value across blockchains Advanced payment settlement: Mass Pay — allowing users to send tokens to multiple addresses with one action. While mass pay is a well-known and used feature on the Bitcoin network, it is lacking on the Ethereum network. Subscriptions allowing users to set up recurring payments between themselves and other parties. Subscription is a payment feature unique to Metronome. Users can set up recurring payments between themselves and other parties by authorizing that party to take a certain amount of MET from a wallet on a recurring, periodic basis. A unique Metronome payments feature is subscription. Users can set up recurring payments between themselves and other parties by authorizing that party to take a certain amount from a wallet on a weekly basis.
Metronome (MET) Storage Key Points
|Circulating Supply||11,833,203.94 MET|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How was Metronome Launched?
Metronome There are phases, both of which employ the descending price auction (“DPA”) pricing mechanism:
- The Initial Supply Auction, serving as the official launch of Metronome, where 10,000,000 MET tokens will be issued and made available
- The Daily Supply Auction, The Daily Supply Auction, where new tokens are added to the auction ad infinitum, at the rate that is the greater of (i) 2,880 MET per day, or (ii) an annual rate equal to 2.0000% of the then-outstanding supply per year.
How will the Metronome Token sale Take Place?
Metronome Initial Supply Auction serves as the official launch of Metronome. 8,000,000 MET tokens (10 million, less the 20% one-time author retention) will be made available to the public with a descending price auction. The price per MET will begin at a maximum price of 2 ETH per MET and floor price of 0.0000033 ETH. As time progresses and MET remains available, the auction price will decline linearly until the auction ends or all MET are sold. Metronome employs DPAs to establish predictable and transparent pricing for the MET being issued by the contract.
Was There a Pre-Sale?
No, the first time that anyone was able to purchase Metronome was during the Initial Supply Auction.
No, there is no whitelist.
Metronome The last MET in the Initial Supply Auction was sold for 0.0027815 ETH
How Does New Metronome Enter the Ecosystem?
Following the initial auction, MET is added to MET’s Daily Supply Lots (“DSL”) every 24 hours, at the rate that is the greater of (i) 2,880 MET per day, or (ii) an annual rate equal to 2.0000% of the then-outstanding supply per year. Newly-minted MET from the DSL enters the ecosystem via a DPA. All tokens in the DSL start at a maximum price set by the contract at the previous auction’s last price (the price of the last Metronome sold if the auction sells out, or the final price in a given auction should an auction lot still have supply) multiplied by two. In the event a DSL does not sell a single Metronome, the starting price of the following auction will be 1/100th of the last price a Metronome was purchased at a DSL auction. Every 60 seconds, the price of MET remaining in the DSL is reduced to 99% of its previous price. After some time, we expect the price of remaining tokens will become low enough for the DSL to sell out. The absolute floor price on any Daily Supply Lots auction is 1 Wei, to prevent the price from hitting zero– which would make setting the following auction’s initial price impossible.
In the event that there are unsold MET at the end of the daily auction, those tokens will be held over and added to the next DSL. For example, if 1,000 MET went unsold, the next DSL would introduce the scheduled 2,880 MET plus the remaining 1,000 MET from the previous day.
We expect that the mintage rate for approximately the first 40 years will be 2,880 MET per day. After approximately 40 years, the mintage rate will increase as shown below.
|Time||Circulating MET (End of Year)||Mintage rate (End of Year)||Daily supply lot|
|T + 1 Year||11,051,200||10.512%||2,880|
|T + 5 Years||15,258,880||7.399%||2,880|
|T + 10 Years||20,517,760||5.400%||2,880|
|T + 40 Years||52,076,800||2.066%||2,880|
|T + 70 Years||94,382,561||2.000%||5,070|
What Happens to the Proceeds from Metronome Auctions?
Metronome 100% of the proceeds of the Initial Supply Auction and 100% of the future Daily Supply Lots’ proceeds go to Metronome’s Autonomous Proceeds Provider (“APP”) contracts – the Proceeds and Autonomous Converter Contracts – to provide long term support for the community and help incubate Metronome in its first years. Metronome authors receive none of the proceeds from any auction. Please see either of these helpful articles for more information.