By Josiah Wilmoth
Blockchain development firm Bloq has announced that Metronome, the world’s first cross-blockchain cryptocurrency, will launch in February, complete with increased bitcoin support and a dedicated mining service.
Metronome Sets February Launch Date
Bitcoin pioneer and Bloq CEO Jeff Garzik made the announcement at the Consensus: Invest conference on Tuesday, revealing to attendees that the metronome token’s (MTN) much-anticipated initial supply auction — or token generation event (TGE) — will begin on February 5, 2018.
Bloq had originally targeted a December launch date but decided to delay it in response to feedback from prospective token buyers who desired more time to research the project and prepare for the auction.
The auction is likely to attract significant attention from institutional investors. As its name suggests, Metronome aims to solve the volatility problem exhibited by most cryptocurrencies — a significant pain point for institutions — by enabling its smart contract-governed network to run simultaneously on a myriad of blockchains. Users will have the ability to seamlessly move their assets from one blockchain to another, allowing the MTN network — in theory — to last for generations.
MTN Mining Service & a BTC Peg
In addition to the official launch date, Garzik made two other Metronome-related announcements. First, he revealed that Bloq has created the first on-chain ERC20 mining service. The pool will technically mine Ethereum — the blockchain on which ERC20 tokens are located — but miners will be paid directly in MTN, providing the community with another way to acquire MTN conveniently and without the need to pay expensive conversion fees.
In a similar bid to improve the user experience while also eliminating excessive fees associated with moving between cryptocurrencies, the development team has added a BTC-pegged ERC20 token to the Metronome ecosystem. Users can swap bitcoins for this token, which they can then use to participate in the MTN supply auction — all without the need to use a third-party cryptocurrency exchange to sell their bitcoins for ether.
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Featured Image from Patheos
By Josiah Wilmoth