Metronome (MTN)
Metronome (MTN) is the world's first Cross-Blockchain cryptocurrency, engineered for long-term reliability, sustainable governance, and maximum portability. Metronome will be launched early December 2017. It will be sold based on descending price auctions (DPA).
Core Design Principles of Metronome
- Self-Governance
- zero founder control
- 100% on-chain, decentralized, autonomous, auditable
- Not subject to system changes based upon community discord
- Reliability
- Predictable token supply and issuance, ad infinitum
- Consistent addition of MTN
- Portability
- Ability to import and export MTN across blockchains, exiting the current chain
- Supports community development of new chain export and import functionalities
- Enables a migration path to future blockchains as ledger technology matures
How Metronome works
The initial Metronome auction and Daily Supply Lot will utilize a DPA, which is different than traditional auctions. In a DPA, the price per token starts at a maximum price. The price slowly decreases until all offered supply is purchased or until the auction time limit is reached and the auction ends. Buyers purchase tokens in real time with immediate settlement during an auction; there is no need to wait until the end of the auction for tokens to be distributed.
Phase 1: Initial Supply Auction
- An initial token supply of 10,000,000 tokens is allocated
- 20% of the initial token supply is retained by founders
- Descending price auction of 8,000,000 tokens
- Every 60 seconds, auction price decreases to 99% of previous price
- The auction continues until the entire 8,000,000 token inventory is sold or until the auction ends 24 hours after it has begun
- 100% from initial auction proceeds are stored in the Proceeds Contract
Phase 2: Operational Currency
- Over the course of every 24 hours, new token are added to the Daily Supply Lot following the previous auction's close ad infinitum, at the rate that is the greater of (i) 2,880 MTN per day, or (ii) and annual rate equal to 2.0000% of the then-outstanding supply per year
- Every 24 hours, an auction is initiated, and lasts no more than 24 hours so there is no auction overlap
- Descending price auction of all tokens in the Daily Supply Lot begins at a maximum price of twice the previous auction closing price
- Every 60 seconds, auction price decreases to 99% of previous price
- Auction continues until (i) the entire Daily Supply Lot inventory is sold, or (ii) the end of the 24 hour period of the auction, whichever is earlier
- If the Daily Supply Lot inventory does not sell out entirely, remaining MTN will be added to the next Daily Supply Lot
- 100% of Daily Supply Lot proceeds goes to the Proceeds Contract
- Every 24 hours, 0.25% of the total accumulated ETH balance of the Proceeds Contract is sent to the Autonomous Converter Contract, providing additional liquidity to the ETH side of the ETH/MTN pair
*Users can change their MTN for ETH and vice versa via the Autonomous Converter Contract
Token Supply Schedule
Additional Features
- Payments settled in 15 to 30 seconds
- Mass pay - allowing multiple payments to be sent in one batch
- Subscriptions - allowing for recurring payments between users
- ERC20- and ERC223-compliant