While bitcoin continues to be the buzzword when it comes to alt-money, it is actually one of many that are lumped together as generic cryptocurrency. In fact, the world of cryptocurrency embraces a vast amount of different ways to pay, with many already being adopted by various vendors and retailers and even some governments as legal tender. One that should have the attention brought to it is the Metronome altcoin. Describing itself as the ‘built to last cryptocurrency’, Metronome are clearly disassociating themselves from the flaky nature of bitcoin and the volatility that clouds its place on the markets. But what is Metronome, or MET?
What is Metronome?
Metronome cites its differences as being able to offer “greater decentralization.” Indeed, a benefit of any cryptocurrency is the decentralization, and seeing as the tide is still questioning the alt-currency, offering more of one of the major pulls of cryptocurrency seems like a way to differentiate. Moreover, Metronome promises to deliver “institutional-class endurance,” which sounds like another way to break away from bitcoin and any misgivings people may have about it. The endurance as a cryptocurrency is what Metronome promises and it claims that this will be achieved through three key areas: self-governance, reliability, and portability.
The Benefits of Metronome
The team at Metronome promote the virtues of self-governance and reliability as a standout reason that makes them noticeably different from other cryptocurrencies. Indeed, in such a saturated market, where little can be changed in the basic functionality of blockchain – which in fact is almost a commodity – changing how the system for buying, selling, and owning the altcoins is more important. So, it’s no surprise that the marketing efforts are focusing on positioning Metronome as extolling these virtues.
When it comes to cryptocurrency, self-governance away from the powers of centralized banks is absolutely imperative. Metronome further promise that the founders won’t tamper once it’s launched – which offers an intriguing possibility that whoever uses it fully owns it. Greater ownership could be a key area in which people may be swayed to using and investing in cryptocurrency. The auction-style ownership model also allows for greater self-governance, and the entire process is 100% auditable, which provides a higher degree of trust and reliability. There is also public access to all sale opportunities, which takes away the esoteric nature that some fintech start-ups inadvertently create.
In terms of reliability, Metronome promises unchanging issuance and supply of the cryptocurrency. This provides a safety blanket for potential users, but also speaks to some criticisms of going with a cryptocurrency. The reliability also stems from the MET being minted daily indefinitely, with 2,880 MET per day or an annual rate equal to 2.0000% of the then outstanding supply per year. This reliability offers something that other altcoins don’t and helps bridge a huge gap that potential adopters may have with blockchain.
Finally, Metronome promises portability – that is against central lenders and even different blockchains. In the digital age, portability is a sure-fire way of promising to keep up with the trends and where the future of digital is leaning. Being able to exit chains for any reason without question helps potential adopters to feel less of a commitment to taking up Metronome. The cross-blockchain import and export potential also helps position MET as being more fluid in society than its alternatives and competitors. The fact that the blockchains can migrate gives greater long-term reliability in the altcoin. As technology improves, the blockchain technology can adapt with it and won’t be held back by becoming obsolete as a cryptocurrency.
Altcoins vs Tokens
Both coins and tokens are considered cryptocurrency, regardless of whether the coins function as currency. Altcoins refer to native bitcoin-derived blockchain (Namecoin, Litecoin, Dogecoin) and native blockchain (Ripple, Omni, Ethereum), whereas tokens are a form of cryptocurrency in and of themselves. Altcoins are alternatives to bitcoin using the same protocol of derivation, but changing it slightly to create a new strand. Tokens can be placed on blockchains and can represent anything from loyalty points to commodities. With tokens, the code doesn’t need to be modified. Tokens are released through an Initial Coin Offering (ICO), which is essentially crowdfunding. Both are useful in terms of discussing cryptocurrencies and crucially possess their own major reasons for choosing, despite being part of the larger umbrella of cryptocurrency.
What are Cryptocurrencies Used for?
The lines as to what exactly cryptocurrencies can be used for, aside from forex and investment, are still blurred and many are still unclear on exactly what they can spend their altcoins and cryptocurrencies on. Around the time that bitcoin really gained mass market interest, vendors and retailers were eager to show their willingness to move into the future and were offering many uses for bitcoin as a way to purchase things. Flights and hotels can be purchased with bitcoin – through Expedia, CheapAir and Surf Air specifically. Musicians are using blockchain technology to offer music downloads through a special blockchain relationship. Imogen Heap uses the Mycelia programme that takes the positives of blockchain cryptocurrencies and uses them to mitigate against the real world issues that musicians face. Under certain circumstances, Subway accept bitcoin – and Germany and Japan accept cryptocurrency as legal tender in various forms. It is fairly clear that cryptocurrencies are the way of the future and the culmination of a more digital world, but there are still detractors from the overall cryptocurrency phenomenon.
Possible Limitations of Cryptocurrency
As well as the fact that some people still treat cryptocurrencies with wariness, some cite the fact that cryptocurrency payments are so permanent as a reason not to use them. Indeed, once a payment is sent through with bitcoin or an altcoin, there is no way to reverse it. Some also cite the fact that multiple payments cannot be made at once. The digital world has created the Lightning Networks, which offers some semblance of compromise and a show of dedication to ensuring that facilities are in place in the wider world for a stronger widespread adoption of cryptocurrencies. Some also claim that cryptocurrencies are volatile, but this is largely due to the fact that the monetary system as people know it is facing its first real challenge – one that looks to be putting up a good fight.
The Future of Metronome
The team behind Metronome also boast credentials and expertise in the emerging fintech and blockchain industries – including advisors attached who were involved with the Ethereum Project – and offer a transparent view of the structure of the people behind the cryptocurrency. The first 8 million Metronome tokens were available on auction from June 18 for one week. The price per token will be 2 ETH (Ethereum). The Descending Price Auction helps give a fairer distribution of tokens and a greater degree of price discovery. Following the initial auction, the 2,880 MET will be auctioned daily until the 2% mintage rate is reached. After this, the amount of MET available will reflect this rate.
Whether the Metronome altcoin fulfils its promises is still to be seen, but it is a huge step for the world of cryptocurrency. Healthy competition helps stoke industries, and with so many new blockchain based currencies emerging, it can only presage good things for the industry as a whole.