Bloq to launch cross-blockchain cryptocurrency Metronome
Bloq, a blockchain technology company, has announced its plans to launch a cross-blockchain cryptocurrency, Metronome, in December. Metronome will be self-governing, managed by autonomous smart contracts, according to a press release.
To enable cross-blockchain transactions, Metronome creates a proof-of-exit receipt when a user leaves one blockchain and enters another. The cryptocurrency also will offer quicker market price discovery to help keep it stable over time.
The MTN token will be available first on the Ethereum network, followed by bitcoin, Qtum, Ethereum Classic and Rootstock, the release said.
At launch, Bloq will provide an initial supply of 10 million MTN tokens, 8 million of which will be sold in a descending price auction for Ether currency. New tokens will be sold in a DPA, as well, to ensure a steady supply over time.
"With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations," Bloq co-founder and CEO Jeff Garzik said in the release. "To accomplish this, we recognized early on that allowing users the freedom to select which blockchain most closely aligns with what they value was not only an important feature, but a vital one if we were to realize the Metronome vision."