The increasing popularity of cryptocurrencies means that new ones appear regularly on the market. One of the upcoming currencies to keep an eye out for is called Metronome.
This newcomer will be launched in December and comes from Bloq, which is one of the world’s leading blockchain technology firms. Of course, competition is extremely tough as there are more than 1,000 digital currencies like this now around.
What should help to set Metronome apart is that it is a cross-chain currency. This means that it is going to be easy to convert it to other cryptocurrencies without transaction fees being charged or users suffering latency issues on busy networks.
In addition, a big advantage for some investors is likely to be the involvement of Bloq co-founder Jeff Garzik in this project. He was a big part of the team that developed the blockchain technology that is a key part of the bitcoin success story.
However, Garzik hasn’t built a blockchain for Metronome. Rather, it uses digital receipts to allow users to switch money from one currency to another. This means it will be possible to move from bitcoin to another currency like ether and back again using these receipts.
Fast Switching of Assets
This easy way of switching assets could be especially to traders in those times when the price of these currencies is volatile. The founders of Metronome say that transactions should only take 15 seconds or so, while a mass pay function will allow people to send out payments to a number of different recipients simultaneously.
This new currency is set for an early December launch that will see 10 million coins auctioned off. The founders of Metronome will take 2 million coins between them for the work they did in setting the whole thing up.
Once it is up and running fully, 2,880 new coins will then be issued each day. This means that over the course of the next couple of decades the supply of this currency will reach some 30 million units.
The idea is that this constant supply of new coins will keep the currency’s inflation strictly under control. In fact, the team behind Metronome expect an early inflation rate of 10% that drops to 5% in the second year before falling to 2% in the 35th year. This rate is then expected to remain the same for the following thousand years, according to Garzik.
Matthew Roszak is a co-founder of Bloq. He said in an interview with Bloomberg that it is a “thousand year currency” that is “built to last” and that investors should be very excited about getting involved with it.
However, others are less enthusiastic, with the challenge of starting from zero in an increasingly crowded market being the main cause for concern. Yet, the people at Bloq appear confident that it will be a success based on three main principles; self-governance, reliability and portability.
By the end of the year it could be clear whether this is going to be another cryptocurrency success story or if it is going to prove less popular than expected. The best place to compare your cryptocurrency is with crypto comparison website www.bestcrypto.co.uk.