The Metronome team, famous for the creation of the eponymous cryptocurrency, announced today, August 9, in its blog that it will be at the WeWork State Street in Chicago, IL on August 28 for the first official Metronome Meetup.
Be sure to be there. Here are the reasons why.
Metronome, the world’s first cross-blockchain cryptocurrency, revealed the successful initial supply auction which was held in June, according to its postmortem report on August 7. Unlike the usual ICO, the auction was created in such a way that the tokens will cost significantly cheaper than the last minute’s, which ran for about seven days.
As a result, the auction sold up to 8 million Metronome tokens (MET) for about $9.5 million, as of the time of writing. The auction was also participated in by 1,443 unique wallet addresses. Furthermore, the price per MET almost doubled immediately after the auction’s conclusion from $1.27 to $2.10.
Was the token sale successful? The team believes so, considering the fact that the sale was conducted during “one of the deepest dips of an already stubborn bear market” this year, the report read.
According to the team, the bearish timing conditioned crypto enthusiasts to be hesitant in purchasing new cryptos through their Ether (ETH), that which they might have purchased at a higher price than what it was worth at the moment, and many opted to wait too long for the price to be cheaper than many expected, a reverse “fear-of-missing-out” (FOMO) effect.
Nevertheless, the cryptocurrency seems to be accepted well by the community, as it is currently trading at CoinMarketCap for $1.72 despite the days-long decline in the price of almost all cryptocurrencies. The team is excited to proceed with the next steps, saying that “now is the time to expand and explore.”
Right now, Metronome is interoperable with other blockchains—it possesses both import and export capabilities, and is targeting different blockchains for additional interoperability. So far, no other blockchain system has the same property.
“If you think of Metronome like a boxcar and target blockchains like rails, the boxcar is complete—it has sturdy wheels and a well-built frame. The rails are already-built tracks. There is nothing preventing the boxcar from riding on those rails—no further development of the boxcar’s or rails’ structures is needed. Instead, a switch just needs to be flipped to allow the boxcar to move to another rail. In the same way, Metronome’s import and export need no further development—it only needs targets and a switch.”
Also, it was able to avoid the usual pitfalls in launching an autonomous ecosystem, like security breaches or bugs.
Aside from the continuous “targeting” of different blockchains, Metronome is constantly refining its Metronome Wallet and Explorer, as well as writing a technical document detailing how a cross-chain portability works.
Furthermore, the team iterated that the token’s sale did not benefit the creators at all, at least not financially. After all, “Metronome belongs to the community, not the authors,” saying that it has no more influence over the code base than any other participant in the community.