Metronome

Metronome (ticker symbol: MTN) is a an open-source cryptocurrency project focused on self-governance and cross-blockchain portability. Development of the protocol is led by former blockchain firm Bloq founders Jeff Garzik and Matthew Roszak as well as Peter Vessenes.

Source: Epicenter.tv interview of metronome founder Jeff Garzik

Metronome will be funded through an initial supply auction in which 10,000,000 tokens are allocated to investors through a descending price auction.

The Metronome blockchain is designed allow MTN token holders to run metronome smart contracts on any EVM compatible blockchain.

Metronome is a new cryptocurrency, engineered for self-governance and longevity, long term-reliability, and maximum portability. Designed for institution-level endurance, Metronome incorporates lessons learned from other cryptocurrencies that came before it, and is designed to be used for the next 100 years and beyond. We believe Metronome is the 1,000 year cryptocurrency.

As part of the Metronome team's goal of providing fairer, more equal access to auction opportunities and MET supply, Metronome's Initial Supply Auction and Daily Supply Lot will utilize a descending price auction (DPA). This model is different than traditional auctions, and deserves some explanation. In a descending price auction, 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. Metronome employs DPAs in an effort to establish transparent and predictable pricing.17

The starting price in the Initial Supply Auction will be 2 ETH per MET. As long as the auction is open and there are still MET available for purchase, the price descends by 0.0001984320568 ETH every 60 seconds, toward its floor price of 0.0000033 ETH.

Purchasers purchase Metronome cryptocurrency in real time and will receive their Metronome almost immediately after purchase. Metronome purchased during the Initial Supply Auction will not be transferable until the close of the Initial Supply Auction, while Metronome purchased during the Daily Supply Lots will be transferable immediately upon receipt.

The Metronome team believes conducting the auction this way provides purchasers with the opportunity to purchase MET at the price they see as fair, provided there are MET available for purchase at that price. The Metronome team believes that a descending price auction will also provide more accurate market price discovery than a pure dutch "everyone gets final price" auction, simply because if purchasers are willing to pay above that price, then the final price is inherently undervalued.

This method also may reduce the chance of whales and other large players in the auction from soaking up massive amounts of MET, since purchasing a disproportionately large amount of MET would potentially be more expensive than the emergent market price. A pure dutch auction would still disproportionately distribute MET to early purchasers.

Although many supply purchase scenarios are possible, one is worth highlighting: a slow trickle followed by a sudden waterfall. In this scenario, purchasers purchase a small quantity of supply at higher prices. Once the pricing falls below some threshold, the remaining supply might be consumed rapidly.