We are pleased to announce Metronome, a new cryptocurrency with an autonomous global supply and the ability to import/export across blockchains (a blockchain-on-blockchain approach).
Metronome attempts to create a stable, predictable money supply ad infinitum, using daily descending price auctions to distribute the token supply at market prices. Through the
Auction contract, an initial 8,000,000 MET are sold in a 7-day initial descending price auction, followed by 2,880 MET per day minted and sold in the daily auctions (through year ~30, where mintage hits a 2%-per-year inflation floor). We retain an additional 2,000,000 MET for a one-time compensation, 75% of which is locked up for up to 3 years.
The ETH (or ETC or QTUM or BTC) received in the daily auctions is stored in a
Proceeds contract on the blockchain. This Proceeds contract acts like a savings account, holding the auction proceeds (token sale proceeds), and then feeds 0.25% of the total Proceeds balance to another contract, the Changer contract. tl;dr the raise goes to the community long term, zero back to us.
The goal is a fair distribution, to the public, at market prices. There is no pre-sale or special access discount. All of the "raise" goes back to the community. Metronome is quite different from any traditional ICO.
The
Changer contract is an on-chain ETH/MET exchange facility. The Changer contract holds ETH and MET balances. It uses a simplified Bancor-style algorithm to behave like both an exchange and a market maker for ETH/MET pair. Users send ETH, receive MET. Users send MET, receive ETH.
In the context of the Proceeds contract, the changer autonomously receives 0.25% of the Proceeds balance every day, overweighting the ETH side of the ETH/MET trading pair. This creates an incentive for others to deposit MET and receive ETH, to arbitrage the Changer ETH/MET pair back to market price. The Proceeds contract causes the Changer to, indirectly, "buy" MET every day, essentially a mechanism of community market liquidity support over many decades. The Proceeds contract is like a slowly deflating balloon.
Users transfer MET tokens between each other via the
ERC20 contract, using an ERC20-compatible wallet. This contract has been enhanced with extensions for ERC223, MassPay (multiple transfers in one transaction, lowering mass-payout fees), and a unique on-blockchain subscription extension.
Website:
https://www.metronome.ioOwner's Manual:
https://github.com/autonomoussoftware/documentation/blob/master/owners_manual/owners_manual.mdHow to purchase: Send ETH to ETH auction contract, receive MET to an ERC20-compatible wallet.
Other resources:
FAQ:
https://github.com/autonomoussoftware/documentation/blob/master/FAQ.mdArticle: What is a descending price auction?
https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71Update: The initial public auction is now live!Update: Source code is available at https://github.com/autonomoussoftware
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