If I understand correctly, who will participate last in the auction that will buy the cheapest coin, everyone will wait for the end.
Hello, Correct, the price descends with time. This allows purchasers to purchase at the price they deem fair, provided there is supply available at that price. Thanks! |
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There are creative ideas, but they need to be perfected, as you say there are similar auctions in the Netherlands that can be used for reference. But the real implementation is different, let alone the more complex code world.
Hello, Happy to hear you like the concepts behind Metronome. Let's see if I can help explain how the auction will work a little better. So this is actually covered in the Owner's Manual, FAQ, and other supporting documentation. Auction mechanics are as follows: No traditional hardcap because of the descending price auction. The Initial supply auction will last up to a week, with 8 million MTN available for purchase. The starting price in the initial supply auction will be (an intentionally high) 2 ETH per MTN, and it will descend by 0.0001984320568 ETH every 60 seconds toward its (intentionally low) floor price of 0.0000033 ETH, as long as the auction is open and there are still MTN available for purchase. So market price is discovered via a descending price auction. Should a purchaser deem a given price too high or unfair, they can wait for the price to descend to a level they agree with and purchase then -- provided there is supply left You can read more about how descending price auctions (specifically the daily supply lots) work here: https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71You can check out the quick glance price chart (for the initial supply auction) the team put out here: https://medium.com/@MetronomeToken/metronomes-initial-supply-auction-quick-glance-price-chart-c9132595871eThanks! |
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"I believe its subscription function may be its most used feature. This is a unique and new aspect in the blockchain space and could pave the way for cryptocurrencies being used more frequently as actual currencies. There is a lot of subscription based content in the world, and you should be able to pay for it with cryptocurrency."Manoj Patidar
after reading this article, I decided to join. but I think it's going to be a very different ICO. will we be able to buy all of them at the price that was purchased on the first day? what kind of loop will it be? what will be the advantage between the investor who buys the first day and the investor who buys the last day?
Happy you enjoyed Manoj's Metronome Minute! All 8 million of the initial supply will be available for purchase at any point in the Initial Supply Auction, supply permitting. Auction mechanics are as follows: No traditional hardcap because of the descending price auction. The Initial supply auction will last up to a week, with 8 million MTN available for purchase. The starting price in the initial supply auction will be (an intentionally high) 2 ETH per MTN, and it will descend by 0.0001984320568 ETH every 60 seconds toward its (intentionally low) floor price of 0.0000033 ETH, as long as the auction is open and there are still MTN available for purchase. So market price is discovered via a descending price auction. Should a purchaser deem a given price too high or unfair, they can wait for the price to descend to a level they agree with and purchase then -- provided there is supply left You can read more about how descending price auctions (specifically the daily supply lots) work here: https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71You can check out the quick glance price chart (for the initial supply auction) the team put out here: https://medium.com/@MetronomeToken/metronomes-initial-supply-auction-quick-glance-price-chart-c9132595871eNo minimum purchase outside of gas requirements for a successful transaction Thanks! |
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will you have a bounty program? i am interested
Hello, No, there is no bounty program. Thanks! |
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It is noteworthy that the supply way of Metronome token is not fixed, which initially supplied 10 million, and 80% is reverse auctions, coupled with possible inflation.  Correct, the mintage is ongoing. The motivations for this are outlined in the "motivations" section of the Owner's Manual, but I'll post a little bit of it here for you too. "An on-going token supply mintage is theorized to provide sustainability versus other cryptocurrencies whose mintage either is or goes to zero., The Metronome team expects that this will also encourage Metronome owners to use the many payment features of Metronome. Utilizing those use cases, actually using it as a currency, may help solidify its endurance. The Metronome team also believes that an ongoing mintage also dilutes any potential disproportionate amounts purchased at a given time. Through Metronome, the team believes it is engineering something that is built-to-last. Longevity is Metronome’s main goal." Thanks! |
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Metronome this is a very interesting project. The white paper outlines the strategy of building an encrypted currency around the core principles of autonomy, reliability and portability.  Happy to hear that you're interested and you found the Owner's Manual useful and informative! Hope you're doing well today. |
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Metronome – Of Bitcoin Satellites and Built-to-Last Chain-Hopping TokensWe’re joined by Jeff Garzik, who was among the very first developers to work with Satoshi in the early days of Bitcoin. Later, he was a core developer at Bitpay and even tried to put a Bitcoin node on a satellite in space. Today, he is co-founder at Bloq, a company providing enterprise-grade blockchain infrastructure. Bloq recently announced a new project called Metronome that challenges some of the design and governance principles of many public blockchain networks. Metronome is cryptocurrency that sits on top of existing blockchains and aims to allow tokens to easily move from one network to the other. A series of standard blockchain contracts allow for daily descending price auctions to occur automatically, and for users to buy and sell the tokens using a Bancor-like system with built-in liquidity. https://epicenter.tv/episode/224/ An excellent interview, thanks for sharing this here! |
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Thanks for sharing this here! |
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So MTN is being built on eth classic?
nvm, took 2 seconds to read website Happy to hear you found your answer! |
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Looks like a great project with a big user-base! Whitepaper is also very well-detailed. Good job, guys!
Happy to hear you're excited and that you found our content to be helplful. Hope you're doing well! |
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Please advise as to what quantity can be expected per release of each daily supply limit of MTN upon commencement of the descending auction? Presumably, of the entire amount of MTN offered for auction, certain amounts are going to be released in a staggered quantity per day (daily supply limit) until this has all been sold? Also, will there be an individual cap limit ie. as to how much an individual can acquire of the daily supply limit of MTN? Thank you in advance.
So the Metronome Owner's Manual (as well as other documentation) actually covers supply. There will be 10 million on day zero. 8 Million are available for purchase during the initial supply auction. Once the initial supply auction ends, the daily supply lots begin, these mint at the rate which is greater i) 2880 Metronome daily or ii) 2% of the then-outstanding supply annually, ad infinitum. There is no maximum or minimum purchase outside of gas requirements for a successful transaction. Metronome authors do not take proceeds from any of the auctions. Those stay in the ecosystem to provide long-term support for the community (you can read about that more here: https://medium.com/@MetronomeToken/on-metronome-author-retention-and-contract-behavior-73dad8f16494 and here: https://medium.com/@MetronomeToken/proceeds-for-the-community-not-the-authors-d41874d4d41f) Thanks! |
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I cant understand nothing... They have auction for selling own tokens instead ICO? Or their idea to create auction as their product?
So the Initial Supply Auction and Daily Supply Lots are conducted autonomously by the smart contracts and this is how Metronome enters the ecosystem. Metronome is a cryptocurrency, and its auction attempts to distribute at market price, at the price purchasers deem fair. |
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very interesting proecut. I want to understand how and where it will be possible to get tokens, how will ico go?
We'll release more detailed instructions about participation in the target late early March 2018 auction closer to it (including gas and contract address), but at a high level the process will look like this: a purchaser deems a given price fair, then sends ETH from an ERC20 compatible wallet to the Metronome auction contract at that time. They will then receive their Metronome almost immediately after the purchase. All auctions are on-chain, but there will be a dashboard with live auction metrics on metronome.io No need to whitelist or register. All auction opportunities are available to the public. Thanks! |
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this project is really promising)) is there a bounty to take part in?
Hello, there is no bounty program. Happy to hear you find Metronome promising! |
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Really looking forward to the auction. I'm curious about what the average price might be in the end.
Happy to hear you're excited. We'll keep everyone updated with the timeline! |
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Auction descending is an unusual idea, but is it necessary? I read the article: https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71. With whales, there are no other ways to fight? Why did you choose this method? You can, for example, put a limit on the amount that can be purchased. I do not quite imagine how things will turn out in practice, how long it will last and to what price we reach, it only remains to observe the fact. I will be glad to hear a qualified answer. Hello, Thanks for the question. You can read about the motivations for the descending price auction (among other things) in the "motivations" section of the Owner's Manual. I'll link it for you here: https://metronome.io/pdf/owners_manual.pdfThanks! |
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When will be the token sale ?
Target February Launch |
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A worthy project, stands out from the others I think myself to invest there.
Happy to hear you are excited! |
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