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Author Topic: [ANN] Metronome, an autonomous cryptocurrency with predictable supply  (Read 3562 times)
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jgarzik
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November 23, 2017, 05:47:35 PM
 #1

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 MTN are sold in a 7-day initial descending price auction, followed by 2,880 MTN 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 MTN 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/MTN exchange facility.  The Changer contract holds ETH and MTN balances.  It uses a simplified Bancor-style algorithm to behave like both an exchange and a market maker for ETH/MTN pair.  Users send ETH, receive MTN.  Users send MTN, 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/MTN trading pair.  This creates an incentive for others to deposit MTN and receive ETH, to arbitrage the Changer ETH/MTN pair back to market price.  The Proceeds contract causes the Changer to, indirectly, "buy" MTN every day, essentially a mechanism of community market liquidity support over many decades.  The Proceeds contract is like a slowly deflating balloon.

Users transfer MTN 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.io
Owner's Manual: https://www.metronome.io/pdf/owners_manual.pdf

How to purchase:  Send ETH to ETH auction contract, receive MTN to an ERC20-compatible wallet.

Other resources:
FAQ: https://github.com/MetronomeToken/documentation/blob/master/metronome-faq.md
Article: What is a descending price auction?  https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71

Precise auction date, open source solidity code, and further technical details will be announced in the coming weeks.

Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
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resetoldaccount
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November 23, 2017, 05:56:50 PM
 #2

The way the auction is setup, seems to encourage people to wait for others to go first to reduce the price. Do you have some further reading on the psychology that makes this an effective way to have an auction?
jgarzik
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November 23, 2017, 06:04:53 PM
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The way the auction is setup, seems to encourage people to wait for others to go first to reduce the price. Do you have some further reading on the psychology that makes this an effective way to have an auction?

It is an update on the recently used Dutch auctions, where the closing price is applied to everybody in the Dutch auction, and settlement occurs after auction closes.  Those auctions price below market, because there are some in a Dutch auction that would have paid more, if given the chance.

Metronome's descending price auction is instantly settled, giving everybody access to each price band, to buy (or not) as their market theory and needs dictate.

There is the incentive for an auction participant to wait and buy at a lower price, but a counter-incentive to ensure that you receive some tokens versus fewer/none.


Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
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November 23, 2017, 07:02:48 PM
 #4

How will BTC, ETC, or QTUM investments work with the changer contract?  Will they be converted to eth after the raise?
jgarzik
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November 24, 2017, 12:34:55 AM
 #5

How will BTC, ETC, or QTUM investments work with the changer contract?  Will they be converted to eth after the raise?

Metronome will be deployed to EVM-compatible blockchains.

Thus, Metronome on ETH will have ETH/MTN changer, and users participate in the auctions by sending ETH.  The Proceeds contract stores ETH.  Metronome on ETC will have ETC/MTN changer, and users participate in the auctions by sending ETC.  The Proceeds contract stores ETC.

RSK, presumably pegged to BTC, would be a way to send "BTC" to Metronome, and the Proceeds contract collects RSK (BTC).

So, no conversion.  The blockchain native currency is the one used in the auctions for a given chain.


Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
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November 25, 2017, 02:27:47 AM
 #6

Aloha Jeff,

Can you clarify please.  Sales proceeds go into the "Proceeds Contract".   Of those, 0.25% goes from the Proceeds Contract to the Converter Contract.  It appears to me that the Proceeds Contract should be accumulating over time.  What happens to the ETH/ETH/QTUM/RSK that is held in the Proceeds Contract?  Do they always remain their forever?  Do the get burned?  Distributed?  
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November 26, 2017, 03:42:20 PM
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Innovative project with a serious team. Finally a project that will stand out. I am looking forward to the auction  Cool
jgarzik
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November 27, 2017, 04:22:52 PM
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Aloha Jeff,

Can you clarify please.  Sales proceeds go into the "Proceeds Contract".   Of those, 0.25% goes from the Proceeds Contract to the Converter Contract.  It appears to me that the Proceeds Contract should be accumulating over time.  What happens to the ETH/ETH/QTUM/RSK that is held in the Proceeds Contract?  Do they always remain their forever?  Do the get burned?  Distributed?  

For the ethereum chain,
Every day, 0.25% of the total current ETH balance inside the Proceeds Contract is sent to the Changer, ad infinitum.

If the ETH balance is large, 0.25% of a large balance is moved to the Changer.  If the ETH balance is small, 0.25% of a small balance is moved.

This process is repeated on every chain (ETC, RSK, QTUM) in parallel, by a parallel set of contracts running on the ETC/RSK/QTUM chains.   The Proceeds contract on the ETC chains holds an ETC balance, and sends ETC from Proceeds to ETC/MTN Changer.
The Proceeds contract on the QTUM chains holds a QTUM balance, and sends QTUM from Proceeds to QTUM/MTN Changer.

So, 100% of proceeds accumulates in each Proceeds contract, and a small percentage of that new total is moved daily to each Changer contract.


Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
rpgmasters
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November 27, 2017, 04:57:40 PM
 #9

My opinion is, you need to use the auction system, as it was in the Raiden Network.
The current scheme can be used for fraud by various stakeholders.
1) A fraudster can register 1000 wallets and simultaneously send an aired at the right topic, choosing the right price for yourself.
2) Those people who buy in the beginning will suffer very much and will lose all their savings.


P.s. Very nice idea and very bad token-sale process atm in my opinion.

ghoom2
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November 27, 2017, 07:32:29 PM
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Precise auction date, open source solidity code, and further technical details will be announced in the coming weeks.

Days, weeks, months ?

agreetag
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November 28, 2017, 01:53:58 PM
 #11

Where to buy tokens?
MTNToken
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November 29, 2017, 10:15:45 PM
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Precise auction date, open source solidity code, and further technical details will be announced in the coming weeks.

Days, weeks, months ?

The target launch date has been set for February 5th, 2018. Read more about that, and other announcements here: https://medium.com/@MetronomeToken/metronome-announcements-at-coindesk-invest-b6bd7d1071fd
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November 30, 2017, 03:59:34 PM
 #13

Where to buy tokens?

Once launched, purchasers can purchase MTN from the Initial Supply Auction, the Daily Supply Lots, from the Autonomous Converter Contract (AKA "Changer"), and from any exchange which chooses to support it.

Community members may also mine MTN through the Metronome Mining Service.

edit: removed needless quotation marks.
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November 30, 2017, 06:27:11 PM
 #14

This project looks promising,  I am looking forward to the auction and I will gladly start studying the project  Wink

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December 02, 2017, 11:08:18 AM
 #15

Any changes with the auction?

MTNToken
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December 02, 2017, 03:58:28 PM
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This project looks promising,  I am looking forward to the auction and I will gladly start studying the project  Wink

Glad you're looking forward to it! We'll be providing additional educational materials for the Metronome community between now and Feb.
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December 02, 2017, 04:06:09 PM
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Any changes with the auction?

The target date has been set for Feb 5, 2018. There are a few other announcements that were made recently as well. Feel free to read about them here: https://medium.com/@MetronomeToken/metronome-announcements-at-coindesk-invest-b6bd7d1071fd
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December 04, 2017, 04:47:36 PM
 #18

My opinion is, you need to use the auction system, as it was in the Raiden Network.
The current scheme can be used for fraud by various stakeholders.
1) A fraudster can register 1000 wallets and simultaneously send an aired at the right topic, choosing the right price for yourself.
2) Those people who buy in the beginning will suffer very much and will lose all their savings.


P.s. Very nice idea and very bad token-sale process atm in my opinion.


Hello,

Have you gotten any further info about the issues you noted with this auction process?

I'm interested in this coin but I do not like the potential issue you noted.

I noticed the OP did not respond in this thread after you brought up the potential fraud issue, very concerning as a potential buyer. 
focusedsynchronous
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December 05, 2017, 07:14:07 PM
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Is there any Slack/Telegram group to talk with the dev easily???
MTNToken
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December 05, 2017, 08:35:51 PM
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Is there any Slack/Telegram group to talk with the dev easily???

Come join the conversation on Metronome's Telegram: https://t.me/metronometoken
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