[ANN] Metronome, an autonomous cryptocurrency with predictable supply

[Ukraine2020]

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.

Good luck, Jeff!

[Ukraine2020]

MTN or MET?

[DenCho?]

MTN or MET?

I had the same question) I think between ANN and ICO release some other project released coin with ticker MTN and they had to change their initial plan. Why they did not change it in the text of ANN - another question)

[panterapontera]

So they will have an auction without hardcap? It shows how developers greedy and unproffesional. They must have hardcap with detailed business plan as any other ICO.

Hard cap:   The auction has a hard cap.  The auction starts at the hard cap and counts down.  8M MET * 2 ETH price is maximum.

The roadmap is on the website.  This is one of the more professional projects in the space.

It is different from all other ICOs, so it takes some time to understand.

Please, do we need to increase the standard gas limit to send ETH to your contract address in this ICO?  myetherwallet and most others have standard limit of 21000, is this enough gas or does it need increasing?

[jgarzik]

Updated OP to reflect MET ticker and live auction.

[jgarzik]

Please, do we need to increase the standard gas limit to send ETH to your contract address in this ICO?  myetherwallet and most others have standard limit of 21000, is this enough gas or does it need increasing?

It can help to increase the gas limit, yes.  It is not required.

[DenCho?]

Please, do we need to increase the standard gas limit to send ETH to your contract address in this ICO?  myetherwallet and most others have standard limit of 21000, is this enough gas or does it need increasing?

It can help to increase the gas limit, yes.  It is not required.

@jgarzik Do you really think these questions are so stupid and unimportant to ignore them?

Hello

1. From user manual I did not understand how new blocks will appear, how transactions will be verified in one chain? There were some words about POS+POW hybrid system, but nothing more about mining.
2. One more thing, how decisions about development will be made after net launch? Just forum wars and conferences? Or some kind of DAO is envisaged?
3. How will be chosen who validate and provide exporting tokens (cross chain)?
4. How will correlate changes in balances on different blockchains if speed depends on network characteristics as it is said?

I'm very interested in these questions. Your ICO is really non-standard and it's not bad, but people want to know some technical details, but you did not share your white paper(

Thank you

[panterapontera]

Please, do we need to increase the standard gas limit to send ETH to your contract address in this ICO?  myetherwallet and most others have standard limit of 21000, is this enough gas or does it need increasing?

It can help to increase the gas limit, yes.  It is not required.

Thank you. Now I understand for the ico. can you please tell me where the price for the very first daily supply lot auction after that is determined from?

[MTNToken]

The Initial Supply Auction and first Daily Supply Lot have ended!

https://medium.com/@MetronomeToken/the-end-of-the-initial-supply-auction-2932962bdadb

[Highquality]

MTN or MET?

Token Metronome

Contract:   0xa3d58c4E56fedCae3a7c43A725aeE9A71F0ece4e

Symbol:     MET

Decimals:   18


Ethplorer:   https://ethplorer.io/address/0xa3d58c4e56fedcae3a7c43a725aee9a71f0ece4e

[panterapontera]

The Initial Supply Auction and first Daily Supply Lot have ended!

https://medium.com/@MetronomeToken/the-end-of-the-initial-supply-auction-2932962bdadb

this auction supposed stop whales - couple of whales bought up almost all token with 15 minutes left to go. Pointless bother with metronome now!  Also price only $2.75 to buy freely now...out of 7 day long descending auction, everyone who bought tokens in first 6 days 23 hr and 30min ended up paying more than market price now!  they must be so happy haha

anyway this is dead. look at this thread not single post during auction. no-one cares metronome. whales and dev team (devs have 20% of it) will sell bit by bit for eth whenever price rises. whales + dev team have nearly all tokens. token is already dead.

[European Central Bank]

https://twitter.com/_sanzun/status/1011035293477167104

yep. mr g's golden touch hits again. i guess united bitcoin wasn't quite done in an irritating and buggy enough way.

one hell of a future ahead for this puppy.

[MTNToken]

Technical Note to the Metronome Community

https://medium.com/@MetronomeToken/technical-note-to-the-metronome-community-1159d97b0fe6

[gembira]

What minimum price was at ICO? And how much they raised at token sale? They going to list MET to some biggest exchanges?

[dreamax25]

Metronome is now trading on Idex and gate.io. The ICO price was around $1.3, now the current trading price is around $2.5 which results in an ROI of 100%.
https://coincodex.com/crypto/metronome/

Despite the bear market and all other ICO's resolving a negative ROI, is good to see some positive ROI after all the negative ones.  

[panterapontera]

this not good!! why you lie?  all who bought in auction before 25mins to end have paid more than market price hahaha

fallen 16% today on the dex's!

great project like united bitcoin!

[panterapontera]

What minimum price was at ICO? And how much they raised at token sale? They going to list MET to some biggest exchanges?

min was $1.27 but was taken by whale who bought 25% of total supply!  auction 7 days. all who bought before 6 days 23hr 35mins lost money to today's price which has also fallen 16% today by the whales who start part dump with massive sell walls!

metronome failed project no good hyping saying same number as coins as btc so worth thousands like they say telegram group!  i make coin 1,000,000 supply it worth $100,000?!

haha metronome dead token. even wallet not work properly.

[21joker]

Hi friends!

Metronome is now listed on Bitgur price index - https://bitgur.com/coin/MET2! You can add it to customizable watchlist and create advanced price alerts.

Coin Tracking
There is Coin Tracking Alert in Bitgur Alerts. Add it once and you will receive important information about Metronome. Price change, unusual volume, new listings, general news, and events.

We can send notifications by telegram, e-mail or browser push notification. You will find Coin Tracking alert in our alerting system.
URL: https://bitgur.com/alerts

Volume Profile
We have a unique financial chart called Volume Profile. This tool is indispensable for determining resistance and support levels.
URL: https://bitgur.com/coin/MET2/chart

Modern-style website widget
You can add our awesome widget.
URL: https://bitgur.com/widgets

Customizable watchlist
You can create your custom cryptocurrency watchlist using 35 financial indicators or charts and select their display order in the table.
URL: https://bitgur.com/watchlist

[MTNToken]

Metronome Wallet v1.1.0 update was just released! Some minor updates and the inclusion of a price limiter on the Autonomous Converter tab.

If you are using a Mac - It will auto-update, just exit and reload

If you are using Linux or Windows - You will need to download it again

Make sure you have your seed phrase and password stored safely!

metronome.io/apps/

[MTNToken]

Today’s Metronome Daily Supply Lot: 2880 MET

Open 0.022028 ETH ($10.16), Final 0.008479 ETH ($3.66)

1 hr 35 min elapsed

Tomorrow open 0.016957 ETH ($7.32)

metronome.io