Jeff Garzik Develops Cryptocurrency Designed to Last Forever

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Jeff Garzik Develops Cryptocurrency Designed to Last Forever

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Jeff Garzik, one of the earliest developers of Bitcoin who participated in Bitcoin development between 2010 and 2015, has created and is launching a cryptocurrency named Metronome. The motto of Metronome is “The Built-to-Last Cryptocurrency”, and indeed it is specifically designed to survive as long as blockchains exist.

Metronome is designed for cross-blockchain portability. A user can decide to transfer their Metronome from one blockchain to another. For example, a user can have their Metronome on the Ethereum blockchain and transfer it to the Bitcoin blockchain. The user removes their tokens from the Metronome supply on the origin blockchain and receives a proof of exit Merkle receipt. This receipt is then used to activate the Metronome smart contract on the destination blockchain.

Essentially, users can choose the best blockchain to keep their Metronome on. Currently, the most secure and popular blockchains are Bitcoin and Ethereum, so those are the blockchains that most Metronome users will probably choose. In the far future, Bitcoin and Ethereum may become obsolete, but Metronome would keep on going since users can simply migrate to the new optimal blockchain.

The cross-blockchain portability technology that Metronome has put into operational use might be essential when quantum computers become a threat in the future. As things are now, the Bitcoin blockchain is theorized to inevitably be compromised by quantum attacks. But if a Metronome-esque protocol is adopted, perhaps Bitcoin can be moved to a quantum blockchain.

A one-week Metronome initial coin offering (ICO) is ongoing as of this writing. It uses the Dutch Auction technique where prices descend with time until a buyer is found. The price started at ETH 2 per Metronome – over USD 1,000 – but is declining continuously until it reaches prices less than a penny or is sold out.

The developers chose the Dutch Auction technique to hinder whales from purchasing all the Metronome, so that everyone gets a fair shot at purchasing coins.

 

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