Upcoming ICO: Bloq Launches Blockchain-Hopping Cryptocurrency Metronome
Blockchain technology company Bloq announced plans to debut the Metronome (MTN) cryptocurrency, which the startup says is the first of its kind that can jump blockchains. The token, which is designed for store of value (similar to bitcoin), payments and transactions, is scheduled to make its debut in an upcoming ICO in December.
Bloq describes the upcoming ICO as an autonomous descending price auction (DPA), and it’s generating a lot of buzz. Execs at the blockchain startup made the official announcement for the new cryptocurrency at the widely publicized Money 20/20 event in Las Vegas today. In a DPA, the price starts off high and then gets slashed as the auction process unfolds until either all of the tokens are sold or a bottom is reached.
The management team behind the Metronome cryptocurrency are industry veterans, having participated in the development of bitcoin.
Metronome is being touted for its ability to essentially jump from one blockchain to another, which is expected to ensure the longevity of the cryptocurrency for generations. Jeff Garzik, Bloq founder and one of the developers behind the bitcoin blockchain, gives Bloomberg the example of “infighting” at a blockchain company to underscore the importance of the cryptocurrency’s mobility. If a given blockchain should fail for any reason, the Metronome is compatible with other blockchains, with removes an element of risk for investors.
Upcoming Bloq ICO the Antidote?
The timing of this upcoming ICO, or autonomous descending price auction, couldn’t be better. Upcoming ICO participants were spooked by the fighting that’s unfolding in the wake of the Tezos ICO, and the versatility of the Metronome cryptocurrency could just be part of the antidote.
Meanwhile, one of the criticisms of cryptocurrencies including upcoming ICOs is that they haven’t garnered a notable level of institutional investor interest. The upcoming Bloq ICO could change this, according to one of the co-founders of the startup. Matthew Roszak told Bloomberg that Metronome is a “thousand-year cryptocurrency” and the longevity factor could just be what hedge funds and other institutions need to take the plunge.
Bloq will introduce 10 million MTN tokens to start with an additional 8 million being sold in the DPA for ether. The startup will keep 2 million MTN tokens and declines ETH proceeds from the auction. Proceeds will be sent to a contract and will be used for liquidity purposes.