Blockchain Startup to Launch Metronome, ‘World’s First’ Cross-Blockchain Cryptocurrency

Bloq, a U.S. blockchain technology company, on Monday announced the upcoming launch of Metronome (MTN), which it called “the world’s first cross-blockchain cryptocurrency.”The cryptocurrency is expected to launch in early December 2017.

According to Bloq, Metronome’s cross-blockchain capability uses a proof-of-exit receipt when users leave one blockchain, which enables them to enter another. The MTN token will be issued first on the Ethereum network, with Ethereum Classic, Rootstock on Bitcoin and Qtum support expected to follow, said Bloq.

This will allow users to select the blockchain that suits their requirements for governance and security, or even upgrade the MTN contract if needed, the company stated. MTN tokens will be managed by its user community, with the system managed by autonomous smart contracts. According to Bloq, there will be no third party with any special privileges either within the system or in the MTN marketplace.

“With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations,” said Jeff Garzik, CEO and co-founder of Bloq, chief designer of Metronome, and one of the earliest Bitcoin developers. “To accomplish this, we recognized early on that allowing users the freedom to select which blockchain most closely aligns with what they value was not only an important feature, but a vital one if we were to realize the Metronome vision.”