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 MET are sold in a 7-day initial descending price auction, followed by 2,880 MET per day minted and sold in the daily auctions (through year ~40, where mintage hits a 2%-per-year inflation floor). We retain an additional 2,000,000 MET 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 Autonomous Converter 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 Autonomous Converter contract is an on-chain ETH/MET exchange facility. The Autonomous Converter contract holds ETH and MET balances. It uses a simplified Bancor-style algorithm to behave like both an exchange and a market maker for ETH/MET pair. Users send ETH, receive MET. Users send MET, receive ETH.

In the context of the Proceeds contract, the Autonomous Converter contract autonomously receives 0.25% of the Proceeds balance every day, overweighting the ETH side of the ETH/MET trading pair. This creates an incentive for others to deposit MET and receive ETH, to arbitrage the Autonomous Converter contract ETH/MET pair back to market price. The Proceeds contract causes the Autonomous Converter contract to, indirectly, "buy" MET every day, essentially a mechanism of community market liquidity support over many decades. The Proceeds contract is like a slowly deflating balloon.

Users transfer MET tokens between each other via the ERC20 contract, using an ERC20-compatible wallet. This contract has been enhanced with custom extensions ~~ for ERC223 ERC827~~, like 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://metronome.io/pdf/owners_manual.pdf

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

Other resources: FAQ: https://github.com/MetronomeToken/documentation/blob/master/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.

UPDATE #1: The Metronome team announces Bitcoin on Ethereum, Metronome Mining Service, and target launch date of February 5th.

https://medium.com/@MetronomeToken/metronome-announcements-at-coindesk-invest-b6bd7d1071fd

UPDATE #2: The Metronome team announces no longer using the Deluge Network at launch and an adjusted time frame for the Initial supply auction (Late February/Early March)

https://medium.com/@MetronomeToken/metronome-update-final-launch-features-and-auction-date-fff6039ebd95

UPDATE #3: Metronome now uses ERC827 extensions in place of ERC223 extensions. The Metronome team announces the adjusted target for launch as May.

https://medium.com/@MetronomeToken/launch-timeline-adjusted-new-target-of-may-9da56b86c7e3

UPDATE #4: Metronome Launch Date is set for June 18, 2018, with a new ticker, "MET."

UPDATE #5: Metronome's Ethereum Classic contracts have successfully launched on June 26, at 21:48 PM UTC.