First Anniversary, First Chainhop
After months of testing, auditing, building, and onboarding, the Metronome team is ready to enable cross-blockchain “chainhop” MET transfers between Ethereum and Ethereum Classic on June 26th. This means the Metronome smart contract set on Ethereum Classic will be deployed as the second “lily pad,” with more to come. At one year since the close of the Initial Supply Auction, plus a few days, Metronome has essentially reached “1.0” status.
Metronome’s First Anniversary
Metronome has operated as designed ever since launch — as a fully autonomous cryptocurrency system with predictable mintage, unique features (e.g., mass pay, subscription), and on-chain ETH-MET-ETH exchange via its Autonomous Converter Contract. It was, in pretty much all of the ways that count, “distributed finance” before “DeFi” became our industry’s latest buzzword.
Through all of that, though, the aspect of Metronome that most excited people was the notion of the chainhop — the ability to move a digital asset from one blockchain to another.
Since then, the team has been diligently working to make chainhops a reality. We often use the maxim “measure twice, cut once” as a guiding principle. You can see this approach reflected in the following core resources:
- GitHub
- Owner’s Manual (English, Chinese (Simplified), Japanese, Korean, and Russian)
- Validator Document
With chainhop capability, the foundational core of the Metronome endurance and governance mission is complete. Now, it comes down to adding more chains — with QTUM and RSK next on our list.
Next Steps
Today, a Metronome lily pad will be deployed on the Ethereum Classic chain and, following 48 hours, will be used to allow Validators to switch from testnets to mainnets. Once the timestamp has passed, chainhop transfers by users are possible. This is the realization of Metronome’s third core design feature — primarily Portability — but also supports the team’s goals for delivering unique levels of Self-governance and Reliability.
The daily mintage of 2,880 MET will fluctuate between these two chains as their respective shares of the global supply increase and decrease. The Autonomous Converter Contract (ACC) on Ethereum will have a sister ACC living on Ethereum Classic, giving the community even more places to purchase and use MET.
This is just the beginning. Work on other chains continues and the community continues to identify other chains where they wish to see Metronome contracts deployed.
More on this topic very soon.
Jeff Garzik is chief designer of Metronome
Edit: clarity
