Metronome Update — November 2018

November offered the Metronome community a lot to be excited about: The launch of the mobile app for iOS and Android, Jeff Garzik’s AMA in the Metronome Telegram, the addition of Metronome to the Messari open disclosures registry, and in-person community-building opportunities.

Let’s review:

Jeff Garzik AMA

On November 20, 2018, Metronome’s chief designer Jeff Garzik hosted an “Ask Me Anything (AMA)” on the Metronome Telegram channel. It was an excellent opportunity for the community to come together and discuss Metronome to hear from one of its creators. The topics ranged from technical to strategic. Overall the discussion was productive and illuminating.

The team wanted to have a quick wrap-up for those who could not attend or did not know about the AMA. While one can always go back and read through the AMA, here are the main themes and topics discussed:

Core Functionality

A few community members had questions about the basic operation of the Metronome contract set. Parts of the discussion focused on how the contracts work together and how proceeds are utilized in the system.

Jeff explained, “The funds raised went to a smart contract… that’s part of the unique aspect [of Metronome] The funds raised do not go to the team”

All proceeds from all auctions — both daily supply lot and the Initial Supply Auction — are stored in the `Proceeds` contract and drip at a rate of 25 basis points (of the contract’s contents) daily to the `Autonomous Converter Contract`. What’s more is that this will happen on every chain that Metronome exists on, because each chain will have its own set of contracts.

“Home Chain Advantage”

A few community members asked about if there would be an initial “ETH advantage” because of the ISA’s proceeds and the ACC on the ETH chain having more time to accrue a larger amount of both ETH and MET. Jeff answered, “If everybody moves their tokens to a new chain, the daily auctions move in proportion to those new chains — The original proceeds still remain on the 1st chain of course.”

While it will take time to build up the ACCs of other chains to the comparable sizes to ETH’s currently, it’s not an impossibility. Considering that the majority of the ISA proceeds will have gone into the ACC in just a few years, most chains will have a similar playing field for auctions filling their “Proceeds” contracts.

Validators and New Chains

Jeff also discussed portability and the addition of new chains. Teasing the information in the upcoming validator technical document, Jeff outlined, “Ideally as many as 5 [validators at the beginning]. However, finding people who will take on that function is not easy, so we might not have 5 to start… In later phases, you simply need to be able to create a functioning smart contract system that is compatible with the metronome rules. In the early days we are looking to the community for feedback on who should run validators.” He added, “Metronome is still unique in that it can cross chains without any adaptive technology… All you need are smart contracts to create a new lily pad hosting metronome on your blockchain.”

He also let the community know, as an exclusive, that the iOS and Android versions of the Metronome wallet were available for download.

Mobile Wallets for Metronome

The team was extremely excited to release the mobile wallets to the community. After an intense round of audits the Metronome community can now enjoy a greater range of Metronome capabilities on mobile.

A previous post and press release cover the significance of this wallet release to the team and community. Again, you can download it from the Apple App Store and Google Play Store.

Jordan in Oslo, Dariusz in Toronto

A few team members were also able to get out and talk to the community. Jordan presented Metronome at CryptoFinance2018 and hosted a meetup in Oslo. Dariusz was in Toronto, demonstrating how the contracts and mobile wallet work to CryptoCamp, hosted at Deloitte’s Toronto Offices.

The team is still looking for more meetups and places to present Metronome, and are opened to suggestions.

Conclusion

Between the AMAs, the talks, and the mobile wallet release, November has been an eventful month for Metronome. Be sure to keep up with the latest by following Metronome on Twitter and participating in the community via Telegram.