“We’ve Built A Thousand-Year Cryptocurrency” – And It Works On Multiple Blockchains
by Tyler Durden
ZeroHedge.com
Oct 25, 2017
Jeff Garzik’s start-up, Bloq, is launching a new cryptocurrency which can switch between blockchains. As Coindesk reports
Long a controversial figure at the center of the debate on how best to scale the public bitcoin blockchain, Garzik’s company is today announcing what it believes will be a solution to the infighting he perceives as keeping money out of the established cryptocurrency market.
Revealed at Money2020 in Las Vegas, Bloq is unveiling metronome, a cryptocurrency that seeks to claim a series of firsts in crypto-economics, including offering users the ability to switch the same token back and forth between blockchains as desired.
“It’s sort of a best-of-all-worlds cryptocurrency,” Garzik said, describing it as a ‘boxcar’ that could ride on top of any compatible blockchain.
Bloomberg explains
Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings first hand. So he decided to create a better digital currency.
He’s calling it Metronome and says it will be the first that can jump between different blockchains. For example, coins that are used for applications on the Ethereum blockchain will be able to move to Ethereum Classic before jumping onto Qtum or Rootstock, which connects with the bitcoin blockchain, said Garzik. The mobility means that if one blockchain dies out as the result of infighting among developers or slackened use, metronome owners can move their holdings elsewhere. That should help the coins retain value, and ensure their longevity.
Bloq’s co-founder, Matthew Roszak, expects the new cryptocurrency to attract interest from institutional investors, as he explained to Coindesk
“Roszak believes this sophisticated automation will encourage large investors who have yet to put money into public cryptocurrencies for fear of the seemingly erratic decision-making by developer groups to do so. When they analyze cryptocurrency, the analysts, engineers and economists sitting at the committee, they’re saying they pick the top two – bitcoin and ether. Then they say, well there’s forks, ‘civil wars,’ ‘proof of Vitalik,’ Roszak posited.
‘They’re cryptographically secure but these components create surprise and risk.’ In contrast, Roszak framed the Metronome token as ‘fixed and locked in stone,’ attributes he suggested should counter these concerns. Equally unique, however, is how the token will seek to operate on launch. As described in its announcement materials, metronome is opening with an initial auction of 10 million MTN, with 8 million MTN being made available to the public and 2 million being set aside for Bloq as the principal development team.
The Rest…HERE
