Metronome is a fascinating new cryptocurrency proposal being set forth by Bloq CEO Jeff Garzik. The main idea of metronome is to create a crypto asset that can exist on a variety of different blockchains instead of being native to one specific blockchain much like Bitcoin is native to the Bitcoin blockchain and Ether is native to the Ethereum blockchain. If Garzik is able to succeed in the pursuit of this goal, it will be the first token of its kind that can effectively jump from one blockchain to another at the will of the holder.
There are several key advantages to owning a crypto asset like metronome. In the current world of blockchain, cryptocurrencies that are native and exclusive to a specific blockchain are tied to the consequences of decisions made by managers or the community at large of the relevant blockchain. A rider currency like metronome frees the owner from the consequences of actions taken by any one blockchain and allows them to simply switch to another blockchain per their preference. To illustrate this, consider the proposed switch of the Ethereum blockchain from a PoW verification process to PoS. If you hold Ether, you’re tied to the consequences of whatever the managers of Ethereum decide to do, but with a cryptocurrency like Metronome — at least in concept — if you disagreed with an update being applied to the Ethereum blockchain, you could simply switch to another and not have to worry about it!
The one caveat to the Metronome project that is immediately apparent is that the cryptocurrency will only be able to operate on blockchains that are compatible with the Ethereum Virtual Machine. This could theoretically include the Bitcoin blockchain via the CounterPart port, but it is still unclear whether or not this will in fact be a possibility.
If the metronome project interests you, have a look at the website and let us know what you think by commenting below!