Metronome ICO Review
Bitcoin and ethereum among other cryptocurrencies have created a lot of buzz in the crypto space. Rich with features but at the same they do lack in some aspects as well, one of them being the non-ability of these cryptos to get transferred to other blockchains. With this idea in mind, a new ICO project is planning to enter the cryptocurrency industry. An ambitious project, Metronome ICO aims to become the first crypto that can be transferred across different blockchains while targeting the portability, speed and volatility features of the crypto market. Pretty aspiring ICO project, right! But is it really worth your investment? Let’s explore this project through our Metronome ICO Review.
- Ticker: MTN
- Token type: ERC20
- Total Tokens: 10,000,000
- Start of Initial Auction Date: May 2018
- End of Initial Auction Date: Will Last 7 Days
- Available for Token Sale: 80%
- Accepts: ETH
Metronome (MTN): The built-to-last Cryptocurrency
Metronome is working towards creating a cryptocurrency that can be transferred across different blockchains. The aim is to negate the isolation of different blockchains, existing price volatility and low transaction speed persistent in the crypto marketspace through portability, reliability, and self-governance.
The Metronome ICO project defines itself as a “new cryptocurrency, engineered for institutional-level endurance.” It even claims to offer equal access opportunity for the public but zero privileges to the founders while having a reliable token supply.
With longevity as its main goal, the team believes to be engineering a crypto that is built-to-last.
The evaluation time!!
The whitepaper or owner’s manual provides a scenario to let the potential investors know what they will be getting into. However, when it comes to the technical details of the project, we found it to be lacking.
It doesn’t provide the essential information which is how the idea would be implemented. Another negative factor for the project is the lack of a prototype. Though the team members have a strong and popular background, it doesn’t have a prototype for investors to understand the project and make their decision to invest.
With the goal of cross-blockchain cryptocurrency, the whitepaper brags “It is the first cryptocurrency that has the potential to be secured by the best blockchain networks, without a permanent commitment to anyone blockchain.”
Unlike other tokens, the supply of Metronome is not limited where 100 percent of the proceeds from the Initial supply Auction remain in the smart contract system.
Moreover, the company mentions that 100 percent proceeds from the initial auction will be used in supporting the community. Though it’s a nice thought, a proper bifurcation of the funds budgeting would have given a far more clear picture.
A High Profile Team
Having a team of 15 people, the project does pack a punch in terms of talent and experience. Comprising of data scientists, principal engineers, community advocate, marketing and partnerships, skilled professionals are contributing to this project.
- Jeff Garzik – CEO & Co-Founder, Chief Designer, He is also the co-founder of Bloq, a blockchain firm that develops software and previously worked with BitPay.
- Matthew Roszak – Chairman & Co-Founder, Roszak is the co-founder of Bloq as well and a big name in the blockchain industry.
- Peter Vessenes – He is the Chief Cryptographer of the project.
The project also involves six advisors, all from the different dynamics of blockchain industry. The team definitely has a good following and reputation in the market.
However, there is no social media profile or links to the same available on the website. So, if you want to know about them, scout the internet.
Not to forget a fine list of partners including New Alchemy, Smith + Crown, Jaxx, Delta Strategy Group, Zeppelin Solutions and Perkins Coie.
Business Model: Cross-Blockchain Cryptocurrency
The concept of Metronome is innovative that has huge potential, no doubt. By giving its definition as “a new cryptocurrency, engineered for self-governance and longevity, long term-reliability, and maximum portability”, the project’s idea sure holds a value. Believing it to be “1,000-year cryptocurrency” would be a stretch without having a proper strategy and implementation process laid down.
Metronome is a cryptocurrency just like any other such as bitcoin, ethereum among others with a special feature of cross-blockchain, unlike other cryptos.
Backing Technology: Ethereum Blockchain, ERC827
The Metronome ICO’s concept is cross-blockchain that will allow the owner of Metronome to transfer the MTN across different blockchains. Initially, it will be issued on Ethereum with Ethereum Classic that is expected to follow later on Rootstock on Bitcoin, and Qtum.
Metronome will be using the ERC827 which is the new superset of ERC20. Equipped with latest standards, it offers enhanced security and decentralized transfer. Furthermore, this new standards will allow data and value to transfer as well which wasn’t possible with ERC20.
The whitepaper of the Metronome ICO provides a long list of “Acknowledgements and Disclaimers” where MTN purchaser are provided with a lot of directions and associated risks.
The initial supply of the token would be 10,000,000 tokens for which the price would be determined on the descending price auction basis. Out of the total supply, 20 percent i.e. 2 million will be given to the authors of Metronome ICO while the remaining 80 percent would go for public offer. 7 days have been allotted for the initial supply auction after which, the auction will end.
The company does secure about 6 people as advisors viz. Gustav Simonsson, Jim Newsome, and Don Tapscott among many others that come from the different spheres of crypto and blockchain sector.
When it comes to the security, for the starters the company has chosen to be ERC827 complaint that is the latest standard of ethereum that offers improved security and decentralized transfer features. Apart from this, the team doesn’t talk about how they will be providing for better security measures.
Being well known in the community comes with its privileges as in the case of the CEO Jeff Garzik who has over 50k followers on Twitter. Having already started the Bloq, a blockchain-based company, the prime team members have established names in the blockchain community. Having said that, there is also a lot of negative opinions over some of these members.
The Metronome community is available for the potential investors to reach out on Github, Twitter, Reddit, Facebook and Medium as well. With close to 18,000 members on its Telegram channel, it certainly is gaining a lot of attention.
Stage of Project:
The timeline of the project isn’t very inclusive and futuristic. The project has already covered the three stages of developing an idea, starting a partnership with Alchemy and making the metronome website and whitepaper live while skipping the middle one that is to launch a smart contract. Metronome is onto the fifth stage (minus the third one as for now) and would launch its initial supply auction in May 2018.
Being the first cross-blockchain, especially on the Ethereum, the project has yet to instill confidence in the investors. With nothing on the implementation of specifications, we are not sure how the team is planning to achieve it. Not to forget that the smart contracts that should have been launched in January, haven’t released yet.
Average Rating: 7/10
A Note to Investors
Metronome ICO is truly an ambitious project with its cross-blockchain cryptocurrency idea. The project offers a legit concept while equipped with a team that has high popularity in the crypto space. It also brings enhanced security feature on the table with the use of ERC827 along with open source community, autonomy, and portability.
However, the ICO raises some serious concerns as well in terms of lack of information on technical implementation and the unlimited token supply. This project needs a testament for its potential investors to draw their decision on as currently, it looks like the Metronome ICO project is flying high on its extremely ambitious idea and an established team.
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project viz:
- Whitepaper – Availability of code or prototype, the breakdown of funds, wallet for crowdsale
- Team Profile – Team’s strength and reputation
- Business Model – Problem solved, purpose & utility of the token and the economic model
- Backing Technology – Blockchain infrastructure, clarity of terms & conditions and token software
- Crypto-sale Resilience – Incorporation, token distribution, legal risks and security aspect
- Community Acceptance – Clarity & frequency of communication and social media presence
By asking the right questions, we maintain the integrity and viability of our ICO review while following a rating method that is based on the criticality of a particular factor. For instance, elements like token utility and funds breakdown have been given the highest importance while the team members’ reputation and plan to attract a user base are of medium criticality.
We have a team of robust professionals who rate the ICO projects in completely unbiased manner.
Caution: Coingape publishes the ICO project reviews only for the information purpose. It is not an invitation for investment. When making investment decisions, conduct your individual assessment and consult with an advisor.