Business 24 October 2017

Dan Taylor

Blockchain startup Bloq to launch new cross-chain coin

Blockchain startup Bloq, which provides enterprise services to companies looking to develop on the blockchain, has unveiled a new cryptocurrency which it says will operate cross-chain.

Fronted by controversial blockchain commentator Jeff Garzik, the new cryptocurrency is billed as being a solution to what Garzik believes are the disagreements currently preventing mainstream adoption of established cryptocurrencies.

Known as metronome, the new coin was unveiled this week at the Money2020 event in Las Vegas, with the Bloq founder claiming the coin will represent a number of ‘firsts’ for the cryptocurrency world.

Its main feature will be the ability to switch between different blockchains, a feature which Garzik described by analogy to a ‘boxcar’, able to run on the rails of any compatible blockchain protocol.

According to Garzik, the fact that metronome smart contracts will be able to run on any compatible blockchain is one of its key points of difference, relative to the tokens available elsewhere today.

“You can run it on the ethereum, ethereum classic, quantum. That’s one of the key ways that this is self-governing, for the first time, you’re not tied to a single blockchain, you can run metronome contracts on any EVM compatible blockchain.”

“We feel that there is a consistent demand for a cross-chain option. I point to the major uncertainty of proof-of-stake and proof-of-work, where the proof-of-stake system is going to change the money supply, but [ethereum] hasn’t stated how much it will change.”

While Bloq at present works with enterprise clients exploring blockchain projects, metronome was described as ‘not inconsistent’ with the company’s wider vision for a “multi-token, multi-network” blockchain ecosystem.

Metronome, or MTN will launch with an initial auction for some 10 million tokens, of which 8 million will be made available to the public. The remaining 2 million tokens will be held by Bloq.

Crucially, proceeds from the sale will be distributed to MTN holders through smart contracts over a number of decades, effectively building in a yield for ownership, beyond market value.

The token is set to debut in early December, and analysts will be monitoring its progress closely to see whether MTN takes off as intended.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More