Metronome is known as a new cryptocurrency, engineered for self-governance and longevity, long term-reliability, and maximum portability. Designed for institution-level endurance, Metronome incorporates lessons learned from other cryptocurrencies that came before it, and is designed to be used for the next 100 years and beyond. “We believe Metronome is the 1,000 year cryptocurrency!” – said the authors. And it seems to be very funny time. Because from the very beginning the authors suggest fascinating game to those who are attracted by the project.
The project launched its ICO on 18 of June as Initial Supply Auction. In short, the point is that the price of the token is determined by the methods of Descending price auction. By the end of the first day 94 METs were sold, the price of the token fell from 2 ETH to 1.75176 ETH. Detailed rules are below.
Phase 1: Initial Supply Auction
- An initial token supply of 10,000,000 tokens is allocated.
- 20% of the initial token supply is retained by founders
Minted to special TokenLocker contract
■ 25% available for use by authors at end of Initial Supply Auction.
■ The remaining 75% becomes available in 12 equal amounts over 12 calendar quarters
■ Only Metronome Authors can withdraw from their TokenLocker contract, and only at the specific times above
- Descending price auction of the rest 8,000,000 tokens (representing the total initial token supply of 10 million MET, less the 20% token supply retained by the founders).
- Initial supply auction will last up to 7 days.
- Initial supply auction price is set at 2 ETH per MET, with a floor price set at 0.0000033 ETH.
- In the initial supply auction, every 60 seconds, MET auction price decreases by 0.0001984320568 ETH, linearly.
- The auction continues until the entire 8,000,000 token inventory is sold or until the auction ends after 7 full days (10,080 minutes).
- 100% from initial auction proceeds are stored in the Proceeds Contract
Phase 2: Operational currency
- Every 24 hours, new tokens are added to the Daily Supply Lot following the previous auction’s close ad infinitum, at the rate that is the greater of (i) 2,880 MET per day, or (ii) an annual rate equal to 2.0000% of the then-outstanding supply per year.
- Every 24 hours, an auction is initiated, lasting no more than 24 hours ( to avoid auction overlap).
○ Descending price auction of all tokens in the Daily Supply Lot begins at a maximum price of twice the previous auction closing price (i.e., the price of the last token sold if the auction sold out, or the price when the auction timed out).
○ In the event that zero (0) Metronome are sold in a given Daily Supply Lot, the price of the following day’s Daily Supply Lot will begin at 1/100th of the last price at which Metronome was purchased in a Daily Supply Lot auction.
- Every 60 seconds, auction price decreases to 99% of previous price.
- Auction continues until (i) the entire Daily Supply Lot inventory is sold, or (ii) the end of the twenty-four hour period of the auction, whichever is earlier.
○ If the Daily Supply Lot inventory does not sell out entirely, any remaining MET will be added to the next day’s Daily Supply Lot
- The absolute floor price in any Daily Supply Lot auction is 1 Wei (1018 Wei = 1 Ether.)
- 100% of Daily Supply Lot proceeds goes to the Proceeds Contract.
● Every 24 hours, 0.25% of the total accumulated balance of the Proceeds Contract is sent to the Autonomous Converter Contract, providing additional options for MET owners to sell their MET, if they so desire.