Metronome altcoin to use auctions as main tool

Bitcoin is a very expensive cryptocurrency at the press time, and it has a big community that does not always meet new proposals lightly, as seen from the story with the SegWit2x protocol update. This might be one of the reasons why Jeff Garzik, CEO of Bloq (a blockchain company), who is a SegWit2x supporter, has decided to establish a new currency and his own rules of the game in its structure. As he himself says: “Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what what would we build and the answer is this.”

Among promised features of this new altcoin is that it will be available for buying and selling on auctions instead of full reliance on miners and mining community. Mr. Garzik told that the initial price of the currency will be 500 U.S. dollars, and then it will regulate itself on the auction, just like it happens with any other assets sold on auctions. Other representatives of Bloq note that this auction mechanism is much better than mining. They also clearly imply that Metronome will attract people who do not have opportunities or do not want to mine cryptocurrency, but it’s always better to see Metronome once than hear promotional stories about it a hundred times.

Anyway, this is still good news for Bitcoin enthusiasts: if Metronome team proves to be skillful, this altcoin will indeed compete with Bitcoin and thus accelerate its further development. Full Bitcoin market monopoly would be much worse, as the currency wouldn’t have had stimulus to grow.