Jeff Garzik Hopes New Digital Currency Metronome Solves Bitcoin’s ‘Shortcomings’

October 24, 2017 14:49 UTC

Jeff Garzik, a controversial figure regarding the bitcoin scaling debate, has revealed that his company has created Metronome, a digital currency aimed at solving the shortcomings of bitcoin. Garzik is a former core developer of Bitcoin.

Bloq CEO Garzik is publicizing Metronome, a new digital currency. It will be the first to enable users to switch between different blockchains with the same token. Due to be unveiled at the Money 20/20 conference in Las Vegas today, coins will be capable of moving from bitcoin’s blockchain, ethereum’s, and ethereum classic, reports Bloomberg.

The aim is to prevent coins from losing their value, ensuring their longevity if infighting takes place among various blockchain developers.

In a phone interview with Bloomberg, Matthew Roszak, co-founder of Bloq and chairman of the Chamber of Digital Commerce, said:

Institutional investors should be very excited to see something like this. We’ve built a thousand-year cryptocurrency, something that’s built to last.

Bitcoin and ethereum are just two examples which have experienced splits due to infighting and a slow pace of development. The creation of these two coins has added to the over 900 that have a market cap value, according to CoinMarketCap. The launch of metronome will, therefore, have some tough competition ahead of it. Unlike bitcoin’s 35 million active users, metronome will start with zero.

That, however, isn’t deterring the team behind it. Starting in December, eight of the 10 million initial metronome will be auctioned off by an autonomous distributed software. Proceeds will then be kept and used to boost the new currency’s price. The remaining two million will be retained by the company and others who helped to promote the currency.

The creation of metronome is aiming to solve a significant problem that many coin holders have: switching from one blockchain to another with the same coin. At present, this process involves selling one coin in order to buy another, which involves fees and a devalue in coin prices. Metronome is hoping to solve that issue.

Featured image from Shutterstock.