Metronome is a fully autonomous cryptocurrency and monetary system that is built to last. Metronome’s launch and behavior are wholly governed by a set of four smart contracts.
Dictates Metronome’s overall behavior – This is an ERC20 token standard with advanced payment features of subscriptions and mass pay.
Issues new MET daily — Each day, 2,880 MET is auctioned off via a descending price auction, starting from double the previous day’s closing price. As Metronome matures, this will adjust as necessary to ensure a 2% annual inflation rate.
Retains all proceeds from the daily auctions — 100% of the daily auction’s proceeds go to the Proceeds contract. The proceeds are best thought of as a community asset, stored in a locked box.
Provides on-chain conversion — Every 24 hours, the Proceeds Contract sends 0.25% of its contents to the Autonomous Converter Contract. When a user sends MET or its chain’s native token (e.g., ETH, ETC) to the Autonomous Converter Contract, the contract returns its counterpart at a rate determined by the ratio of MET and the native token in the contract.
Portability empowers MET owners to choose the chain where they hold their MET for whatever reason they desire, such as security, fee optimization, and governance arbitrage. Currently, MET can be ported between Ethereum and Ethereum Classic. Additional chain support is under research and development.