Jeff Garzik, a key developer who helped build the underlying software for bitcoin that is known as blockchain, has created a better digital currency called 'Metronome .'
Metronome will be the first cryptocurrency that can jump between different blockchains. For example, coins that are used for applications on the Ethereum blockchain will be able to move to Ethereum Classic before jumping onto Qtum or Rootstock, which connects with the bitcoin blockchain, said Garzik.
The mobility means that if one blockchain dies out as the result of infighting among developers or slackened use, metronome owners can move their holdings elsewhere. That should help the coins retain value, and ensure their longevity said Garzik, co-founder of startup Bloq that created metronome.
Metronome will be unveiled Tuesday at the Money 20/20 conference in Las Vegas.
According to Garzik, the Metronome cryptocurrency has been built to last. It is starting out with zero users, compared with 35 million active bitcoin users a month. There are more than 1,100 tokens and currencies competing for users, according to CoinMarketCap. The token will first be issued on ethereum, and support for ethereum classic and other blockchains is expected within months.
Metronome's coins will be produced and supported by autonomous distributed software that isn't controlled by anyone, and can't be changed. This software will auction off metronome, beginning in December, and keep and use the proceeds to boost the currency's price. The rest of the project will be open sourced, so anyone will be able to build applications with metronome in mind.
Bloq will provide developer tools for corporate users. The company and others that helped create and promote the cryptocurrency will retain 2 million metronome coins, out of an initial trove of 10 million to be auctioned off in December. Every 24 hours, 2,880 new coins will be added to the supply.
Metronome owners will be able to receive a digital receipt for removing their coins from one blockchain. They can send the receipt to another blockchain, to add metronome there.