Metronome: Jeff Garzik's cross-blockchain crypto

Bloq, Jeff Garzik's startup, is to launch a cross-blockchain cryptocurrency that will address Bitcoin's deficiencies 
25 October 2017   4262

A former core developer of Bitcoin and now Bloq CEO, Jeff Garzik, unveils Metronome (MTN), a cryptocurrency that seeks to claim a series of firsts in crypto-economics, including offering users the ability to switch the same token back and forth between blockchains as desired, making Metronome the world’s first cross-blockchain cryptocurrency.

As detailed by the company, Metronome is to be initially issued on Ethereum, with Ethereum Classic, Rootstock and Qtum support expected to follow. This allows users to select the chain that suits their requirements for management and security, or even upgrade the MTN contract if needed.

With Metronome, we sought to design an autonomous cryptocurrency system that is highly resistant to governance failure and is intended to last for generations. To accomplish this, we recognized early on that allowing users the freedom to select which blockchain most closely aligns with what they value was not only an important feature, but a vital one if we were to realize the Metronome vision.
 

Jeff Garzik
CEO and co-founder of Bloq

Furthermore, Metronome will not be controlled by any party after launch - not even its authors - as it is completely autonomous. Thus, Bloq plans to continue to help by building an ongoing open-source community to support developers and users, but will have no access or control after the initial auction.

We believe that individuals will be empowered by a currency designed with self-governance as a first-order variable. Further, institutions can more confidently enter the cryptocurrency category, as Metronome will enable them to innovate and develop reimagined financial products.
 

Matthew Roszak
Co-founder and chairman of Bloq

Metronome is opening with an initial auction of 10 million MTN, with 8 million MTN being made available to the public and 2 million being set aside for Bloq as the principal development team.

Bloq, in its turn, is moving ahead on the launch of the token, setting a date for the first week of December for its token sale.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   294

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.