Topic: [ANN] Metronome, an autonomous cryptocurrency with predictable supply - page 27. (Read 30103 times)

It is an update on the recently used Dutch auctions, where the closing price is applied to everybody in the Dutch auction, and settlement occurs after auction closes.  Those auctions price below market, because there are some in a Dutch auction that would have paid more, if given the chance.

Metronome's descending price auction is instantly settled, giving everybody access to each price band, to buy (or not) as their market theory and needs dictate.

There is the incentive for an auction participant to wait and buy at a lower price, but a counter-incentive to ensure that you receive some tokens versus fewer/none.

The way the auction is setup, seems to encourage people to wait for others to go first to reduce the price. Do you have some further reading on the psychology that makes this an effective way to have an auction?

We are pleased to announce Metronome, a new cryptocurrency with an autonomous global supply and the ability to import/export across blockchains (a blockchain-on-blockchain approach).

Metronome attempts to create a stable, predictable money supply ad infinitum, using daily descending price auctions to distribute the token supply at market prices.  Through the Auction contract, an initial 8,000,000 MET are sold in a 7-day initial descending price auction, followed by 2,880 MET per day minted and sold in the daily auctions (through year ~30, where mintage hits a 2%-per-year inflation floor).  We retain an additional 2,000,000 MET for a one-time compensation, 75% of which is locked up for up to 3 years.

The ETH (or ETC or QTUM or BTC) received in the daily auctions is stored in a Proceeds contract on the blockchain.  This Proceeds contract acts like a savings account, holding the auction proceeds (token sale proceeds), and then feeds 0.25% of the total Proceeds balance to another contract, the Changer contract.  tl;dr the raise goes to the community long term, zero back to us.

The goal is a fair distribution, to the public, at market prices.  There is no pre-sale or special access discount.  All of the "raise" goes back to the community.  Metronome is quite different from any traditional ICO.

The Changer contract is an on-chain ETH/MET exchange facility.  The Changer contract holds ETH and MET balances.  It uses a simplified Bancor-style algorithm to behave like both an exchange and a market maker for ETH/MET pair.  Users send ETH, receive MET.  Users send MET, receive ETH.

In the context of the Proceeds contract, the changer autonomously receives 0.25% of the Proceeds balance every day, overweighting the ETH side of the ETH/MET trading pair.  This creates an incentive for others to deposit MET and receive ETH, to arbitrage the Changer ETH/MET pair back to market price.  The Proceeds contract causes the Changer to, indirectly, "buy" MET every day, essentially a mechanism of community market liquidity support over many decades.  The Proceeds contract is like a slowly deflating balloon.

Users transfer MET tokens between each other via the ERC20 contract, using an ERC20-compatible wallet.  This contract has been enhanced with extensions for ERC223, MassPay (multiple transfers in one transaction, lowering mass-payout fees), and a unique on-blockchain subscription extension.

Website: https://www.metronome.io
Owner's Manual: https://github.com/autonomoussoftware/documentation/blob/master/owners_manual/owners_manual.md

How to purchase:  Send ETH to ETH auction contract, receive MET to an ERC20-compatible wallet.

Other resources:
FAQ: https://github.com/autonomoussoftware/documentation/blob/master/FAQ.md
Article: What is a descending price auction?  https://medium.com/@MetronomeToken/what-is-a-descending-price-auction-8c0770bb6a71

Update:  The initial public auction is now live!

Update:  Source code is available at https://github.com/autonomoussoftware