New Feature Allows Metronome Users To Choose Their Blockchain

  • Metronome now lets users move MET between blockchains. 
  • Blockchain hopping increases the decentralization of cryptocurrency.

Metronome (MET) has launched its highly touted feature allowing users the option of shifting tokens between blockchains. 

MET Users Choose Their Blockchain

The blockchain shifting feature was originally announced a year ago at the launch of MET, but has only officially been available as of June 26. Metronome developers activated cross-blockchain switching after successfully moving MET tokens between ethereum and ethereum classic’s blockchain.

Shifting blockchains requires the input of an on-chain validator to vote on and approve the transaction. This process typically takes 24 hours and is designed to limit reorganizations. 

Cross-blockchain functionality has been a sticking point for cryptocurrency over the last two years, with atomic swaps first generating interest in the feature. Through metronome’s capability, users are able to shift tokens to the blockchain of their choice, or as governance issues arise. 

Increasing Decentralization

Chain hopping is a win for increasing the decentralization of cryptocurrency. Investors are not limited to the functionality of their chosen tokens and can participate in different blockchains depending upon their needs. 

Speaking in 2017, CEO and co-founder of Metronome Jeff Garzik explained the feature, 

“Metronome is the opposite of a swap: There is no asset exchange, thus no exchange rate difference, thus no exchange rate risk or volatility risk...With Metronome, the asset moves to a new blockchain, but keeps the same asset (and same asset price).”

Garzik championed the idea that tokens should not be limited to a single blockchain in an interview with CoinDesk. According to Garzik, the single-token/single-blockchain adherence creates unnecessary risk in cryptocurrency portfolios, especially in scenarios where a token’s blockchain or community becomes unstable. 

He continued, 

“‘Decentralization’ is an article of faith within the blockchain industry…one species of centralization that our industry has become comfortable with is the notion that a digital asset must be forever tied to its blockchain ledger.”

Competing Blockchains

More importantly, chain-hopping allows users the choice of their blockchain, which ultimately improves the quality and competition on the market. Ethereum is no longer solely competing for users of the eth coin. Instead, metronome and other soon-to-follow blockchain crossing tokens can vie for the communities with the most stability or best infrastructure. 

CoinDesk reports that the feature will be available on the Metronome desktop wallet, in addition to the mobile iOS and Android client.

Crypto Market Update: Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK)

Siamak Masnavi

This article provides: an overview of how Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar). 

All market data used for the price charts in this article was taken between 15:30 UTC and 16:00 UTC on 22 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Ethereum (ETH)

ETH-USD 24 Hour Chart - 22 Oct 2019.png

Since October 16, ETH has been trading between $170 and $180. 

Earlier today, Hudson Jameson, Community Manager at Ethereum Foundation, said on Twitter that he is not happy with Ethereum's current governance structure and asked the crypto community for suggestions on how it could be improved:

Ethereum Foundation researcher Vlad Zamfir had this say in his reply to Jameson's tweet:

XRP

XRP-USD 24 Hour Chart - 22 Oct 2019.png

Although XRP is up only slightly down, in the past 30-day period, the XRP price has risen 6.96%. 

Earlier today, Ripple announced that it had expanded its global regulatory team and opened an office in the heart of Washington, DC. Furthermore, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, is now part of Ripple's Board of Directors. Lastly, Ripple has become a member of the Blockchain Association, and Michelle Bond, Ripple’s Global Head of Government Relations, will be sitting on its board.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 22 Oct 2019.png

On October 17, CryptoGlobe reported that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post on the Binance community forum, CZ said that Binance was proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ went on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

Yesterday, Binance announced that Binance DEX had listed this new token (i.e. BCH-1FD) and that trading in the pair BCH/BNB had gone live. Since then, there have been 2116 transactions.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 22 Oct 2019.png

Chainlink continues having a great October, going up almost 10% today (highest gainer among the top 20 cryptoassets).

Chainlink continues to impress the crypto markets with a non-stop flow of partnership announcements; the latest one came yesterday when blockchain startup Ultrain announced via a blog post that it "will officially integrate with the Chainlink oracle network."

Chainlink's highly impressive return on investment (ROI) figures for the past seven days, 30 days, three months, and one year are +16.04%, +52.82%, +15.71%, and +607.18% respectively.

 

Featured Image Credit: Photo via Pixabay.com