One of the key developers of Bitcoin, Jeff Garzik, has decided to create an improved new cryptocurrency.
Startup company Bloq, of which Garzik is the co-founder, has created this new altcoin named: Metronome.
Metronome will make its debut, today 24 October 2017 at the Money 20/20 conference in Las Vegas.
The token at launch is based ethereum, with support for ethereum classic and other blockchains to be developed shortly, possibly after a few months.
Metronome is overcoming a problem that’s common for consumers that want to jump from one currency to another -- say, bitcoin -- to another. They have to go to an online exchange, and sell their bitcoins and buy another cryptocurrency. That involves exchange fees, plus the risk of losing out on any appreciation of the currency they sell. Using Metronome, they won’t have to do either.
"Institutional investors should be very excited to see something like this," Matthew Roszak, the other co-founder of Bloq and chairman of industry advocate Chamber of Digital Commerce, said in a phone interview. "We’ve built a thousand-year cryptocurrency, something that’s built to last."
The new cryptocurrency will make it easy for people to sign up for recurring subscription payments, and let numerous payments to be sent in one batch, Garzik said.
"If I had a clean slate of paper this is what I would design," Garzik said. It remains to be seen if others will agree.