Many people aim to have money which no government or central authority controls. They wish to depend less on fiat money. This is because central authorities, in most cases, manipulate essential variables affecting the value of national currencies.
One of the core aim of developers when creating cryptocurrencies is to have a currency free from central authorities’ influence and control. Such was the primary motive of Satoshi Nakamoto when he invented the bitcoin.
To this day, many developers are searching for a reliable currency with no central authority control. Sadly, many developers have failed to create an alternative form of payment system. As a result, people still rely on fiat money. Unfortunately, both bitcoins and various altcoins have their limitation, deterring people from putting complete confidence in them.
However, The Metronome ecosystem has a cryptocurrency which people perceive as an alternative to fiat currencies. Its metronome token can overcome the deflationary nature of the bitcoin and the inflationary effects of fiat currency.
The challenges of deflation and inflation
As pointed above, one reason people cannot adopt the bitcoin and the existing altcoins as a genuine alternative to fiat currency is their deflationary nature. The values of most cryptocurrencies tend to rise with time because of their limited supply. As a result, people become unwilling to use cryptocurrencies.
Also, this deflationary nature of cryptocurrencies discourages many people from investing in them. In the end, people hold on cryptocurrencies they have as they do with any other assets. Whereas most cryptocurrencies are deflationary, fiat currency is inflationary. This means that as the supply of fiat money increases, its purchasing power decreases.
The metronome ecosystem expects its cryptocurrency to resist both inflation and deflation, keeping a stable value for a long time. This will enable people to accept it as an alternative to fiat money.
The aims of the Metronome ecosystem
The principal aim of Metronome is to create a truly decentralized financial system that will last for many years. According to the developers, this cryptocurrency will outlast the bitcoin and the existing altcoins.
As to the developers’ expectations, people will use the Metronome token for thousands of years because of its unique portability, predictability, self-governance, and reliability. Also, the developers expect that people will adopt it as a safe, viable, and reliable payment method because of these features.
What makes the Metronome token a potential payment method?
The outstanding features of the Metronome Token, such as portability, reliability, predictability, and self-governance, among others, are characteristics of a reliable payment method. There is autonomous governance of the metronome token. This self-governance means there is no control or influence on the functions of the token. Only smart contracts control the functionalities of the metronome token. To enhance self-governance, the metronome ecosystem’s founders pulled out of the governance system when they launched the token.
The second important feature of the metronome ecosystem is reliability. Every day, miners mint a limited quantity of tokens based on the protocol’s algorithm, enabling users to calculate with certainty the quantity of the token in circulation. This makes the price of the token predictable and stable.
Portability is another essential feature of the metronome token. Portability means that users can transfer the token from one blockchain to another, based on certain reasons such as security. In other words, users export or import the metronome token to and from other blockchain systems. Currently, there is portability between the ethereum blockchain and the classic ethereum one.
However, developers are working on adding more blockchain systems. This will increase convenience for users, thus increasing the adoption of the token as a payment option. Another feature of the metronome token is the mass pay option. Using the mass pay feature, a user can send the token to multiple wallets in a single transaction. This reduces the cost of transactions. The subscription feature also allows for the movement of a certain amount of the token between two addresses regularly, such as monthly.
Benefits for users
The discussion above points to the potential importance of metronome functionalities. Users benefit in several ways.
First, people can adopt the metronome token as a medium of exchange. It can also perform other money functions, such as a store of value and unit of account. More interestingly, the demand and supply of the token determine its value. At any time, users can calculate the supply of the token in the metronome economy. Such predictability creates confidence in users leading to its stable value and greater adoption.
The mass pay feature enables users to transfer the token to different wallet addresses, thereby reducing transaction fees. As a result, users will transact using the coin. Like the case of fiat money, users can use subscriptions to settle debts. For example, parties can set a date and time for the token’s transference from one wallet to another.
The metronome ecosystem aims to create an alternative payment system to fiat currency. The metronome token promises to be an alternative currency as it resists both deflationary and inflationary pressures. Therefore, people can safely use the metronome token already on Coinpayment.