At Money 20/20, Jeff Garzik Unveils New Digital Currency

At the Money 20/20 conference in Las Vegas, Jeff Garzik, a major blockchain developer (the underlying protocol used for bitcoin), discussed ways to improve upon the current blockchain software. According to Bloomberg, the new digital currency he plans to create is called Metronome. What this will allow users to do is switch between blockchains for a variety of reasons. If a blockchain stops getting used as frequently or a more advanced blockchain is developed, people who use Metronome can move their crypto-currency portfolios elsewhere. This feature will help the coins keep their value and continue their growth.

This software may close all the loopholes and issues crypto-currency owners have had in the past on the prior version of blockchain. New blockchains are being released very frequently, approximately every month. This is developing some confusion for investors due to the variety of different blockchains with different attributes. This greatly affects the price among all crypto-currencies (Bitcoin, Ethereum, Litecoin, etc).

Metronome will start issuing approximately 2 million metronome coins. They also plan on auctioning off 10 million coins in December. Approximately every 24 hours, Metronome will issue 2,880 coins.

Metronome carries a key feature that could potentially make it the crypto-coin all investors have been looking for. With Metronome, instead of jumping from multiple blockchains to trade, pay fees, and lose appreciation of the currency they’re selling, they can  just use the digital receipt they receive after moving their coins from a specific blockchain. This will help them add Metronome on other blockchains as simply as sending them the digital receipt. More payments can be sent at once, and people can also sign up for subscriptions for recurring payments.

Image Source: Stock Image, Photographer, License Summary.

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