In the latest release of Edge, we’re pleased to add native support for an interesting crypto asset, Metronome (MET)!
MET has a few characteristics that make it unique: its use of auctions for new supply, it’s embrace of low and predictable inflation, and its portability between blockchains.
New MET is not mined like many other cryptocurrencies but, rather, added to the ecosystem via a daily descending price auction. The rate at which Metronome’s smart contracts add MET is the greater of either (1) 2,880 MET per day, or (2) an annual rate equal to 2% of the current-outstanding supply. All new MET tokens start at double the previous daily auction’s final price.
The MET community expects that the mintage rate for approximately the first 40 years will be 2,880 MET per day. After approximately 40 years, the mintage rate will increase to meet a perpetual 2% inflation rate. This rate acts as both a ceiling and a floor for inflation.
Many cryptocurrencies have an eventual supply cap and an inflation rate that descends down to zero. The MET community posits that these eventual zero inflation rates will cause issues with those assets should they be used as currencies. They think that a low and predictable inflation rate is optimal for a currency and that stamping out inflation completely is counterproductive to engineering a good currency.
And finally MET is also unique because of its ability to be used on different blockchains. Current MET holders can hold their assets on both the Ethereum and Ethereum Classic blockchains, and the development community seeks to expand to more public chains. This allows MET holders to migrate from one chain to another to take advantage of whatever use case exists on either chain and it allows holders to be immune to any chain’s failure.
To learn more about Metronome please check out their site. It has a lot of resources for the intrepid cryptocurrency explorer.
This release also includes buy support for our Israeli users, powered by our exchange partner, Bits of Gold. Users with an Israeli bank account can now buy Bitcoin right inside the Edge app.
Don’t hesitate to reach out to us at firstname.lastname@example.org if you have any questions or concerns.
Release Notes for v1.11.9:
- Native support for the Metronome token
- Bits of Gold support for Buy
- Add a visual spinner when sending logs
- Bug fixes and improvements