Metronome Now Lets Users Move Tokens Between Blockchains

MET token holders now have the option to choose their blockchain, a feature that was first announced a year ago at launch but only rolled out last week.

The developers of the Metronome project announced activation of the cryptocurrency’s cross-blockchain capability following successful test transfers of MET tokens from the ethereum blockchain to the ethereum classic blockchain and back.

Cross-chain hops allow holders to pick the ledger that suits their risk profiles and requirements for stability and governance.

While that may sound like an atomic swap, Jeff Garzik, principal architect, CEO and co-founder of Metronome, explained how it would work on BitcoinTalk in 2017:

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.

If you swap BTC/ETH, then you risk BTC price changing or ETH price changing. Volatility risk + exchange rate risk.

With Metronome, the [MET] asset moves to a new blockchain, but keeps the same asset (and same asset price).

After the chainhop capability was activated, beginning with ethereum blockheight #8,036,077 on June 26, the company initiated the first non-test chainhop of MET between ethereum and ethereum classic. Once an on-chain validator votes on and approves the transaction – a process that takes up to 24 hours, as a measure to mitigate reorgs – the token will be transferable on the ETC network.

One small step for MET

Import and export algorithms, equivalent to burn and minting events, enable tokens to jump to and fro between sets of Metronome smart contacts while maintaining the original source supply. Metronome’s documentation on GitHub explains:

Before emitting an Export event, the Source chain creates and stores the burn transaction, capturing all details of the burn, including the previous burn transaction. In this way, each chain maintains a list of all burn transactions that have originated from that chain,…

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