A controversial figure, Jeff Garzik has debated on bitcoin scaling. He revealed that he has created a new currency which aimed to overcome the shortcomings of bitcoin. Jeff was one of the core developers of the technology behind bitcoin.
Jeff has been publicising his new currency Metronome. It will be the first crypto-currency coin which will allow users to switch block-chains on same token. Coins will be capable of moving from bitcoin, etheruem, etheruem classic, reports Bloomberg
This has been done to prevent a coin from loosing its value ultimately ensuring its longevity if one blockchain decides to become redundant. Bitcoin and Etheruem are two big names which has been split up due to infighting and slow pace of development. The creation of these two coins has increased the market cap value of over 900. Metronome will face tough competition as it has to a user base of 0 compared to 35 million active users of Bitcoin. This however is not a problem for the team. In December, 8 of the 10 million initial metronome will be auctioned by anonymous distributed softwares. The remaining two million will be used by the company to help promote the currency.
The creation of metronome is aiming to solve the main problem of multiple blockchains in the market. Currently owner of one token can not switch to a different blockchain. You can sell your current coin and buy another coin which involves transaction costs and a devaluation in price. Metronome plans to solve this problem