• The Metronome (MTN) token sale is delayed for a second time and is now expected to commence at the end of February or beginning of March.
• Metronome, billed as a blockchain interoperability project, was created by the high-profile, often controversial, but experienced team at Bloq.
• The team has carefully crafted the underlying economics of the token in a way that we believe makes it better as a medium of exchange than a store of value, despite the project’s claim that it was built for store of value use cases.
• The medium of exchange functionality of the token, including mass pay and subscriptions, while useful, are not unique in the universe of cryptocurrencies.
• The plumbing of token is somewhat complicated and consists of four smart contracts, which we cannot review because the project is undergoing a closed audit and has not released a technical white paper, only an “owner’s manual”.
• The unavailability of code for us to review is particularly concerning given that the project borrows elements from projects with known security vulnerabilities or flaws, such as Parity’s multisig wallet and Bancor’s autonomous converter contract.