Metronome (MET) has launched its highly touted feature allowing users the option of shifting tokens between blockchains.
MET Users Choose Their Blockchain
The blockchain shifting feature was originally announced a year ago at the launch of MET, but has only officially been available as of June 26. Metronome developers activated cross-blockchain switching after successfully moving MET tokens between ethereum and ethereum classic’s blockchain.
Shifting blockchains requires the input of an on-chain validator to vote on and approve the transaction. This process typically takes 24 hours and is designed to limit reorganizations.
Cross-blockchain functionality has been a sticking point for cryptocurrency over the last two years, with atomic swaps first generating interest in the feature. Through metronome’s capability, users are able to shift tokens to the blockchain of their choice, or as governance issues arise.
Increasing Decentralization
Chain hopping is a win for increasing the decentralization of cryptocurrency. Investors are not limited to the functionality of their chosen tokens and can participate in different blockchains depending upon their needs.
Speaking in 2017, CEO and co-founder of Metronome Jeff Garzik explained the feature,
“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…With Metronome, the asset moves to a new blockchain, but keeps the same asset (and same asset price).”
Garzik championed the idea that tokens should not be limited to a single blockchain in an interview with CoinDesk. According to Garzik, the single-token/single-blockchain adherence creates unnecessary risk in cryptocurrency portfolios, especially in scenarios where a token’s blockchain or community becomes unstable.
He continued,
“‘Decentralization’ is an article of faith within the blockchain industry…one species of centralization that our industry has become comfortable with is the notion that a digital asset must be forever tied to its blockchain ledger.”
Competing Blockchains
More importantly, chain-hopping allows users the choice of their blockchain, which ultimately improves the quality and competition on the market. Ethereum is no longer solely competing for users of the eth coin. Instead, metronome and other soon-to-follow blockchain crossing tokens can vie for the communities with the most stability or best infrastructure.
CoinDesk reports that the feature will be available on the Metronome desktop wallet, in addition to the mobile iOS and Android client.
