Metronome, a cryptocurrency hoping to achieve increased decentralisation, has achieved its goal of completing the world’s first cross-blockchain cryptocurrency transfer.
Cryptocurrencies are conventionally tied to their native blockchain. In order to switch from one blockchain to another, users would typically have to exchange their cryptocurrency for a cryptocurrency on a different blockchain.
However, Metronome has successfully transferred its MET Token currency from the Ethereum blockchain to the Ethereum Classic blockchain and then back again.
Known as a “chainhop”, this feature is now available to all Metronome users. Chainhopping is currently only possible between the Ethereum and Ethereum Classic blockchains, but Metronome hopes to expand this to the RSK and Qtum in the near future, with launches on Cardano and EOS also possible.
Users can make use of Metronome’s cross-chain capabilities using the Metronome desktop wallet, as well as through Metronome’s iOS and Android apps.
Cryptocurrency chainhop completes Metronome’s “governance mission”
Metronome has been developed to ‘optimise self-governance, long-term reliability, and maximum portability’. By enabling chainhop capability, “the foundational core of the Metronome endurance and governance mission is complete”, Jeff Garzik, principal architect of Metronome, explained in a Medium post.
“Decentralization is an article of faith within the blockchain industry and drives a lot of what we all do.
“That said, 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… Metronome expands how we think of decentralization – the elimination of chain permanence.”
While cryptocurrency users must currently accept the limitations of the blockchain that their assets are based on, enabling chainhopping will allow users to respond to issues such as high fees, poor service or governance disagreements. Much like switching banking providers, users will be able to choose a blockchain that suits them and ‘hop’ to it.
As well as allowing for increased self-governance, users could also benefit from the increased security that cross-chain capabilities offer. Should a blockchain become compromised, users could transition to another in order to avoid financial loss.