Metal is a blockchain-based system that utilizes Proof-of-Processed-Payments (PoPP) to identify users and reward them for converting legacy fiat currency into cryptocurrency. It is a system similar to bitcoin but with a user-friendly interface and front-end that is similar to Venmo, Square, or PayPal.
Metal believes cash-only businesses can benefit by adopting cryptocurrency as a new form of cash, as cryptocurrencies possess many of the same properties, particularly around privacy, censorship resistance, and fungibility. To bring digital payments into a world that utilizes blockchain-based technology over some traditional banking rails, Metal saves consumers 4-5% on all purchases.
To implement a provably fair distribution model, Metal uses the public ethereum blockchain and uses Ethash as its Proof-of-Work for security. In an attempt to keep cryptocurrency distributed, the Ethereum Foundation chose an ASIC-resistant scheme.
Metal aims to be blockchain agnostic and recognizes the need for multiple cryptocurrencies and has recognized the need for Interoperability and will use inter-blockchain exchanges to transfer between multiple cryptocurrencies and crypto assets.
Proof-of-Processed-Payments (PoPP) acts as a provable way of identifying users and distributing new currency into the system. At the same time, it rewards users who convert fiat currency into cryptocurrency.
For this identity-based, volume-dependent distribution network, Metal first identifies a user through a social security number or passport ID with identification software. Second, Metal gets a photograph on file, either a selfie or a picture of identifying documents. Third, Metal can link a credit or debit card number in preparation for processing a payment. If no credit/debit card is available, a user can sign up with only an email address and invoice a credit/debit/ACH account into cryptocurrency.
Provided all data points are checked out and the registered name on the identification matches the name on the credit or debit card, Metal initiates a payment using proprietary anti-money-laundering (AML) and anti-fraud technology.
The payment typically declines or accepts in under one minute. The pending payment notification shows on the transaction list for the receiver of funds. When the payment is completely settled and the bank transfer or cryptocurrency issued, a portion of the gross amount of the payment is returned in METAL tokens.
Metal (MTL) is currently a cryptocurrency token that operates on the Ethereum platform but it will become available on the native Metal blockchain: Proton. Launching MTL on Proton will open new on-chain utility possibilities for MTL.
Who are the founders of Metal (MTL)?
Marshall Hayner is the CEO of Metal. He is a serial entrepreneur and crypto enthusiast with a strong advocate of blockchain. Marshall believes in changing the world through technology.
Glenn Mariën is the CTO and also a general crypto wizard and full stack developer. He loves quality Belgian beers, spicy memes, building amazing apps, and the outdoors.
Irina Berkon is the CFO. She is a Forbes-featured finance executive. She is also a CPA with over 15 years of progressive hands-on experience in corporate finance.
What is Metal (MTL) used for?
Metal Pay, a substantial tool of the Metal platform, allows users to pay substantially fewer fees when buying other cryptocurrencies if they also hold MTL, and 0% fees are offered to anyone who holds 10,000 MTL.
Metal possesses additional features plugins for websites like WordPress and Drupal, allowing website owners to include the payment platform to their e-commerce site.
Metal allows for split payments between two people or more, as they believe paying with friends is always better. Friends can create an event and start a split payment, invoice the group, and watch as you approach the goal.
Using its escrow-based multi-signature wallet, metal allows users to collect loans for marketplace or auction purposes. Borrowers can also be rated based on Metal rewards.
What is the Unique Point of Metal (MTL)?
Metal will offer services through software to make transactions accessible for regular users. This strategy will prove valuable as peer-to-peer payments are incentivized to leave traditional rails, opting for an open network of cryptocurrency payments. These transactions will settle faster and provide real-world value beyond traditional cash-based payments.
How many Metal (MTL) coins are in circulation?
Metal has a total supply of 66,588,888 MTL tokens.
31% of the initial amount of MTL tokens, which is 21,088,888 MTL will be saved. This will be deducted from the total amount available for distribution through PoPP (26,341,112) and locked up for 12 months, leaving 21,088,888 MTL for the token sale.
How is the Metal Network secured?
Metal uses a unique centralized form of (KYC) identification and a payments platform as it proposes to fairly distribute cryptocurrency via Proof-of-Processed-Payments (PoPP) on top of the ethereum blockchain.
Satoshi’s original vision for Bitcoin was to distribute miner rewards fairly through Proof-of-Work (PoW). With a centralized group of miners, the distribution of the cryptocurrency becomes highly skewed. Metal proposes a system utilizing provable payments attached to verified identities to distribute currency.
With it, anyone can participate to earn MTL as a reward for converting fiat to cryptocurrency, as the goal is to provide all of the financial services small to medium-sized businesses (SMBs) might need but can’t access currently. This discourages money laundering practices.
How do I buy Metal (MTL)?
The MTL token can be used for a wide range of uses like staking and payment.
MTL tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy MTL through your trading account.
Which Cryptocurrency Wallet Supports Metal (MTL)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Shiborg Inu (MTL). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their MTL wallet because it offers a simple interactive interface, making it easy for people to navigate its system.