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It’s high time you got acquainted with Metal, a revolutionary blockchain-based platform that has so much more to offer than just mining digital coins.
With the aim to replace payment providers like PayPal or Venmo, the Metal team works on perfecting the platform’s features to make the process of converting physical money into cryptocurrency and the transfer of those funds as smooth as possible.
To be accepted and integrated into existing banking systems across the world, Metal plans to obtain a proper license by proving that it takes care of its customers’ funds in a transparent, secure, and swift manner.
Bitcoin’s success has ignited crypto enthusiasts around the world proving them they weren’t overambitious in envisioning a decentralized electronic payment system fueled by digital currencies. For a lot of people, then, it’s hard to understand why Bitcoin still lacks widespread adoption.
We can attribute the current situation to Bitcoin’s learning curve that’s enough to discourage a layperson from getting involved. The media often portrays Bitcoin as a highly volatile and uncertain store of value, so it’s only natural for people and businesses to regard it with suspicion.
On the other hand, the world finance sector and economy are becoming increasingly cashless and digitalized. This means that businesses and individuals will have to join the train sooner or later and we have to find a way to make this transition easier for them.
This is the idea behind Metal Pay (or simply Metal), an incentivization network and its payments-based cryptocurrency MTL. The system was designed in 2016 in San Francisco by CEO Marshall Hayner who published its white paper.
The Genesis Block created 66,588,888 MTL tokens using Ethereum’s ERC20 protocol. Out of this amount, 31% were locked up for one year in the operation pool, around 3.8 million MTL are set aside for the co-founders and employees, and 2 million are held by the Metal foundation. That leaves around 26 million MTL reserved for PoPP distribution and 21 million MTL in circulation.
How Does Metal Work?
Proof of Processed Payments (PoPP) changes the experience from an unpleasant penalty, to a simple reward. Earn crypto when you spend money, earn crypto when you receive money. Through PoPP and the Metal platform we are incentivizing usage and adoption of cryptocurrency and building an ecosystem for users and merchants.
Metal believes that to make a cryptocurrency popular with the general public, you have to give these people (and businesses!) some kind of an incentive or reward.
Metal’s reward is a portion of its native token MTL for every transaction paid in MTL by customers and discounts for merchants who have accepted cryptocurrencies as a payment method. If a merchant offers a discount to customers paying with MTL, Metal rewards him/her with 5% off the payment processing fees.
You also earn MTL when you invite a friend to join the network. Even though you can easily cash out the MTL tokens and exchange them for fiat currencies, Metal gives discounts and rewards for holding onto them as well. This is a great way to bring more clients into your ecosystem.
Moreover, when using Bitcoin or other blockchains, you spend a lot of time waiting for your transaction to be approved, and the coins reflected in your balance before you use them. In comparison, Metal instantly approves or rejects your payment and immediately displays the amount as a spendable off-chain credit even before the transaction is completed and recorded on the blockchain.
Proof of Processed Payments (PoPP)
One of Metal’s unique features is the Proof of Processed Payments (PoPP) protocol. This is different from using Proof of Work like Bitcoin and Ethereum that spend an incredible amount of computing power or the Proof of Stake mechanism that spends less power but the staking takes a lot of time.
With PoPP, you earn MTL tokens simply by making transactions on Metal. Both the sender and the receiver of the transaction earn up to 5% of the sent value in MTL. What about getting paid for converting fiat currency to cryptocurrency? With MetalPay, you get that as well!
However, PoPP is not as simple as scattering MTL around. There’s a predetermined limit of $1,000 worth of MTL that are rewarded monthly to individuals and $5,000 to merchants. Plus, the system keeps track of users’ behavior and rewards them accordingly.
Imagine what would happen if everyone wanted to take advantage of the reward scheme? Let’s say that you sent $100 to your friend and got rewarded, and then your friend immediately sent the same amount back to you to earn another reward. The algorithm will identify such bad behavior, flag your account, and ban you from receiving rewards.
In the white paper, Metal lists additional features that will soon become available on the network. These include:
- Platform plugins like WordPress or Drupal.
- Blockchain and closed-loop tokens as loyalty for merchants.
- Split payments.
- An escrow multi-signature wallet.
- Loan services.
- Sending microtransactions.
- Branded payment cards.
- Blockchain-based ID security system, etc.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.