What is Metal ?
MTL Token is an Ethereal Token that bridges the gap between the exisiting learning curve for digital currencies and the need one has to interact with traditional currencies for payment.
Metal’s success is derived from the integration with merchants and the ability to minimise fees. Benefits include fungibility that allows businesses to accept payment and store significant capital without requiring banking. The team behind Metal is key to the long term success, with swift and powerful application and usability.
What are the benefits of Metal?
MTL Technology:
Metal is potentially one of the most revolutionary uses of blockchain to-date. The MetalPay platform is not merely a way to gain cryptocurrency by methods such as mining or staking. It is a complete banking and payment platform with support for cryptocurrencies as well as fiat currencies, and aims to be used as an alternative to utilities like PayPal or Venmo, boasting a robust set of features all powered by the decentralized and cryptographically secure blockchain technology.
MetalPay, when fully developed, will have been integrated into the real world, through various merchant payment options, both online and physical stores. It will also eventually be integrated into existing banking systems as well, as an alternative means to facilitate the transfer of cash in the form of cryptocurrency.
The MTL token is an ERC20 token, which means it is, by design, fully supported by a vast range of wallets and exchanges which support ETH, the second most sought-after cryptocurrency after Bitcoin.
MetalPay uses the first-of-its-kind Proof of Processed Payments (PoPP) consensus mechanism in order to distribute MTL coins. This is a revolutionary new mechanism, vastly different from the usual Proof of Stake (PoS) or Proof of Work (PoW) approaches, and developed specifically by the development team for MTL.
Instead of having to mine for coins which requires immense computational power, as in PoW, or having to stake coins for a relatively long amount of time (when compared to transaction verification time) as in PoS, in order to generate cryptocurrency, the PoPP approach means that you get MTL coins just for using the MetalPay platform! Both the receiver and the sender involved in any transaction get paid up to 5% of the value back in the form of the MTL token. You also receive MTL rewards upon converting fiat currency to MTL using the MetalPay platform.
Sending MTL to MTL has 0% fees, and the sending limit is $20,000 USD.
To avoid people gaming the system by sending money to and from accounts owned by one person, there will be a KYC process, and a valid ID, such as someone’s social security number, will be used to authenticate each account. The algorithm will also monitor all accounts for suspicious activity, and flag these accounts.
Metal Pay also offers a secure wallet, which supports BTC, LTC, ETH and all ERC20/23 standard tokens.
The total number of coins is capped at 66.6 million. Employees and Advisors have been issued 3,780,000 MTL each, while Metal Foundation has been issued 2,000,000 MTL to use for future projects, issuing to future partners, and to attract investors. Thus, the total number of coins available for distribution through the PoPP method is 25,130,243 MTL. This is predicted to last well over a decade. The MTL token, while also being used as a cryptocurrency, is used to attract new users to the platform, and incentive full use of its features.
MTL Development:
MetalPay is currently still in its alpha phase of development. While exact dates have not been published by the team, its likely development began in 2016.
The project is led by Marshall Hayner, the CEO of MetalPay. Most of the people associated with MTL are alumni of well-established organizations such as VISA, American Express, and Apple Inc., and are well versed in the fields of cryptocurrency, entrepreneurship, and finance.
The alpha version of the MetalPay app was recently made available to people who registered as alpha-testers on the iOS platform, and is currently undergoing alpha-testing by both users and professional testers.
Key Features:
Complete payment and banking solution - The Metal platform aims to provide a comprehensive and one-stop banking and payment solution to users and merchants, bringing cryptocurrency closer to being traded and accepted in the same way as fiat currencies are.
PoPP approach - This innovative approach, called Proof of Processed Payments, allows users to earn MTL by simply using the platform and completing transactions or converting fiat to MTL. This means users can use the platform as easily as any other payment platform like PayPal, without having to bother with technical details such as staking or mining.
MTL rewarded simply for using the platform - Unlike any other cryptocurrency, Metal distributes MTL coins simply for using the platform’s features, such as completing payments or converting fiat to MTL, without having to resort to mining blocks or staking coins.
Emphasis on integration with real-world entities - Unlike most other cryptocurrencies, Metal seeks to be a well known and accepted cryptocurrency both online and offline, and is actively working to get licenses to integrate with banking systems in the US and the world, along with integrating itself into payment gateways for real-world merchants as well, for both physical and online retailers.
Transparent and legal development and launch process - Metal is one of the minority in cryptocurrencies where developer identities are completely public, with their developers being well-known in the cryptocurrency community. Metal is also acquiring appropriate licenses to operate as a complete cryptocurrency banking and payment platform in the US and many other countries.
How is Metal different from other cryptos?
Vast array of features - Metal will provide users of its platforms with a myriad of features, like performing transactions with cryptocurrencies, converting fiat to crypto, and using Metal to transfer value from banks, and perform purchases as well.
Pervasive integration with real world entities -
Metal seeks to integrate itself with multiple real-world retailers and merchants, providing payment gateways and helping merchants adopt cryptocurrency as a new form of payment.
One stop cryptocurrency banking and payments platform -
MetalPay aims to be one of the only platforms that integrates both cryptocurrency and fiat currencies. It intends to create a complete banking and payments platform that enables users to perform transactions and transfer value in the form of cryptocurrencies. Just like more popular platforms such as PayPal.
Secure and decentralised -
Since MetalPay is based on the blockchain technology, it has been developed in a completely decentralised and cryptographically secure way. This enables a safe and efficient transfer of cryptocurrency value, and of completing payments.
Innovative technology -
Using innovative technologies such as Proof of Processed Payments, a unique distribution methodology, and innovative business model, MTL is one of the most well-developed and ambitious uses of blockchain till date, bringing new advances to the world of cryptocurrencies, and bringing them into the real world.
Dedicated and experienced development team -
The highly experienced and well known developers behind MetalPay are a stark difference from the teams of most other crypto projects, shrouded in anonymity, such as the infamous Satoshi Nakamoto, the person, or people, behind Bitcoin.
No technical know how required -
Since there is no concept of mining for coins, or staking existing coins, users do not require in-depth knowledge of the blockchain and cryptocurrency technology in order to use the Metal platform and earn MTL coins.
