Metal

Metal is a blockchain platform whose mission is to make it easy for users who aren’t tech savvy to interact with cryptocurrencies. Currently, people who are new to the world of cryptocurrency have to jump through several hoops to enter and participate in the market.

Registering and linking bank accounts on crypto exchange platforms can take several days. Furthermore, there are no incentives to encourage users to participate, so unless users invest in expensive mining rigs, distribution is limited to a select few individuals.

Metal Pricing, Market Cap and Volume

MTL was released on July 8, 2017 with a maximum available supply of 66.5 million tokens. The tokens are distributed as follows:

26.3 million MTL has been set aside for PoPP issuance.
13.3 million MTL is in the operational pool and is locked for one year.
3.78 million MTL is set aside for employees and advisors.
2 million MTL is held by the Metal Foundation for development projects.
21 million MTL is in circulation.

When MTL was launched, the price was $1.22 USD per token with a total market capitalization of $25.6 million USD. Its price has shifted erratically since its release and tumbled in the beginning of 2018, but it will likely see more price action once MetalPay is launched.

MetalPay

To encourage the mass adoption of cryptocurrencies, Metal is releasing MetalPay, a mobile app for iOS and Android. With MetalPay, users can enjoy all the benefits of using a cryptocurrency as a direct payment option without having to deal with many of the problems inherent in Bitcoin and other popular cryptocurrencies. MetalPay brings the following:

Accessibility – users can link their bank account to MetalPay and convert fiat currencies into Metal’s native token (MTL) directly within the app. Converting fiat into MTL will be done at market price and will have zero fees.

Ease of use – MetalPay is being designed by Sid Parihar, who worked as a lead UX designer at Apple for eight years. It will reportedly feature a slick easy-to-use interface that will give users an unmatched experience. Once users register an account and complete the verification process, a profile tied to their phone number will be created. Users can then easily find and add friends to their in-app contact list using names and profile pictures instead of complex strings of wallet addresses.

Reliable and fast transactions – transactions are settled off-chain in seconds. The profile system enables users to confidently send payments to the right recipient without having to manually check the ledger to confirm they entered the correct wallet address.

Incentives – Metal rewards users who use the platform. Transactions sent and received by verified users (i.e. merchants and customers) are eligible for a 5% reward in MTL. Users who convert fiat currency into MTL using the app also earn a 5% bonus in MTL.

Distribution – Metal is implementing a Proof of Processed Payments (PoPP) system to fulfill Bitcoin’s original vision of a fairly and widely distributed cryptocurrency. Users can receive PoPP rewards for simply participating on the platform. No expensive mining rigs necessary.

How Metal Works

Metal uses a Proof of Processed Payments (PoPP) system to identify users and enable them to distribute MTL on the platform. PoPP is also used to reward users who convert fiat currency into MTL using MetalPay.

To establish a user’s identity, Metal first checks their social security number or passport ID. The network then asks the user to either provide a selfie or a picture of identifying documents. If all the necessary data points check out, Metal initiates a payment using proprietary anti-fraud and anti-money-laundering technology.

Users can link their credit or debit card number to their account or sign up with an email address and then invoice their credit/debit/ACH accounts to enable payment processing. Transactions are processed in less than one minute because they take place off-chain and are later registered on the blockchain. This approach allows for more transactions per second and makes Metal scalable.

When a payment is settled, 5% of the gross amount is awarded to both the sender and receiver in MTL at trading value. For example, if a user sends $100 in MTL and the trading value is $1 per MTL, then both the sender and receiver receive 5 MTL.

Senders can choose to top up their MTL account with the reward or get a 5% discount if the transaction is in MTL. Receivers must go through a Know Your Customer (KYC) process to be identified as a separate person receiving the payment before they can claim their reward. Metal has set aside 26,241,112 MTL for PoPP rewards.

Metal vs. Other Cryptocurrencies

Unlike most cryptocurrencies, Metal is not just a currency that facilitates transactions or can be held as an asset. It bundles all the positive attributes of Bitcoin (fast transactions, low transaction fees, security, etc.) into a mobile app with a user-friendly interface that functions similar to PayPal, Venmo, or Square.

Buying, Selling and Storing Metal (MTL)

MTL can be acquired on Binance (MTL/BTC/ETH), Upbit (MTL/KRW), Huobi (MTL/BTC), Cryptopia (MTL/BTC), Livecoin, EtherDelta (MTL/ETH), and Tidex (MTL/BTC). It can also be bought on Changelly using Visa or Mastercard.

Metal has an official web wallet called Metal Vault that is linked to the MetalPay app and can store MTL, Ethereum, Bitcoin, and any ERC20 token. Metal Vault plans to add several interesting features, including in-wallet exchange functionality, invoicing capabilities, integration with FDIC-insured bank accounts, and an open API for the Metal platform.

Since MTL is Ethereum-based, it can also be stored in wallets that support ERC20 tokens, such as MyEtherWallet, Mist, Parity, and Geth, as well as hardware wallets like Ledger Nano S or Trezor.

Liquidity of Metal

Metal’s price has failed to remain stable since it was released. It was launched without an initial coin offering (ICO) for legal reasons, but there are rumors that the Metal team sold tokens to friends, family, and private investors in a pre-sale round. Metal was also de-listed on Bittrex on January 12, 2018 because of policy disagreements. All these factors have adversely affected its value, but that doesn’t mean MTL has poor market liquidity. It still has a reasonably high trading volume on Binance and speculators predict its price will go up once MetalPay is released in the spring of 2018.