What is Metal
Metal (sym. MTL) is a peer to peer, open source, decentralised cryptocurrency which utilises Proof of Processed Payments (PoPP) protocol to validate transactions.
It is similar to the popular cryptocurrencies like Bitcoin but offers a much easier front end and rewards the users for using Metal.
History of Metal
Metal is issued by Metallicus Ltd, a Hong Kong based company. The team of Metal consists of Andy Goldstein, Oscar Munoz, Madisyn Li and Marshall Hayner.
The first crowd-sale took place on 9th June 2017.
In Spring 2017, Beta version of the currency was released. In summer of 2017, major updates took place on the network which saw the introduction of Metal Bank and Metal prepaid/debit cards. In Fall 2017, Shopify style integration and NFC features were made public during another major update.
How Metal Works
Metal has bidirectional conversion gateways, in-built in the network, which converts different currencies in real-time. The examples will demonstrate the concept better.
Alice wants to send money to Bob and they both have Metal wallets. However, Alice has USD and Bob accepts in Bitcoin. Alice can send the 100 USD via Metal network which will be converted to Metal and sent to Bob’s wallet. Bob, on demand, can withdraw this amount in Bitcoin and Metal again will convert the Metals into Bitcoin for Bob.
For transactional purposes, Metal utilises public Ethereum blockchain and the transfer protocol is similar to any popular cryptocurrency network where any transaction can be done by mentioning the amount and the receiver’s address.
Metal also has Metal Debit cards where users can pay in real life and Metal will do the conversion and pay in USD, Euro or similar fiat currencies.
Metal offers some unique propositions, especially in their targeting.
- Best of Both World: Metal allows free and fast conversion between fiat currencies and cryptocurrencies, so the user can basically use their Metal balance for everything, everywhere.
- Prepaid Debit Card: Working just like a normal, Bank issued debit card, the cards carry Metal as their balance and can be used at any PoS (Point of Sale) in real world, to pay for products and services.
- User Reward: Metal pays 5% reward to the users for every transaction. Thus, by sending 100 Metals to someone will get you 5 Metals back as reward. For regular transactions, this is a very rewarding scheme.
- Niche Targeting: Metals target the somewhat untapped industries including online gambling, adult entertainment and pharma industries which has a high turnover of $90 billion per annum.
- Security of Ethereum: Metals uses the EthHash security and makes use of the Ethereum blockchain network for transactions, adding stability and security to the transactions.