Metal is a blockchain-based network using Proof-of-Processed-Payments to identify users, compensating them for converting legacy fiat currency into cryptocurrency. It is a system comparable to bitcoin but with a user-friendly interface and front-end that is similar to Venmo, Square or PayPal.

Metal can serve as a connection to bitcoin or any cryptocurrency possible. Various small businesses across the world favor only to receive cash. But, in a constantly cashless society, opposing to accept digital and card payments can be problematic. Metal believes cash-only businesses can profit by adopting cryptocurrency as a new form of properties especially around privacy, censorship resistance, and interchangeability. To deliver digital payments into a world that uses blockchain-based technology over some regular banking tracks, Metal anticipates to accumulate consumers 4-5% on all purchases.

Metal Transactions

Metal offer services by software to execute transactions available for regular users. This approach will prove worthy as peer-to-peer fees are incentivized to leave traditional rails, opting for an open network of cryptocurrency payments. These transactions will be completed faster and provide real-world value beyond regular cash-based payments.

Metal MTL Incentives

Metal can work the same as traditional payment apps can do. It comprises peer-to-peer transfer and real-time invoicing. By cryptocurrency merging and PoPP, Metal users will gain cryptocurrency for executing regular payments. PoPP is a system to incentivize people to abandon fiat money for the cryptocurrency. It gives people an opportunity to be a part of the financial system by providing them with a financial history, which can allow them to open bank accounts and access other features.

Merchants may acquire platform credit with MTL which will empower them to a discount on all connected payment processing payments and a discount on merchant services. The utility of the MTL token by merchants and individuals will encourage adoption and thus usage beyond platform-based functions implemented by Metallicus Limited, the parent company of Metal. Merchants may also earn an extra 5% off payment processing fees for extending a discount when spending with MTL.

Proof-of-Processed-Payments

Proof-of-Processed-Payments (PoPP) serves as a certain means of identifying users and issuing new currency into the system. At the same time, it pays users who change fiat currency into cryptocurrency.

When the payment is entirely settled and the bank transfer or cryptocurrency distributed, a part of the gross value of the fee is paid in METAL tokens. It is 5% of the 6 volume of the transaction at exchanging value for MTL in both directions (sender/receiver). As an instance, $100 in MTL is sent. It is trading $1/MTL. Both sender and receiver would acquire 5 MTL.

For the receiver to obtain the added MTL, they must go into the KYC process and be recognized as a different person getting the payment. If a user wants to simply top-up their account with a crypto balance, they are qualified for a discount of the purchase value of the transaction in MTL, the parent company of Metal, accumulates fees for processing payments.

MTL Supply and Sustainability

There are 66,588,888 MTL tokens produced on the Ethereum token standard ERC20. Two million is retained by the Metal foundation with close to 3.8 million held for employees and advisors. Approximately 13.3 million is locked up for one year in the development pool for the Metal Project. And, 21 million tokens are in rotation with 26 million reserved for sharing through PoPP.

In Q4 of 2017, Venmo processed over 10 billion dollars in transactions. If Metal approaches that level of scale, the value of MTL must rise or all tokens will be PoPP’d into existence considerably fast.

The Metal Team

The Metal Pay team started development in 2016 in San Francisco. CEO and founder Marshall Hayner head them. Hayner’s former startup, Trees, strived to deliver marijuana by drone. But, that project was placed on hold now that Hayner is high on the possibilities of Metal Pay. His connections in the cannabis industry should come in helpful though as they are one of the end demographics to utilize Metal Pay’s merchant processing. In addition to Hayner, Sid Parihar from Apple joined the team to lead the development of the iOS app. The team consists of various other engineers, designers, investors, and advisors.