Metal Cryptocurrency: Earn While Sending – Receiving Money Fundamental Analysis
Its bot almost a decade since Bitcoin wasgoed introduced to the world spil an alternative to the traditional banking system.
Not just that, everzwijn since Bitcoin’s introduction, wij have also seen the rise of numerous cryptocurrencies to either contest or mooipraterij Bitcoin.
Despite that, wij are still far from the things that wij can do through the traditional banking system. Wij have not yet seen real-time payments of billions of dollars on the blockchain for actual commercial purposes.
It is so because many cryptocurrencies encourage the mentality of hoarding to realize future benefits and many, like Bitcoin, Monero etc, require good technical understanding to actually use them.
The truth, however, is that none of them yet are actually serving the purpose of day-to-day payments but voorwaarde to be the future of payments.
Well, that may or may not be true because wij can’t see the future yet but there are some cryptocurrencies that are specifically focusing on day-to-day payments and usability. Some are also encouraging cryptocurrency payments by rewarding users.
One such currency is Metal, known by the ticker name $MTL te the cryptoland.
Te this fundamental analysis of Metal (MTL), I will touch the following points:
What is Metal?
Metal is the name of a fresh cryptocurrency token which is built on the Ethereum blockchain spil an ERC20 token. Metal is also the name of the payment processing app that will use Metal tokens spil well spil other cryptocurrencies for payments.
You can think of it like the Venmo, Square or the PayPal app but unlike thesis, the Metal app will have cryptocurrency support for including fiat currencies.
This app will provide fiat-to-crypto and crypto-to-fiat conversions on a request based on the market price of Metal te that particular ogenblik.
It can be considered spil a next generation hybrid payment app that aims to support popular cryptocurrencies via a Metal Vault combined with fiat currencies ter one place, powered by an encouraging incentive mechanism that wij will discuss further ter this article.
The Metal cryptocurrency wants to encourage users to adopt cryptocurrencies and give them the convenience of seamless inter-operability inbetween fiat and crypto world te a fair manner at the same time.
To do it ter a fair manner, it uses MTL tokens which are ERC20 tokens issued overheen the Ethereum blockchain which means the entire supply cannot be meddled with and it remains open and fair for anyone to audit.
Also, to encourage user adoption, it incentivizes users to transact through the Metal app via a prize mechanism called PoPP (aka Proof of Processed Payments).
But before telling you what PoPP is, I want to tell that this not only a prize mechanism but also a way of introducing fresh Metal tokens into the system.
To waterput it te simpler terms, the PoPP prize system has a certain number of tokens locked te its name and thesis prizes only get unlocked to be rewarded to Metal users when they convert their fiat currency into crypto via the Metal app.
This way it serves two purposes – introduces fresh Metal currency and prizes the users.
To participate ter this system, you need to verify your identity and be fully compliant with the Metal KYC rules. Only then are you eligible to such prizes.
To track that the user has actually converted the fiat into crypto, it provides you an with an inbuilt bankgebouw account when you set up your Metal app for the very first time. When you now convert your fiat into crypto after the conversion, a portion of the gross amount of the payment is returned ter Metal tokens to both the sender and receiver. This is 5% of the volume of the transaction at trading value for MTL ter either direction (sender/receiver). Lets say $100 worth MTL, trading at $1/MTL is sent. Ter that case, both the sender and receiver would get Five MTL tokens.
Note: Such prizes have thresholds. Individuals will be able to receive up to $1000 ter MTL vanaf month, whilst business can receive up to $5000 vanaf month via PoPP.
The Metal team is incredible and comprises of entrepreneurs, engineers, designers and payments industry experts – a combination required for such a project.
Metal Token Supply &, Metal Market Cap
The Metal cryptocurrency has a motionless supply of 66,588,888 MTL tokens issued overheen the Ethereum blockchain. You can check the Metal crypto wise contract on the ETH blockchain here.
Out of the total supply, PoPP Issuance prototype has 26,341,112 MTL tokens te its reserve to be distributed ter prizes and fresh issuance of currency spil and when the distribution criteria is met. The 5% prize that wij were talking about previously comes from thesis reserve tokens and will only last spil long spil the PoPP supply remains.
Exclusief from that, here is the further token distribution break-up:
- Coins te Circulation: Nineteen,300,994 MTL
- Operation Pool for Metal Project total: 13,378,888 MTL (locked for one year)
- Employees/Advisors: Three,780,000 MTL (vested vanaf person)
- Metal Foundation: Two,000,000 MTL (To assist projects, vrouwen, and companies for on-boarding)
According to CoinMarketCap, the total circulating supply of MTL is Nineteen,300,994 MTL and the current price of each unit is $Five.34. That values its market cap at approximately $103 million (at the time of this article).
Metal, Banks and Metal Vault
Metal will also provide users with a canap account embarking from the US. Ter the US, it will provide FDIC insured accounts that will assure the safety of the user’s money te case the handelsbank goes out of business.
This handelsbank account will provide everything that a normal handelsbank user gets – checking account, a routing number, a debit card etc.
This feature will not only be limited to the US spil te the future and will expand to other countries too.
On the other forearm, the Metal Vault would be the gateway for crypto, which will be an inbuilt wallet ter the Metal app to securely hold your cryptocurrencies like Bitcoin, Ethereum, Metal, and other ERC20 tokens. This vault (or wallet) will be a non-hosted wallet, which means you will always hold the private keys of your cryptocurrencies without relying on a third party.
Where to buy Metal Cryptocurrency?
Here are some of the exchanges where you can buy MTL tokens:
- Binance: Supported pairs are MTL/BTC, MTL/ETH
- Cryptopia: Supported pairs are MTL/BTC
- Livecoin: Supported pairs are MTL/BTC, MTL/USD, MTL/ETH
- EtherDelta: Supported pairs are MTL/ETH
Note: Buying MTL te fiat currencies such spil USD, EUR, or GBP is presently difficult.
Metal is an ERC20 token so you have slew of options for storing your Metal tokens securely. Some of thesis options have bot listed below and will help you keep your MTL safe.
I have mixed views on Metal because of the unclear roadmap and policies.
One of them is their banking relations. Considering banking and crypto trading don’t blend very well, I am apprehensive of how conveniently it will sail once the fully functional app is used te real-time.
I think that’s the same reason Metal will do a rigorous KYC for individuals and businesses alike which might make it limited to people who are comfy with KYCs. The downside is, this way they will lose people who aren’t comfy with verifications and KYCs.
Another thing is their issuance monster for fresh MTL tokens. Tho’ it prizes 5% reserve to both the parties involved, it can lead to dilution of the actual market price of Metal due to inflation of Metal tokens spil the supply increases.
Well, that is all from my side te this introductory round of Metal project and MTL tokens.
Official Metal resources
Some official linksaf that will help you stay updated with Metal’s news:
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