[Blockchain 101] What Is Metal (MTL)? The Front-Runner of Pumps and Dumps (Metal Pay Demo)

Hello! Today we're going to look at Metal (MTL), a coin that pumps and dumps several times a day. You might wonder whether it's even worth looking into, but aren't you a little curious...

Metal Coin Overview

Token type: ERC20
Supply: 66,588,888 MTL (2 million owned by the foundation, 3.8 million for staff and advisor rewards, 13 million for the Metal project operating pool, and the rest for user rewards)

Yes, it's a token that lives on the Ethereum chain. The supply figure is quite unusual. As for the coin holdings, you can think of the foundation as holding roughly 20 million coins.

What Is Metal?

Simply put, the Metal [project] rewards you with Metal (MTL) tokens when you use Metal Pay. There's a Metal Pay app for this. When you convert cash to crypto, or crypto to cash, through the app, you receive up to 5% in Metal tokens.

One important point here: if, for example, you send money with Metal Pay, both the sender and the recipient receive 5% in Metal tokens. The Metal tokens you receive this way can be sold on an exchange and cashed out. They also say they're preparing a system that pays rewards for holding Metal.

Metal Vault

Metal Vault is Metal's first app. It's Metal's web-based wallet. Of course, it supports Bitcoin, Ethereum and ERC20 tokens. They also say you can link a bank account to it and use it that way. https://app.metalpay.com/

Metal Pay (1)

Then there's Metal Pay. With this app, you can send cash or Metal coins. You can earn Metal coins by sending money to friends or by making payments. Of course, you can also send Metal coins themselves, and exchange them for cash. There are no fees.

https://www.metalpay.com/

Now, this is the really tempting part. If I send 1,000 dollars, I get 50 dollars' worth of Metal tokens? Unfortunately, Metal Pay isn't available in Korea, and the Metal project also keeps running identity verification and monitoring to prevent this kind of abuse.

You could say Metal's business model is selling coins and taking fees. Metal says it will limit the businesses that adopt Metal Pay at first to exactly 100. It's quite US-centric.

50 Businesses in San Francisco, CA
15 Businesses in Los Angeles, CA
15 Businesses in New York, NY
20 Businesses for The World

According to the white paper, the places where Metal Pay can be used are "high-risk merchants, cash-intensive merchants and those who want to accept cryptocurrency." In the US, the cannabis business is legal in certain states but illegal at the federal level, so banks try to stay out of it. Metal Pay looks like it could be useful in areas like this?

In fact, the Metal Pay team started development in San Francisco in 2016. It's led by CEO and founder Marshall Hayner. Hayner's previous startup, Trees, aimed to deliver marijuana by drone.

The Proof of Processed Payment Consensus Method

Metal uses a proof method called Proof of Processed Payment, or PoPP. Metal also sets caps for this, and the amounts are bigger than you might think. The cap on Metal coin rewards is 1,000 dollars a month for individuals and 5,000 dollars for businesses.

But you might also think of this problem: if the Metal supply is limited, won't the rewards soon run out? They say that when the price rises, the foundation adjusts the amount of Metal tokens it distributes.

Metal Pay is free for transfers between individuals, but charges fees to businesses. In return, businesses receive Metal coins in the way I described above.

Competitors

Quite a lot of payment cryptos have popped up, and there are more out there. PayPal is also reportedly planning to file additional patents. The 5% reward does look attractive, but I'm not so sure. There are a great many payment cryptos: Ripple, Stellar, Pundi and so on. And Bread, a payment system and wallet listed on Binance, could be called a similar model.

Final Summary

Metal Pay can be described as a payment solution and wallet that connects cash and cryptocurrency. In the process, you receive 5% of the transaction amount in Metal coins via the PoPP method. That wraps up part 1 of our in-depth coin analysis. This was Dibble. See you next time~ Thank you!

* Metal's flatlined GitHub: https://github.com/MetalPay

* Metal Twitter: https://twitter.com/metalpaysme?lang=en

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