Its been almost a decade since Bitcoin was introduced to the world as an alternative to the traditional banking system.
And not only this, after Bitcoin's introduction we have seen numerous cryptocurrencies rising to compete as well as compliment Bitcoin.
But still, we are far from the things that we can do through the traditional banking system. We have not yet seen real-time billions of dollars of payments on blockchain for actual payment and commerce purposes.
Precisely it is because many cryptocurrencies encourage the mentality of hoarding it to realize future benefits and many others like Bitcoin, Monero etc require good technical understanding to actually use them.
But the truth is none of them is actually serving the purpose of day to day payments until now and yet claim to be the future of payments.
Well, that may or may not be true because we can't see the future yet but there are some cryptocurrencies that are specifically focusing on day to day payments, usability and encouraging cryptocurrency payments by rewarding users.
The currency's name is Metal Cryptocurrencyknown by the ticker name $MTL in the cryptoland.
In this fundamental analysis of Metal (MTL), I wish to touch up following points:
What is Metal?
How does it work?
Metal Team
Metal Token Economics
Metal & Banks
Where to buy Metal Cryptocurrency?
Metal Wallets
Metal's Future & Roadmap
What is Metal?
Metal is the name of a new cryptocurrency token which is built upon Ethereum blockchain as an ERC 20 token. Metal is also the name of payment processing app that will be using Metal tokens as well as other cryptocurrencies while payments.
You can think of it like the Venmo, Square or PayPal app but unlike these Metal app, will have cryptocurrency support too including fiat currencies.
This app will provide fiat to crypto and crypto to fiat conversions on demand based on the market price of Metal at the moment in time.
That's is why it the next generation hybrid payment app that aims to support popular cryptocurrencies via a Metal Vault and also fiat currencies, all in one place powered by an encouraging incentivization mechanism that we will discuss further in this article.
How does Metal work?
Metal cryptocurrency wants to encourage users to adopt cryptocurrencies as well as give them the comfort of seamless inter-operability between fiat and crypto world in a fair manner.
To do it in a fair manner it uses MTL tokens which are ERC 20 tokens issued over the Ethereum blockchain so that the whole supply cannot be meddled with and remains open & fair for anyone to audit.
And to encourage user adoption it incentivizes users to transact through the Metal app via a reward mechanism called PoPP (aka Proof of Processed Payments).
But before telling you what PoPP is? I want to tell that this not only a reward mechanism but also a way of introducing new Metal tokens into the system.
To put it simply, PoPP reward/incentivization system has a certain number of token locked on its name and these rewards only get unlocked to be rewarded to Metal users when they convert their fiat into crypto via the Metal app.
This way it does two works of introducing new Metal currency as well rewards the users at the same time.
And to participate in this system you need to verify your identity and get fully compliant with the Metal KYC rules, then only you are eligible to get such rewards.
For tracking, that the user has actually converted fiat into crypto it provides you an inbuilt bank account when you set up your Metal app for the first time. Through this when you now convert your fiat into crypto after the conversion, a portion of the gross amount of the payment is returned in METAL tokens to both the sender and receiver. This is 5% of the volume of the transaction at trading value for MTL in either direction (sender/receiver). As an example, $100 in MTL is sent. It is trading $1/MTL. Both sender and receiver would both get 5 MTL tokens.
Note: But such rewards have limits, individuals will be able to receive up to $1000 in MTL per month, whilst business can receive up to $5000 per month via PoPP.
Metal Team
The Metal team is impressive and is comprised of entrepreneurs, engineers, designers, and payments industry experts which are all pretty much required for such kind of project.
Metal Token Supply & Metal Market Cap
Metal Cryptocurrency has a fixed supply of 66,588,888 MTL tokens issued over the Ethereum blockchain. You can check here the Metal crypto smart contract on the ETH blockchain.
Out of this total supply, PoPP Issuance model has-26,341,112 MTL tokens in its reserve to be distributed as a reward and new issuance of currency as and when the distribution criteria meet. The 5% reward that we were talking previously comes from this reserve tokens and will only last as long as PoPP supply remains.
Apart from that, here is the further token distribution break-up:
Coins in Circulation: 19,300,994 MTL
Operation Pool for Metal Project total: 13,378,888 MTL (locked for one year)
Employees/Advisors: 3,780,000 MTL (vested per person)
Metal Foundation: 2,000,000 MTL (To assist projects, partners, and companies for onboarding
And that's why according to CoinMarketCap, the total circulating supply of MTL is 19,300,994 MTL, and the current price of each unit is $5.34. That makes its market cap approximately $103 million (at the time of this article).
Metal, Banks and Metal Vault
Metal will also provide users with a full bank account starting from the US. In the US it will provide FDIC insured accounts that will guarantee the safety of user's money in case bank goes out of business.
This bank account will give everything normally a user gets like checking account, a routing number, a debit card etc.
But this feature will not only keep limited to the US as in the future it will expand to other countries of the world too.
Whereas Metal Vault would be the gateway for crypto, which will be an inbuilt Wallet in the Metal app to securely hold your cryptocurrencies like Bitcoin, Ethereum, Metal, and other ERC 20 tokens. This vault or wallet will be a non-hosted wallet meaning you will everytime 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:
Note: Buying MTL in fiat currencies such as USD, EUR, or GBP is quite difficult right now.
Metal Wallets
Metal is an ERC 20 token so you have plenty of options for storing your Metal tokens safely. Some of these options I have listed below will help you keep your MTL safe.
I have mixed views on Metal because of their unclear roadmap and certain things which they are doing.
One of them is that their banking relations and as you know banking and crypto don't blend together well, so I don't know how smoothly it will go in the future when the fully functional app is used in real-time.
I think that's the same reason Metal will be doing a rigorous KYC for individuals and business which might make it limited to people who are comfortable with KYCs. And this way they will certainly lose people who aren't comfortable with verifications and KYCs.
And another thing is that their issuance model for new MTL tokens, though it is rewarding 5% extra to both the parties involved can lead to dilution of the actual market price of Metal due to inflation of Metal tokens as the supply will increase.
That is all from my side in this introductory round of Metal project and MTL tokens.
Official Metal resources
Some official links that will help you to be updated with Metal's news:
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