Metal (MTL) is a platform offering cryptocurrency services with the main goal of displacing Bitcoin. The metal project is based on the Ethereum Blockchain and their wallet will supposedly support MTL, ETH, Bitcoin and other ERC20 Tokens. The consensus system used by the platform is a Proof of Processed Payments (PoPP) system.
Metal has been a controversial project and currently their webpage does not list any whitepaper or roadmap for the platform. The project was co-founded by Marshall Hayner (CEO), Glenn Marien (CTO), Oscar Muñoz, Madisyn Li, and Andy Goldstein.
Metal offers a loyalty program, rewarding users that use the MTL cryptocurrency with as much as 5% of the transaction volume in MTL tokens. These rewards are also extended to users who plan to exchange their fiat assets for MTL tokens using the app´s exchange. In contrast with other privacy-oriented cryptocurrency initiatives, Metal opts for the opposite, fully identifying users by storing pictures, credit or debit card details, and documentation.
One of Metal´s main objectives is to bring cryptocurrency to the masses, it is the opinion of the Metal team that cryptocurrency technology is going through a similar process to that of the internet in the 90s: the lack of a proper GUI and user-friendly platforms is slowing down the technology´s adoption and this is what they plan to capitalize on, by offering an easy to use and straightforward process of using digital money.
Metal customers will be offered bank accounts complying with USA´s FDIC that can operate standard banking instruments such as credit cards, debit cards, and checkbooks. As of January 2018, their pre-paid cards are limited to users in the European Economic Area. The company aims to offer their merchant and payment services to target audiences in “high risk” businesses who have problems opening bank accounts like nutraceutical companies, Cannabis stores, and Adult entertainment enterprises.
The MTL Token Crowdsale was held from June 9th 2017 to July 8th 2017. The initiative managed to raise $3,795,999. The total token number will be capped at 66.5 million MTL.
The MTL token is listed in several exchanges around the world and the company has announced a partnership with Huobi, one of the largest Asian Crypto exchanges. Huobi represents the first way of entrance of Metal to the Chinese market. Huobi´s Senior Director Li Huo, has declared that:
“Metal is one of the most promising projects we have seen in the market. The Blockchain application research institution at Huobi speaks largely about it and we are excited to welcome them to our exchange”.
Even though there are mixed opinions online about the Metal project, it appears to be an attractive cryptocurrency that has the potential to offer mid-to-long term benefits to investors, besides the added value of convenience when it comes to be used as a cryptocurrency. Because of the lack of a proper and updated White Paper, there is still much to be learned about this platform. Metal is to be properly launched in 2018.