MTL is an Ethereum token that powers the Metal's products and ecosystem. Metal is a payment processing applications that provides its users with the facility to convert their fiat currencies into cryptocurrencies and vice-versa.
Metal (MTL) is the token offering of Metal Pay, a platform that aims to make cryptocurrency transactions easier for consumers. The platform plans to provide a more straightforward interface for the users, such as trading on crypto to dealing with it in real-time. With the specialized KYC identification marketplace, the platform aims to make it easier for users to transact in several cryptocurrencies. The platform also uses the Proof of Processed Payments (PoPP) consensus for approving transactions.
Proof of Processed payments helps identify a user before distributing currencies in a transaction. Metal Pay seeks to incentivize the usage by rewarding the users for the transactions on the platform. The metal token works on the Ethereumblockchain.
According to the whitepaper, Metal Pay offers MTL tokens as rewards to users who transact on the platform. The whitepaper also elaborates that the users can get credits from the platform with MTL. The platform also aims to offer discounts to users with MTL tokens and therefore encourage the adoption of Metal Pay. Accordingly, Metal Pay aims to provide the following benefits:
Concessions to MTL merchants
Concessions to users of Metal tokens on the platform
Benefits in the form of pay features on the platform
The platform aims to create 66 588,888 MTL tokens. The platform plans to keep aside 31% (26,341,112). The remaining is available for token distribution on the platform. From the available MTL, 18% goes to legal, 40% to development, and 15% to marketing. The platform plans to use 17% for operational purposes and 10% reserve. To make the distributions transparent, MTL uses a two of three escrow, wherein two of the three members need to approve raising operational funds.
An escrow is a third-part smart contract where a platform stores the tokens before completing a transaction. So, by making transactions and token distributions transparent, Metal Pay aims to make the platform user-friendly, with a faster exchange.
History of Metal (MTL)
Metal and Metal Pay, the platform, are a product of Metallicus Inc, a Delaware company. According to the profile, the company has a traditional structure with Marshall Hayner as CEO and Glenn Mariën as CTO, a crypto enthusiast, and a wizard. Irina Berkon is the CFO and comes with 15 years of experience in corporate finance.
