Metal (MTL) is a blockchain-based mobile payment processing application. The platform leverages an intuitive interface and familiar controls to streamline the integration of decentralized and fiat currencies. The premise behind the platform is to empower global access to traditional banking and digital assets. Here’s everything you need to know about Metal (MTL).
Metal continues to see growing adoption due to its unique structure and incentivization system. The platform rewards users in METAL tokens whenever they buy, spend, or send funding. These rewards combined with the platform’s simplistic approach have helped the network to gain popularity since its launch in 2017.
What Problems Does Metal (MTL) Attempt to Fix?
Metal tackles some issues that have slowed crypto adoption for some time. Primarily, the network simplifies crypto usage. Anyone can join the free-to-use protocol and easily interact with the decentralized economy. They can convert fiat into cryptocurrencies and conduct transactions in seconds without previous experience.
Congestion and Slow Transactions
Metal integrates advanced technology to improve scalability. The network is capable of 4500+ transactions per second making it ideal for large-scale usage. Additionally, the platform features 0.5-second finality.
Developer Woes
Metal helped to tackle developers’ setbacks by introducing a host of new features to improve programmability. The developer-friendly interface also includes Web Authentication (WebAuthn) support for EVM protocols. This structure means that Ethereum developers can migrate their protocols over to Metal easily.
Lack of Integration
Another primary concern for Metal developers was to reduce the friction between the fiat and crypto markets. The platform accomplishes this task by supporting both fiat and digital currencies. Users have a lot of options in this regard.
They can connect the Dapp directly to their bank account and send funding or purchase digital assets. They can also leverage the partnered bank to gain access to additional features like paycheck deposits and the ability to hold cash directly. Notably, the Metal payment app is FDIC insured for fiat deposits like your local bank branch.
High Remittance Fees
It’s incredibly expensive to send money internationally. For migrant workers that depend on remittance payments for their families’ survival, these costs are a real concern. Metal enables millions of migrant workers across the globe to send funding in a streamlined manner with lower fees. The system eliminates the middlemen to reduce overhead and improve efficiency.
Benefits of Metal (MTL)
There are a lot of benefits that Metal brings to the market. For one, it’s more open to the public than a local bank. Your bank can require a host of personal information and credit checks to provide you with services. For many people, these requirements eliminate for them. Metal provides open access to financial services via the Metal Pay dapp.
Users secure rewards for their actions when they use Metal. The Metal PAY platform compensates users for money spent, sent, and received. Users can qualify for up to 5% in rewards for their actions. This incentivization has helped Metal users generate rewards simply by sending money to friends and family.
Cross Chain Compatibility
Another major advantage that Metal brings to the market is its multi-layered structure which drives interoperability. Developers can send and receive digital assets across multiple networks using the platform. As such, the Metal ecosystem improves programmability, security, and scalability.
Energy Efficient
Another major benefit that Metal brings to the table is energy efficiency. The network leverages a PoS (Proof-of-Stake) consensus algorithm that eliminates the use of high-powered miners from the validation process. This structure reduces power demands considerably.
How Does Metal (MTL) Work?
Metal leverages a multi-layer ecosystem to streamline core activities like consensus and onboarding. The platform integrates a host of features that include Metal Pay, mobile payment processing applications, and Metal VAULT. Additionally, the Metal blockchain launched as a layer-0 protocol that was designed to support the creation of sub-chains.
Metal Pay
The Metal Pay Dapp is how users send and receive crypto. They can employ this protocol to purchase or convert assets as well. The network leveraged PoPP technology to set aside predetermined rewards for network participants. Notably, the Dapp is free to download and can be installed in under five minutes.
Metal (MTL) Marketplace
The Metal marketplace is where users can meet up to trade their digital assets. The marketplace supports a variety of popular projects which adds to the overall functionality of the network considerably. The platform ensures that anyone can trade, buy, and sell crypto securely regardless of their technical understanding.
MTL Token
MTL launched as the original governance and utility token for the Metal network. Originally, the token was launched as an ERC-20 asset to grow into a blockchain-agnostic governance token. MTL is required to use the features of Metal Pay and holding enough of it can provide you with access to reduced fees. Notably, the asset has a limited supply of 66.59 million tokens.
Metal
Metal is the new governance and utility token for the recently launched Metal blockchain. The utility token enjoys the scalability of the fourth-generation network and can be used for governance purposes as well. Notably, developers need to hold Metal to create subnetworks on the Metal Blockchain.
History
Metal has been a project to watch since its ICO in June 2017. Interestingly, the network successfully secured $10M in funding to further its ecosystem and Dapp at the time. The platform again caused excitement when it received its money transmitter license from Washington in March 2021. This maneuver puts Metal in an exclusive class of blockchain-based payment service providers that are regulatory compliant and licensed in the US.
Final Thought
The Metal Pay application takes the idea of decentralized currency and makes it even easier. The protocol enables users to manage all their finances, both fiat, and crypto from one easy interface. Anyone can send and receive payments with a click. Best of all, you get paid for your daily transactions. All of these reasons make Metal a network that has the potential to grow.
