When Satoshi introduced Bitcoin and pioneered blockchain technology, it is apparent that he never had a clear idea of the ripple effect that would follow in the market. Today, the blockchain technology is applied almost in any area of people’s lifestyle. From promoting social media content to sending payments, the new cryptocurrencies are revolutionizing virtually every sector in the economy. Because of key flaws that are manifested in the pioneer cryptos such as Bitcoin and Ethereum, new blockchain technologies are finding competitive edges to provide remedies and introduce new solutions. In this post, we take a comprehensive review of the Metal.
What is Metal?
Metal is a blockchain-based system that uses proof-of-processed-payments for identifying users and motivating them to convert fiat currencies into cryptos. Several years after Bitcoin lunching, it became apparent that currencies can exist independent of the conventional fiscal systems. However, blockchain experts have argued that cryptocurrencies cannot, on their own, spark a technological revolution. In fact, the cryptocurrencies are scary enough to the extent of sending away potential users because of association with fraudsters and scammers.
Metal seeks to use a centralized type of Know-Your-Customer identification and a unique payment platform to help distribute cryptocurrencies on a proof-of-processed-payment layer on Ethereum blockchain. Metal departs from the proof-of-work mining model that has recently become synonymous to wholesale mining that leaves laymen with only one option to acquire cryptocurrencies; buying from top exchanges.
When Marshall Hayner, Andy Goldstein, Oscar Munoz, and Madisyn Li founded Metal in June 2017, they argued that cryptocurrencies might never reach the anticipated mass adoption without appropriate incentives. However, Metal allows any person to earn METAL by simply converting fiat currency to fiat currencies.
Metal targets using specialized software to help individuals, small and medium enterprises to access blockchain services for regular use. Because services on blockchain platform are faster, cheaper, stable, and reliable, more people will be incentivized to go crypto.
When metal was launched, a total of 66,588,888, METAL tokens were released. A small portion of 3,360,000 metals was reserved for the founders and advisors of the network. The remaining tokens will be distributed to incentivize people to use the Metal network and to convert fiat to cryptos.
How Metal Works?
Metal uses the public Ethereum blockchain. Ethereum, unlike Bitcoin or other cryptos, allows other platforms to form a new layer of an entirely new Cryptocurrency. Metal operates agnostically and appreciates the need for multiple cryptocurrencies to reach more people and entrench cryptos to people’s lifestyles.
If you are a new user, the first step is installing a Metal client in the system to act as a node, connect with other users and trade in METAL tokens. Then, you have to signup for a Metal account that allows users to trade even in other cryptos such as Zcash, Dash, Ether, and Bitcoin.
The main method used by Metal is proof-of-processed-payment (PoPP) to identify users before distributing new currency into its system. PoPP also calculates the rewards to people who convert fiat currencies to cryptocurrencies.
The PoPP system involves identifying the user’s passport ID or SSN with particular software before commencing the transactions. The system also gets a photo on the transaction file when processing the payment. These checks have made Metal to look more credible especially to millions of people who want to join but are afraid of getting grouped with scammers and fraudsters who hide behind the anonymity of other platforms.
Once payment has been settled, a portion of the total amount is returned in metal tokens. This takes about 5% of the entire transaction. In order for a user to claim METAL, they are required to undergo through KYC (know your customer) process to ensure that only the right person gets it.
Main features of Metal
This is the main Metal network asset that will be used to reward the network users. Equity investors receive an average METAL token valued at USD0.18. The financing of USD 556,000 in private equity, will carry approximately 3,088,888 METAL tokens leaving a total of 16,500,000 tokens from the number released during the launch.
This is a method of encouraging more people to come and use the Metal system to make payment. This feature creates an event to start splitting payment and then invoicing the group to advance the main goal.
As a financial service that mainly targets merchants, Metal uses this feature to provide funds for business. The borrowers are rated by Metal rewards to establish their creditworthiness.
Merchant adoption features
These are e-commerce like features that target to plug metal to top retailers such as Shopify. The aim of these features is making it possible for people to use Metal for day-to-day payments in the e-commerce stores of choice. The tools include plugins for online firms and NFC hardware tap-to-pay terminals.
Pros of using Metal
- Unlike other cryptos that are very difficult to use, earning METAL is very easy. You only need to convert fiat to cryptos either directly or via a transaction. For example, you get rewarded with METAL as a merchant, paying with METAL, and even buying with METAL.
- The Cryptocurrency is one of the simplest to use because of its intuitive interface.
- There are multiple advantages meant to encourage more users to use METAL. These include discounts for Merchants who use metal.
- The multiple verification strategies of Metal have endeared it to a lot of people. Even those who had a negative view of cryptocurrencies can now join without worrying of being tagged as scammers.
Cons of using Metal
The main drawback of Metal is that it is relatively new. Most features of the network are only being pioneered. This means that their stability cannot be fully ascertained. It might require more time before the full stability of the Cryptocurrency can be gauged against other top cryptos.
Where to Buy and Sell Metal in Australia?
Crypto Currency for Fun recommends buying Metal at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Metal and they offer Instant Delivery or your coins right into your account.
As the need for digital payment models continues to grow, blockchain technologies are better placed to fill the gap because the platforms are faster and more efficient. Though the notion of anonymity has come under sharp criticism, more people prefer it because it looks open, has more incentives, and guarantees optimal efficiency. This is one of the latest cryptos with a lot of potential for faster growth.