As human beings, we all are programmed to feel ecstatic when we are rewarded with something. However, that feel definitely comes down a notch when we are at the giving end rather than the receiving one, especially when it comes to money. Here’s a crazy idea, wouldn’t it be so much better if we got rewarded even for sending money? Well you, my friend, are lucky to live in the crypto world, because Metal is making the giving process more rewarding.
What is Metal?
Metal is a currency payment processor but it’s slightly different in the sense that it actually pays you to send and receive money. Metal wants to reward its users with free MTL tokens for simply spending cash or converting fiat into cryptocurrency. When you spend, send, or receive money in the Metal Pay app, you can earn up to 5% back in MTL tokens. The rewarded tokens are kind of like liquid Metal, because they can be traded for other cryptocurrencies on exchanges or can even be converted into cash within its app pretty easily. But if you decide to hold on to your Metal, you are rewarded for that as well.
In the world full of crypto technicalities, Metal aims at simplifying the payment process through an array of applications.
Let’s dive into the world of Metal’s applications, with its first app, the Metal Vault. It is basically a web wallet for Metal, Bitcoin, Ethereum, and ERC20 tokens. However, the list will eventually grow, as there are plans to add more coin such as Litecoin and Monero in the future. In addition to be being a diversified storing place for coins, there are plans to add FDIC insured bank accounts to its Vault. With a bank account, users will be able to buy Metal within the Metal Vault, in turn earning more Metal. It’s a win-win situation.
This one is for the Apple owners and crypto enthusiasts. The Metal Pay is a payment-processing app for iOS. The app allows its users to send cash or MTL to friends and vendors. The setup for the app is also quick and efficient.
The Metal Pay app offers several features, which make it stand out amongst its competition.
- There is no fee for sending cash to friends.
- You can earn MTL tokens by sending your friends cash, or even by simply inviting them to the app.
- The app allows you to send MTL instead of cash.
- The MTL you earn can easily be converted to cash within the Metal Pay app.
Metal Pay is really the heart of the project’s future as it brings people into its ecosystem. Even people who are novice to the concept of cryptocurrency can join and enjoy the app.
Proof of Processed Payment (PoPP)
Metal carries out the MTL token rewards through a methodology called Proof of Processed Payment (PoPP). Unlike other cryptocurrencies, instead of distributing coins to miners through Proof of Work (PoW), Metal uses PoPP.
How does PoPP work?
The PoPP is more sophisticated than just merely throwing out MTL on every transaction. Firstly, there’s a cap of $1000 in MTL rewards per month for individuals and $5000 for merchants. Secondly, PoPP rewards for good behavior. Surpassing all that, once a legitimate transaction is confirmed, you’ll be able to lock in your MTL tokens.
Only a hundred businesses are eligible for the “Metal PoPP Initiative.”
- 50 Businesses in San Francisco, CA
- 15 Businesses in Los Angeles, CA
- 15 Businesses in New York, NY
- 20 Businesses for The World
Incentives for merchants
While peer-to-peer transactions are free, Metal does, however, charge merchants for the process. According to its whitepaper, merchants may purchase platform credit with MTL, which will entitle them to a discount on all associated payment processing fees and a discount on merchant services. They may also receive an additional 5% off of payment processing fees for offering a discount when paying with MTL.
Owners of Metal will receive significant benefits in the form of discounts:
- Discounts for Metal merchants.
- Discounts for customers paying with MTL.
- Discounts for consumers in the form of heavy discounts on pay features.
The Metal Team
It all started in San Francisco, circa 2016, when the Metal Pay team started their development process.
A huge chunk of the world population still cannot comprehend the concept of crytpocurrencies, thus they refrain from owing it as well. However, at the same time, mobile payment applications are getting increasingly more common. Metal could be the bridge that brings the two together.