Metal Blockchain

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Discover Metal Blockchain's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Metal Blockchain?

Metal Blockchain (METAL) is a highly performant, trustless, and scalable layer zero blockchain designed for financial institutions and fintechs. It leverages the Snow protocol and supports multiple subchains, enabling fast transaction processing, decentralized applications, and enterprise blockchain deployments. The platform prioritizes security, reliability, and sustainability, making it suitable for a wide range of financial and supply chain management applications.

How is Metal Blockchain used?

The crypto Metal Blockchain (METAL) is used in several key ways:

  1. Transaction Fees: METAL is used to pay for transaction fees on the Metal Blockchain. These fees are burned, which decreases the overall supply of METAL and adds a deflationary element to the token.

  2. Staking: METAL is used for staking, which helps secure the platform. Validators must stake a minimum of 2,000 METAL to participate in the validation process.

  3. Native Token: METAL serves as the native token for the Metal Blockchain, providing a basic unit of account between the multiple subnets created on the platform.

  1. Subnets: METAL can be used as the native token for other subnets created on the Metal Blockchain, allowing for a high degree of customization and flexibility.

  2. Governance: METAL is involved in the decentralized, independent governance model employed on the Metal Blockchain, ensuring that decision-making is distributed and secure.

These uses highlight the multifaceted role of METAL in maintaining the integrity and functionality of the Metal Blockchain ecosystem.

How do I store Metal Blockchain?

To store Metal Blockchain (METAL) tokens securely, consider the following steps:

  1. Use a Cold Wallet: Store your METAL tokens in a cold wallet, which is not connected to the internet. This reduces the risk of online attacks and ensures greater security. You can use hardware cold wallets like Ledger, Trezor, or BitBox, or opt for a paper wallet.

  2. Hardware Wallet Options: Ledger offers a range of hardware wallets, including the Ledger Nano S Plus and Ledger Nano X, which are suitable for storing METAL tokens. These wallets store your private keys offline, making them resistant to malicious attacks.

  3. Metal Ledger Nano App: For Ledger users, you can install the Metal Ledger Nano app on your Ledger device. This allows you to interact with the Metal Blockchain while keeping your assets secure. The app can be installed via sideloading for Ledger Nano S and Nano S Plus devices.

  1. Seed Phrase Storage: Store your seed phrase securely using durable solutions like metal plate backups, such as Cryptotag Zeus. These metal plates can withstand extreme conditions, ensuring your recovery phrase remains intact for years to come.

  2. Self-Custody: Embrace self-custody by holding onto your cryptocurrency's private keys, giving you full control over your digital assets. This approach ensures that you, and only you, have access to your funds, eliminating reliance on traditional financial institutions for security.

By following these steps, you can ensure the safety of your METAL tokens and maintain control over your digital assets.

How to buy Metal Blockchain?

To buy Metal Blockchain (METAL) tokens, you can follow these steps:

Buying on a Centralized Exchange (CEX)
  1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports Metal Blockchain (METAL) purchases, such as KuCoin or MEXC.
  2. Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) for added security.
  3. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require government-issued ID and other personal information.
  4. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  5. Buy METAL: Use fiat currency or a popular cryptocurrency like USDT to purchase METAL.
Buying via a Crypto Wallet
  1. Choose a Wallet: Select a reliable crypto wallet that supports Metal Blockchain (METAL), such as Trust Wallet.
  2. Download and Set Up the Wallet: Download the wallet app or browser extension and create a new wallet address or import an existing one. Make sure to keep the seed phrase secure.
  3. Buy ETH or USDT: Purchase a popular cryptocurrency like ETH or USDT using a payment method supported by the wallet.
  4. Swap for METAL: Use the wallet to exchange ETH or USDT for METAL.
Buying with Metal Pay
  1. Download the Metal Pay App: Get the app from the iOS App Store or Google Play Store.
  2. Create an Account: Sign up using your email address and phone number.
  3. Verify Your Identity: Complete identity verification using a government-issued ID and Social Security Number.
  4. Link a Debit or Credit Card: Add your card details to the app.
  5. Buy METAL: Find METAL on the marketplace, choose the amount, and complete the purchase using your linked card.
Buying on Kriptomat
  1. Create and Verify Your Account: Sign up with Google, Apple, or enter your name and email. Verify your email, phone number, and identity.
  2. Add Funds: Make a bank deposit or use your credit card to add funds.
  3. Buy METAL: Click on the Kriptomat icon, select "Buy," choose METAL, enter the amount, and confirm your purchase.

Remember to always check fees and ensure you are comfortable with the payment methods and security measures before making a purchase.

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History of Metal Blockchain

The history of Metal Blockchain (METAL) began with the development of the Metal ecosystem, which included the blockchain agnostic governance token $MTL. This governance token gave birth to several projects, including Proof-of-Processed-Payment (PoPP), a gas-less layer one payment chain called XPR Network ($XPR), a cross-chain decentralized lending protocol $LOAN, and a decentralized stablecoin Metal Dollar ($XMD). These projects were all governed by $MTL.

The Metal Blockchain itself was designed as a trust-less, scalable layer zero blockchain that solves several key issues in the blockchain space, including centralized bridge hacks, cross-chain compatibility, energy-efficient scaling, and interoperability. It employs the Snow protocols, allowing it to run on a highly efficient model of Proof-of-Stake (PoS), eliminating the need for Proof-of-Work (PoW).

The Metal Blockchain was launched with a conversion event that allowed $MTL community members to convert their $MTL DAO governance tokens to $METAL coins. This event started on July 29, 2022, and ran for 90 days until October 27, 2022. During this period, a total allocation of 120,000,000 $METAL was available in the conversion pool, with a maximum of 60,000,000 $MTL that could be converted.

The Metal Blockchain has several key features, including the ability to process over 4,500 transactions per second and a time to finality of less than 0.5 seconds. It also supports popular programming languages such as Solidity, C++, and Typescript, making it easy for developers familiar with Ethereum and Antelope (formerly EOSIO) to build on the platform.

Today, Metal Blockchain continues to evolve, focusing on providing a seamless and user-friendly experience for Web3 adoption. It incorporates Web Authentication (WebAuthn) support for Ethereum Virtual Machine (EVM) and plans to introduce an on-chain key recovery protocol to ensure that customers never have to worry about losing their private keys.

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How Metal Blockchain works

The Metal Blockchain (METAL) is a Layer 0 blockchain designed for financial institutions and fintechs. It operates on a highly efficient Proof-of-Stake (PoS) model, which eliminates the need for energy-intensive Proof-of-Work (PoW) consensus mechanisms. This allows it to process over 4,500 transactions per second with a time to finality of less than 0.5 seconds.

Key Components
  1. Subnets: Metal Blockchain is designed for scalability through the use of subnets. These subnets can be customized for specific financial applications, ensuring secure and tailored innovations.

  2. Virtual Machine: The blockchain employs a virtual machine to facilitate the execution of smart contracts and decentralized applications.

  3. Tokenomics: The native token, METAL, has a hard-capped supply of 666,666,666 coins. It is used to pay for transaction fees, secure the platform through staking, and provide a basic unit of account between subnets. The tokenomics include a fee burning mechanism to prevent spam and incentivize validators to maintain the network's integrity.

  1. Staking and Validation: Validators must stake a minimum of 2,000 METAL to participate in the network. The staking period can range from 2 weeks to 52 weeks. Validators are incentivized through proof-of-uptime and proof-of-correctness mechanisms to ensure the network's security and smooth operation.

  2. Decentralized Governance: The Metal Blockchain operates on a decentralized, independent governance model, allowing for community-driven decision-making and development.

Security Features
  1. Private and Public Keys: The blockchain uses private and public keys to secure data within the blocks, ensuring that only authorized parties can access and verify transactions.

  2. Web Authentication (WebAuthn): Metal Blockchain supports WebAuthn technology, which provides an additional layer of security through biometric access and Single Sign On (SSO) capabilities.

Applications

The Metal Blockchain is designed to facilitate secure, on-chain data storage and immutable records. It is particularly suited for financial institutions and fintechs, offering a BSA-compliant solution for customized financial innovations.

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Metal Blockchain's strengths

The token Metal Blockchain (METAL) has several strengths that contribute to its value and potential:

  1. Deflationary Mechanism: METAL has a hard-capped supply of 666,666,666 coins, which ensures that the token's scarcity increases over time. This is further reinforced by the fee burning mechanism, where transaction fees are destroyed, reducing the overall supply of METAL.

  2. Multi-Purpose Token: METAL serves multiple purposes within the Metal Blockchain ecosystem. It is used to pay for transaction fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on the Metal Blockchain.

  3. Staking Rewards: METAL offers staking rewards to incentivize users to participate in securing the network. The staking rewards emission structure is designed to release 333,333,333 METAL on a sliding scale, becoming increasingly scarce over time.

  1. Governance Power: METAL token holders have a say in the future of the Metal Blockchain through on-chain governance proposals. This fosters a decentralized and community-driven approach to decision-making.

  2. Scalability: Metal Blockchain's subnet architecture allows for high-throughput transactions, with the ability to process thousands of transactions per second. This makes it faster and more effective compared to traditional blockchain networks.

  3. Compliance: Metal Blockchain provides a BSA (Bank Secrecy Act) compliant solution, adhering to regulations regarding anti-money laundering (AML) and Know Your Customer (KYC) protocols. This makes it an attractive solution for banks and fintechs.

  1. Tokenization of Assets: Metal enables the secure tokenization of traditional assets like securities and bonds, opening doors for innovative financial products and increased market liquidity.

These strengths collectively contribute to the value and potential of the METAL token, making it an attractive investment opportunity for those interested in blockchain technology and decentralized finance.

Metal Blockchain's risks

Metal Blockchain (METAL) faces several financial risks that are inherent to blockchain technology and its specific design. These risks can be broadly categorized into three main areas: standard risks, value transfer risks, and smart contract risks.

Standard Risks

Metal Blockchain, like other blockchain technologies, exposes financial institutions to standard risks similar to those associated with current business processes. These risks include operational risks, such as the potential for technical failures or security breaches, and reputational risks, which can arise from the adoption of a new and relatively untested technology. Additionally, there are regulatory risks, as the evolving regulatory landscape for blockchain technology can impact the viability of Metal Blockchain.

Value Transfer Risks

Metal Blockchain enables peer-to-peer transfer of value without the need for a central intermediary. This new business model exposes interacting parties to new risks that were previously managed by central intermediaries. For instance, the transfer of assets, identity, or information between parties on the blockchain can be vulnerable to fraud or unauthorized transactions. Furthermore, the lack of a central authority can make it more challenging to resolve disputes or recover losses.

Smart Contract Risks

Metal Blockchain relies on smart contracts, which can potentially encode complex business, financial, and legal arrangements. These smart contracts can result in risks associated with the one-to-one mapping of these arrangements from the physical to the digital framework. For example, smart contracts may contain bugs or vulnerabilities that can be exploited, leading to financial losses or unintended consequences.

Tokenomics and Fee Structure

The METAL token, which fuels the Metal Blockchain ecosystem, has a hard-capped supply and is used to pay for transaction fees. The fee structure is designed to incentivize users to hold METAL and contribute to the network's sustainability. However, the tokenomics and fee structure can also introduce risks, such as the potential for token value fluctuations or the impact of fee burns on the overall supply of METAL.

Interoperability and Scalability

As a Layer 0 blockchain, Metal aims to facilitate communication and data exchange between various blockchains. While this interoperability can unlock new possibilities for innovation, it also introduces risks related to scalability and the potential for congestion or slow transactions. Metal's multi-chain architecture and specialized subnets are designed to address these limitations, but they can still pose risks if not properly managed.

Regulatory Compliance

Metal Blockchain is designed to be BSA compliant and adheres to regulations regarding anti-money laundering (AML) and Know Your Customer (KYC) protocols. However, the regulatory environment for blockchain technology is constantly evolving, and Metal Blockchain must adapt to these changes to maintain compliance. Failure to comply with regulatory requirements can result in significant financial risks and reputational damage.

In summary, Metal Blockchain faces a range of financial risks, including standard risks, value transfer risks, smart contract risks, tokenomics and fee structure risks, interoperability and scalability risks, and regulatory compliance risks. Understanding and mitigating these risks is crucial for financial institutions and users to reap the benefits of this technology.

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Did Metal Blockchain raise funds?

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Metal Blockchain’s team

  • Marshall Hayner: Co-Founder & CEO, developed the first Facebook Bitcoin wallet and worked with Stellar and the Dogecoin Foundation.
  • Glenn Mariën: Co-Founder & CTO, created Dogechain.info, the first online wallet for Dogecoin.
  • Irina Berkon: CFO, a Forbes featured executive with experience in senior roles and angel investment funds.
  • Donald Berk: COO, a former banking executive with 25+ years of experience at Northern Trust.
  • Syed Jafri: VP of Engineering, founder of Bloks.io with 7+ years of experience in blockchain and healthcare software development.
  • Karen McHenry: VP of Product, a product professional with 10+ years of experience at Circle and Poloniex.
  • Maura Wilder: VP of Engineering, an enthusiastic technologist and leader with 20+ years of experience in shipping quality software for crypto, fantasy sports, and fintech.
  • Lee Woolley: Senior Executive - Head of Banking, with over two decades of experience in leadership roles and wealth management planning.

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