Metal

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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?

Metal (MTL) is a cryptocurrency used within the Metal Pay ecosystem for conducting payments. It is built on the Ethereum blockchain and rewards users with MTL tokens for spending, sending, or receiving money through the app. Each transaction earns up to 5% back in MTL, which can be traded for other cryptocurrencies or converted into cash.

How is Metal used?

Metal (MTL) is a cryptocurrency token used within the Metal Pay ecosystem to facilitate payments and transactions. Here's how it is used:

  1. Rewards System: Users earn MTL tokens for completing various tasks and activities, such as referring new users, making trades, and using the platform's mobile payment app. These tokens can be used to pay for transaction fees on the platform or exchanged for other cryptocurrencies or fiat currencies.

  2. Mobile Payment App: Metal Pay is a mobile application that allows users to send and receive payments. It rewards users with 5% back in MTL tokens for every transaction made, which can be accumulated and used for trading or converted into cash.

  3. Proof of Processed Payment (PoPP): The PoPP consensus mechanism distributes MTL tokens to users for sending, receiving, and purchasing through the Metal Pay app. This system ensures that users are incentivized to use the platform while preventing fraud and gaming the system.

  1. Metal Vault: The Metal Vault is a web wallet for storing MTL and other ERC-20 tokens. It also supports BTC and ETH, with plans to add more coins in the future. Users can purchase Metal from within the Metal Vault, earning more MTL tokens.

  2. Crumbs: Crumbs is a micro-investment app acquired by Metal that allows users to link credit and debit cards. Every purchase is rounded up to the nearest dollar, earning small amounts of MTL tokens. Users can set Crumbs to make regular crypto purchases or use it for ala carte purchases.

Overall, Metal (MTL) is designed to simplify cryptocurrency transactions and make them more accessible to the general public, while incentivizing users through its rewards system.

How do I store Metal?

To store Metal (MTL) tokens, you have several options:

  1. Mobile Wallets: You can use mobile wallets like Coinomi (for Android) and Jaxx (for both Android and iOS) to store your MTL tokens.

  2. Web Wallets: Web wallets like Jaxx (for Chrome) and the Metal Vault (a web wallet for Metal, Bitcoin, Ethereum, and ERC20 tokens) are also available.

  3. Desktop Wallets: Desktop wallets such as Jaxx and MyEtherWallet can be used to store MTL tokens.

  1. Hardware Wallets: For added security, you can use hardware wallets like Ledger Nano S, Ledger Blue, and Trezor to store your MTL tokens.

  2. Cold Wallets: Cold wallets, which are offline, are considered the safest option. You can use paper wallets or hardware cold wallets like USB drives to store your MTL tokens securely.

  3. Exchange Wallets: You can also store your MTL tokens on exchange wallets like Binance Wallet or Trust Wallet, but these are considered less secure as they are always online and can be vulnerable to hacks.

Choose the option that best fits your needs and security preferences.

How to buy Metal?

To buy Metal (MTL) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports Metal (MTL) trading. Popular options include Binance, KuCoin, Kriptomat, and Uphold.

  2. Create an Account: Register on the chosen exchange's website or mobile app. Verify your email address and identity as required.

  3. Add Funds: Deposit funds using a credit card, debit card, bank transfer, or other available methods. Ensure you understand the fees associated with each method.

  1. Buy Metal (MTL): Navigate to the exchange's trading platform, select Metal (MTL) from the list of available cryptocurrencies, and enter the amount you want to purchase. Confirm your order and review the transaction details before finalizing the purchase.

  2. Store Your MTL: Once you have purchased MTL, you can store it in your exchange account or transfer it to a personal crypto wallet for safekeeping.

Remember to always research the exchange and understand the risks involved in cryptocurrency trading before making a purchase.

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History of Metal

Metal (MTL) is a blockchain-based project that aims to simplify cryptocurrencies and make them more accessible to the general public. Here is a brief overview of its history:

  • Initial Coin Offering (ICO): Metal was launched through an ICO on June 9, 2017, where the team sold 55 million tokens at $0.18 each, raising nearly $10 million.
  • All-Time High: The MTL token reached an all-time high of $13.86 in September 2017.
  • Metal Vault: The Metal Vault, a web wallet for storing MTL and other ERC-20 tokens, was released in October 2017. It also supports Bitcoin and Ethereum, with plans to add more coins in the future.
  • Metal Pay: Metal Pay, a payment processing app for iOS, was scheduled to be released in Q1 of 2018. The app allows users to send cash or MTL to friends and merchants, earning up to 5% back in MTL tokens.
  • Price Retracement: After the ICO, the price of MTL saw a retracement, but it rallied in December 2017 and January 2018, reaching $10.87 and $10.81 respectively.
  • Acquisition of Crumbs: In May 2018, Metal acquired the micro-investment app Crumbs, integrating it into its ecosystem.
  • Money Transmitter License: In March 2021, Metal Pay was granted a money transmitter license from the US state of Washington, leading to a 250% increase in the value of MTL.
  • Current Status: Metal continues to see growing adoption due to its unique structure and incentivization system, which rewards users in MTL tokens for transactions.
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How Metal works

Metal (MTL) is a blockchain-based mobile payment processing application that aims to simplify the integration of decentralized and fiat currencies. It leverages an intuitive interface and familiar controls to empower global access to traditional banking and digital assets. Here's a detailed overview of how Metal works:

Metal Pay

Metal Pay is the core application that allows users to send and receive money, including both fiat and cryptocurrencies. The app rewards users with MTL tokens for every eligible transaction, which can be converted into cash or sent to another Metal Pay user. This incentivization system encourages users to adopt the platform and promotes its growth.

Proof of Processed Payment (PoPP)

Metal uses PoPP as its consensus mechanism, which is designed to distribute MTL tokens to users for sending, receiving, and purchasing through the Metal Pay app. PoPP rewards good behavior and punishes bad behavior to prevent fraud. For instance, users cannot repeatedly send the same amount back and forth to collect MTL rewards, as this would be considered gaming the system.

MTL Token

The MTL token is the original governance and utility token for the Metal network. It was initially launched as an ERC-20 asset and has since transitioned to a blockchain-agnostic governance token. The token is required to use the features of Metal Pay, and holding enough MTL can provide users with access to reduced fees. The total supply of MTL tokens is capped at 66.59 million.

Metal Blockchain

The Metal blockchain is a layer-0 protocol designed to support the creation of sub-chains. It integrates a host of features, including Metal Pay, mobile payment processing applications, and Metal VAULT. Developers need to hold Metal tokens to create subnetworks on the Metal Blockchain.

Metal Marketplace

The Metal marketplace is a platform where users can trade their digital assets securely, regardless of their technical understanding. It supports a variety of popular projects, adding to the overall functionality of the network.

Crumbs

Metal acquired the micro-investment app Crumbs, which allows users to link credit and debit cards. Every purchase is rounded up to the nearest dollar, and the change is invested in MTL tokens. This feature provides effortless cryptocurrency investing and rewards users for their regular transactions.

Overall, Metal's ecosystem is designed to streamline payment processing, incentivize users, and promote the adoption of cryptocurrencies.

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Metal's strengths

Metal (MTL) has several strengths that contribute to its unique position in the cryptocurrency market:

  1. Reward System: Metal offers a reward system where users can earn up to 5% back in MTL tokens for spending, sending, or receiving money through the Metal Pay app. This incentivizes users to continue using the platform and encourages them to hold their MTL tokens.

  2. Ease of Use: Metal Pay is a simple and user-friendly application that allows users to send and receive assets easily. The setup process is quick and straightforward, making it accessible to a wide range of users.

  3. Multi-Layered Ecosystem: Metal's ecosystem includes Metal Pay, Metal Vault, and the Metal blockchain. This multi-layered structure enables seamless integration of decentralized and fiat currencies, making it easy for users to manage their assets.

  1. Cross-Chain Compatibility: Metal's platform allows for interoperability across multiple networks, enabling developers to send and receive digital assets across different chains. This improves programmability, security, and scalability.

  2. Energy Efficiency: Metal uses a Proof-of-Stake (PoS) consensus algorithm, which reduces the energy consumption associated with traditional mining processes. This makes the network more environmentally friendly.

  3. Regulatory Compliance: Metal has received a money transmitter license from Washington, demonstrating its commitment to regulatory compliance and legitimacy in the US market.

These strengths have contributed to Metal's growing adoption and popularity since its launch in 2017.

Metal's risks

Metal (MTL) production and processing involve various risks, including:

  1. Physical Hazards:

    • Falling objects and accidental impacts from working around or beneath objects.
    • Heat, noise, radiation, vibration, and airborne particles.
    • Electrical shock and molten metal hazards.
  2. Respiratory Risks:

    • Inhalation of airborne contaminants such as metal dust, fume, and gases.
    • Respiratory hazards from metal powders, including toxicity, reactivity, combustibility, and instability.
  3. Chemical Risks:

  • Exposure to chemicals in the workplace, including airborne chemical hazards.
  • Risks from handling and processing materials like aluminum and titanium, which can be highly reactive.
  1. Environmental Risks:

    • Improper disposal of metal waste materials can contaminate soil and groundwater reserves.
    • Ventilation systems can exhaust contaminated gases and toxic compounds, impacting air quality.
  2. Health Risks:

    • Exposure to heavy metals like chromium, arsenic, and lead can cause health problems, particularly for children.
    • Dermal adsorption and ingestion of heavy metals can lead to health risks, including cancer.
  3. Facility Risks:

  • Poor facility design and inadequate safety measures can lead to hazardous work environments.
  • Insufficient monitoring of oxygen levels and improper fire suppression systems can have catastrophic consequences.
  1. Surface Contamination Risks:
    • Presence of oil, grease, or other contaminants on metal surfaces can affect coating adhesion and lead to premature coating failure.
    • Soluble salts and other contaminants can accelerate corrosion and compromise the integrity of protective coatings.

These risks highlight the importance of proper safety protocols, facility design, and environmental considerations in the metal production and processing industries.

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Metal’s team

  • Metal Pay Team: The team behind Metal Pay includes the founders and developers of the platform, who are responsible for creating and maintaining the fiat on-ramp and automatic crypto purchase features. Their Twitter handle is @metalpaysme.

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