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What is Metal (MTL) - Simple Explanation for Beginners

Thu, 05/17/2018 - 15:47
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George Shnurenko
Metal is relatively new cryptocurrency used within the Metal Pay ecosystem to conduct the payments.
What is Metal (MTL) - Simple Explanation for Beginners
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Metal is relatively new cryptocurrency used within the Metal Pay ecosystem to conduct the payments. It is built on the Ethereum blockchain. These tokens are usually offered as a reward when a user receives, spends, or sends his money buying cryptocurrency. Every transaction is accompanied with 5% back of the sum of any currency but converted into MTL tokens. The earned capital can be accumulated on the account or used for trading with other cryptocurrencies. They can be easily transferred into cash also, but keeping them within the Metal the user continues getting the rewards.

What should you know about Metal Pay?

Metal Pay is a rather simple application developed for conduction of payments. Here you are free to transfer your assets to any person you want. Among the receivers there are merchants or just your friends. It can also be applied for the gadgets working on the iOS. The mobile version is very easy to set up. The process will not take long. All that you need is to have a mobile phone with iOS. First, you should enter it setting your password. Then you are expected to link a bank account and set a profile picture. Now just get popping!$MTL #blockchain #fintech.

Why should you prefer this app of the list of the analogues? Because it has some particular features, which make the difference. Of course, it is cool to be awarded. You use the system and do not pay for the transactions, but get the money on your account encouraging you to continue for your benefit. You can invite your friends to join and take advantages of Metal Pay. Thus you’ll increase the number of transactions getting even more coins, which as we have already mentioned are allowed to be converted into the cash.

This is the real income. And there are no special requirements. You can use the Metal Pay app for getting cash. Once again, this is a stunning chance to earn sending your friends the cash without any fees. By the way, the receiver gets 5% back also. Whatever you do with MTL, you gain profit because even when you hold the amount of Metal on your account, you get rewards! So, there are three things you can do: to cash out, to trade or to hold.

That is a competitive position! If you need to send money, why should you miss the chance to get cryptocurrency for free? It is available to any person. Do you want to pay your rent through Metal Pay? Use it and earn money! In this way the ecosystem attracts customers. You get to see firsthand! Here there are demos showing how the app acts.


PoPP (Proof of Processed Payment)

How does it happen? The reward is possible due to Proof of Processed Payment (PoPP in short). This process resembles distributing coins to miners but the receivers are people using Metal Payment. So, as soon as you confirm your identity with system, you start getting the rewards in MTL due to PoPP if the above conditions are met meaning that you are involved in transactions within the app.

You should understand that there is a cap in MTL rewards per month making $1000 for individuals and $5000 for merchants. Again every user is under control preventing fraud. If a person sends the same amount back and forth, he will be banned and refused in getting the MTL rewards. Thus, the Proof of Processed Payment is not as simple as it seems. The transaction should be confirmed as legitimate. It is impossible to game the system, the PoPP prevents from doing this. And the anti-fraud measures will be even enhanced in due course.

Why is the reward level equal to 5%? The purpose is to exceed the typical credit card rewards. There is another question: can the rewards be over one day? It depends on popularity of MTL. If the Metal app becomes very popular and its tokens are distributed, it will be a sign that the success is achieved. The Metal will become the medium for exchange.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans.