The MTL Token is an Ethereum ERC20 Token that uses Metal Pay's unique Proof-of-Processed Payments (PoPP) to identify and reward users. Metal is a professional grade mobile application and backend that allows users to manage cryptocurrency and FIAT funds. By creating an easy to use interface, Metal bridges the gap between the existing learning curve to use cryptocurrency and the needs of users to interact with traditional currencies for payment.
There are a total of 66,588,888 MTL in existence. The original distribution of MTL is as follows:
Initial circulating supply: 21,088,888 MTL (distributed initially via a token sale to friends, family, and accredited investors)
PoPP Issuance: 26,341,112 MTL
Operation Pool for Metal Project: 13,378,888 MTL (locked for one year - used for such efforts but not limited to: Attracting top talent to the company, marketing purposes and performance-based bonuses for employees.)
Employees/Advisors: 3,780,000 MTL (This balance decreases as tokens vest monthly over the course of 1 year from the token sale).
Metal Foundation: 2,000,000 MTL
The key to Metal’s success is making the integration for merchants as painless as possible and bringing the benefits of accepting payments in cryptocurrency making it possible to minimize fees. The MTL token and app utilize Blockchain based tokens that allow for benefits like fungibility, enabling many businesses to accept payment and store significant amounts of capital without a requirement for banking. Metal expects to save merchants 4-5% on all transactions they use the integration for. The MTL token creates a method of rewarding users for their spending bringing discounts and the ability to convert MTL to other forms of currencies.
Metal has assembled an all-star team led by Marshall Hayner formerly launching Quickcoin, Trees, and helping build the Stellar project. Andy Goldstein and Oscar Munoz bring their collective experience from large payment networks like Visa, American Express and Bitpay to create the scalability and integration needed to make Metal a success. Glenn Marien heads-up technology with previous experience developing backend systems for Bitcoin and other cryptocurrencies.
Sid Parihar led design for Apple and many people will be familiar with the stock icons on iPhones that Sid led the creation of. Scott Davis rounds out the mobile development with deep experience building large-scale Apps for Swop and the Department of Defense. The team behind Metal is key to the long-term success of the MTL token.
The application and usability of the MTL token will be swift and powerful with the backing of development of the payment processing system. In addition as a Blockchain based token, it can be traded on exchanges, from user to user and integrated into other platforms. Many tokens launch without a clear vision for their use case and onboarding users.
Metal is poised to grow it's application rapidly and bring large amounts of users to interact and use the Token. As we look towards the future the goal is to make cryptocurrency easy to use, economical, and incentivized. The entire ecosystem can benefit from the onboarding of new users, and we look not only to be a niche token and application for the cryptocurrency focused users but to open up the benefits of cryptocurrency to a whole new audience that may have never heard of the technology but can quickly see what problems it solves for them personally and their businesses.