Metal Pay (MTL) Makes $18 Million Bet with Token Investors to Boost Adoption
Metal Pay Shares with MTL Crypto Holders
Metal Pay (MTL) is a peer-to-peer payment application that is available to US-based users. The platform is similar to platforms such as PayPal in the sense that it makes it possible to transfer money, fiat, or cryptocurrency easily.
What differentiates MTL is that it provides incentives for users in the form of cryptocurrency when they use eligible payments. The transactions are verified through the network’s Proof of Processed Payments (PoPP) mechanism. The PoPP verifies that users have the correct amount of funds and that the sender and recipient have proper authorization. After all is verified, the parties are rewarded with the platform’s MTL tokens.
The reward provides incentive to use the platform correctly. The platform’s CEO and founder Marshall Hayner discussed that there is more,
“At Metal, we want to introduce the general public to the power of blockchain through the digital payment ecosystem. By putting it in everyone’s hangs, we change crypto.”
Metal announced that it will be giving away 40 percent of its MTL total supply to those who use the Metal Pay app. The total amount of tokens is worth $18 million at the current exchange rate and it will be distributed through the PoPP. The incentive of rewarding users with MTL ensures good behavior, and it makes crypto accessible and facilitates mass adoption. According to Hayner:
The sector has gone about increasing the number of users the wrong way. Tell people to set up an exchange account and then convert their fiat into crypto and they’re unlikely to do it. But if you actually give it to them, they’re far more likely to play around and become familiar with it.
MTL’s tokens are the only cryptocurrency available on the platform. However, the platform is currently working with other projects and though the platform cannot provide details, Hayner has admitted that the majority of teams from the top-ten coins market cap have shown interest.
Metal hopes that the projects can be distributed to users the same manner that MTL tokens are. This will raise awareness of the project.
Though Hayner is pleased to see crypto develop as it have, he has noted that the experience has not been completely positive. The crypto sector is not fully decentralized. Bitmain and other entities control the majority of the BTC network, their ASIC rigs muscle out individuals and hobbyists who were interested in mining the blockchain from their computers. Investors are attracted to the potential of speculative gains, instead of the technology itself.
The platform hopes that it will be able to decentralize crypto. The free distribution of its tokens will enable users to try the platform out without investing their own funds. Though MTL tokens is a fraction of the $14 reached last year, the tokens are still valuable. Hayner stated that users who exchange the token into fiat will realize that the token can be used as a currency and not just a speculative tool.