MetaTip, found online at MetaTip.org, lets you tip your friends in seconds. Find out how it works today in our review.
What is MetaTip META?
MetaTip is a transparent and fast tipping platform that promises to offer 10 times faster and 1000 times cheaper transactions than BTC and ETH. The ICO for MetaTip tokens is taking place throughout most of 2018 (the ICO ends on August 1, 2018).
MetaTip appears to be a straightforward digital currency: you can transfer tokens using a mobile wallet (which has not yet been released). The currency emphasizes fast and cheap transfers.
MetaTip is based on the Metaverse blockchain.
How Does MetaTip Work?
MetaTip was designed with the following core features in mind:
Fast Blockchain Payments:
MetaTip claims to offer the fastest transaction time, with transactions taking 30 to 90 seconds.
MetaTip claims to have achieved “one of the fastest transfer rates at the cheapest price” in the digital currency industry. The blockchain charges a fee of 0.0001 ETP per transaction.
Built on the Metaverse Blockchain:
MetaTip gets its name from its foundational blockchain, the Metaverse blockchain. That blockchain facilitates the running of decentralized code in concurrence with smart contracts, allowing for transparent, secure, fast, and reliable services and payments handling. Metaverse is a decentralized project that combines digital identity verification and an oracle service frame.
Users will be able to access the MetaTip network through a mobile app. That app is scheduled to launch on the iOS and Android app stores in the near future. MetaTip will also have a light wallet (from Metaverse) that allows you to easily manage your token balance. The MetaTip ecosystem will revolve around the use of Meta Tokens, or META. The ICO for META tokens is underway throughout 2018.
By the end of 2018, MetaTip aims to be the number one mobile wallet for META and ETP tokens. The platform also aims to be the number one mobile wallet for Metaverse assets.
How to Use MetaTip
Here’s the process you can use to make a transaction with MetaTip:
Step 1) Request a transaction
Step 2) The transaction is broadcasted to a network of peer-to-peer connected computers called nodes
Step 3) The process of validation by the nodes “is known as algorithms”
Step 4) Nodes block data together in the ledger after verification
Step 5) The data block is added to the blockchain, at which point it’s permanent
Obviously, this is the process used by most blockchains – including the bitcoin blockchain. A network of nodes confirms each block of transactions, and then those blocks of transactions are added to the blockchain. MetaTip can process transactions involving cryptocurrencies, contracts, records, and other information.
The MetaTip ICO
There’s a total supply of 100 million META tokens.
95 million tokens are available for sale during the ICO. The tokens are sold over 10 rounds of an ICO, with 1 million tokens available in the first round and 10 million tokens available in each subsequent round.
The ICO is scheduled for January 1 to August 1, 2018.
Tokens are being sold at a price of $0.0025 at the beginning of the ICO, rising all the way to $1.28 by the end of the ICO.
Who’s Behind MetaTip?
MetaTip is led by Tyler Cochran (co-founder and CEO), Greg Wilson (co-founder and Chief Brand Officer), Jack (Amir) Serberie (Chief Networking Officer), Dennis Ong (CFO), Chee Jun Wong (CTO), Aleksa Pavlovic (Chief Design Officer), Zen Goh (Chief Communications Officer), and Alson Chia (Chief Marketing Officer).
Tyler Cochran (CEO) is a Los Angeles-based digital consulting expert. He doesn’t list any previous crypto-related experience on his LinkedIn page. In fact, the only previous listed experience is work as co-founder of MetaTip.org in December 2017.
Use Cases for MetaTip
Obviously, there are a number of digital tokens that already offer similar features to MetaTip – including fast transaction times and cheap transfers. What makes MetaTip different? What kind of use cases will it be suited for?
MetaTip sees its META token as “a world-wide legal banking alternative that is a decentralized blockchain based currency,” explains the official website. Some of the proposed use cases for the token include:
“Traditional banks are not facilitating legal marijuana sales at the state level. Leaving the $970M in medical marijuana sales in California alone, to operate as cash-based businesses. This is a huge market that can be targeted by META token,” explains the official MetaTip whitepaper.
Concerts and Events:
META aims to reduce the transaction fees associated with buying tickets for concerts and other events.
MetaTip plans to add a reward for engagement, paying users when they view a banner ad. This will reduce “ad blindness” online.
META can be used as a payment system for AR services.
“People look to diversify their income, and the crypto market has no boundaries,” explains the MetaTip whitepaper.
There are a number of other use cases listed in the MetaTip whitepaper, although none of them are very well explained. It’s unclear to see what advantages MetaTip has over other tokens, or how the team plans to specifically target any of the above industries.
MetaTip META ICO Conclusion
MetaTip is an unusual project. The META ICO is underway throughout most of 2018. You can purchase META tokens for anywhere from a fraction of a penny all the way up to $1.28 by the end of the ICO.
It’s unclear how the META token works or what kinds of unique advantages it has over other tokens. The currency claims to be one of the fastest ways to transfer value, for example, but it also has transaction times of 30 to 90 seconds – which isn’t very fast. The use cases are vaguely explained at best.
Ultimately, you may want to wait for more information to appear online before you send money to MetaTip during its long-running ICO. There’s an overall lack of information about the project available online.