Metal is a blockchain based payment platform that rewards users when they send and receive cash through the platform. It uses PoPP (Proof of Processed Payments) as a proof to distribute the metal tokens. Users are rewarded with 5% the value of the transaction each time they process one successfully. The platform also uses provable payments that has to be attached to verified identities to confirm the identity of the transacting parties.
It is free to send money from a card or a linked bankShow more [+] count through the platform. Users get incentives by earning MTL tokens that can be redeemed from your bank account to fiat currency, or accumulated and spent within this network. This reward is called a Pop. Metal's aim is to on-board as many people as possible into the crypto industry. The Pop reward is capped at $1000 MTL for individuals, and at $5000 for merchants. Merchants are also required to pay a transaction fee, but receive a 5% bonus off the payment processing fee to encourage their clients to use MTL. Users also get rewarded for good behavior to avoid spamming. A users account can be banned if for instance two people send the same cash back and forth.
PoPP distribution will take a minimum of 10 years. The amount of Pop being distributed to users is capped at about 7,200 MTL tokens per day. This is about 50 MTL tokens every 10 minutes. The block time for this token is thus 10 minutes. The original issued tokens in the Issuance pool is about 26, 341, 112.
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