What is Metal?
Metal is a blockchain-based system utilizing Proof-of-Processed-Payments to identify users, rewarding them for converting legacy fiat currency into cryptocurrency. It is a system similar to bitcoin but with a user-friendly interface and front-end that is similar to Venmo, Square or PayPal. Metal can act as a bridge to bitcoin or any cryptocurrency available. Many small businesses across the world prefer to only accept cash. However, in an increasingly cashless society, refusing to accept digital and card payments can be problematic. Put simply, Metal believes cash only businesses can benefit by adopting cryptocurrency as a new new form of cash, as cryptocurrencies possess many of the same properties particularly around privacy, censorship resistance and fungibility. In order to bring digital payments into a world that utilizes blockchain-based technology over some traditional banking rails, Metal expects to save consumers 4-5% on all purchases.
Metal does everything traditional payment apps can do. This includes peer-to-peer transfer and real-time invoicing. With cryptocurrency integration and PoPP, Metal users will earn cryptocurrency for making normal payments. PoPP is a mechanism to incentivize people to leave fiat money for crypto currency. It gives people an opportunity to be a part of the financial system by giving them a financial history, which can enable them to open bank accounts and access other services.
Merchants may purchase platform credit with METAL which will entitle them to a discount on all associated payment processing fees and a discount on merchant services. The use of the METAL token by merchants and individuals will drive adoption and thus usage beyond platform-based services provided by Metallicus Limited, the parent company of Metal. Merchants may also receive an additional 5% off payment processing fees for offering a discount when paying with METAL.
Many merchants will find it advantageous to offer the METAL discount to save on traditional credit and debit card processing fees. Due to the ability to save merchants on processing fees, consumers utilizing the platform will receive significant discounts when making purchases.
Owners of Metal will receive significant benefits in the form of discounts:
1) Discounts for Metal merchants
2) Discounts for customers paying with METAL
3) Discounts for consumers in the form of heavy discounts on pay features 5
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. Huobi does not take responsibility for any resulting direct or indirect losses.
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