Metalpay (MTL) is a banking solution decentralizing the peer-to-peer payment space like Omisego (OMG). Both are based on Ethereum Blockchain. MTL is an ERC20 token smart contract and is using the Proof-of-Processed Payment (PoPP) rewards system. MTL poses the potential to revolutionize the digital payments for users. The company aims at simplifying the use of cryptocurrency and also promote the greater use of crypto over fiat. However, this may take a long run for the core team to achieve!!
Metal would focus on specific industries — Nutraceuticals, Cannabis, e-Sports, etc. It might move towards small businesses. (Source: Steemit)
Omisego gained a lot of attention and nailed in their Initial Coin Offering and short term trades. Omisego partnership with Mcdonalds in Thailand and having Vitalik Buterin as it’s advisor helped in gaining a lot of momentum. OMG started trading at ~$0.5 and touched above $13 yielding a 26x return. Omisego is focusing on developing as a peer-to-peer payments solution primarily for Asia.
Omisego is majorly focused at Asia. Would MTL be able to do that for America? I tried understanding some fundamentals of the coin.
What’s interesting about MTL Coin?
It is based on PoPP process ,i.e., Proof of Processed Payments, which is used for fair distribution of Metal. It acts as a verfiable process for distribution as well as rewards the user for converting fiat into cryptocurrency. MTL can perform all the task of a traditional payments app. Metal distribution details as available are (Source: Crypto-news.net)
- New number of coins in circulation: 21,088,888 MTL
- Operation Pool for Metal Project total: 13,378,888 MTL (locked for one year)
- Employees/Advisors: 3,780,000 MTL (vested per person)
- Metal Foundation: 2,000,000 MTL (To assist projects, partners and companies for on-boarding)
- PoPP Issuance: 26,341,112 MTL (PoPP 5% bonus is only until all MTL is allocated)
MTL Project has an amazing team. All the good names in physical and digital world one might have heard of, you can hear at their place too. Their operations team include professionals from Bitpay, American Express, Apple, Dogecoin, VentureMe and Swipe Labs. Advisors from BitTorrent, Civic, Alphabit and Purse.
MTL is updating it’s closed alpha platform which will include the following changes: (Source: Metalpay)
- FEATURE: Added Ledger hardware wallet support
- FEATURE: Added single-key wallet support for Bitcoin
- FEATURE: Show QR code of all receiving addresses
- FEATURE: Only show tokens with balances checkbox
- FIX: Long wallet names messing up card layout
- FIX: Input validation for MFA configuration
- FIX: Sending negative wallet amount not being rejected soon enough
- FIX: More descriptive error message when typing in wrong password while creating wallet
- FIX: Responsive view of freeze wallet screen
What might act as a Deterrent?
Metalpay lacks publicity where the Omisego was able to gain. Hence, either they wish to stay under the shade or should do something about it.
MTL is running at around 50% of the all time high, that was around $14. The current market price is $6.27. This puts the coin under pressure to gain momentum before its loses retail investor’s interest.
There is a hardcap on the total Metalpay tokens and the monthly cap on the total rewards tokens one can earn. What if I make two accounts and juggle between the two for rewards?? They will be adding up algorithms to detect that and stop the rewards token into those accounts. Hence, the rewards system sounds interesting though the absolute return may not be a fortune wheel revolving.