Hi, I’m Patric Glassell, Director of Business Development at Metal. My typical days at Metal consist of establishing and maintaining a wide variety of partnerships, meeting with investors and preparing our application for launch and its growth.
Basically, my days are filled with emails and phone calls with external stakeholders. One of the most common questions I get asked is, “How can Metal afford to give me rewards just for using their service?” My initial reaction is “Why is that important? Just enjoy the benefit and use it!” But the question is very valid and understandable. It speaks to how consumer behavior has shifted in recent decades whereby today’s consumers want to be more educated about the products and services they use. Consumers want to be sure nothing is hidden in the fine print, and that the company isn’t going to charge them or go bankrupt as soon as the consumer gets accustomed to using the service. Today’s consumer also wants to know that the companies they support are operating legally and ethically as well as protecting their privacy.
So let’s break it down:
The first step is to break down Metal Pay’s Peer-to-Peer (P2P) payments: A user sends or receives money from another user. A payment is initiated, either by paying someone direct from the app, or Accepting an Ask for a Payment. Once the payment is processed, MTL cryptocurrency is issued as a reward and incentive to the transaction. We call this: Proof of Processed Payment (“PoPP”).
For each PoPP, the sender and recipient receive up to 5% of their payment value in MTL (our native cryptocurrency). As an example, if $100 is sent and MTL is trading at $5.00, both sender and receiver receive 1 MTL.
The next step is to understand how MTL digital currency works:
Let’s use the example that we’re talking about another currency like USD or EUR. Our currency is MTL and works very differently.
For USD, EUR and other currencies, their respective governments can increase the money supply to combat inflation or adjust for interest rate changes. The number of MTL is capped, the total number being: 66,588,888 MTL.
The company uses a portion of the available MTL for operational purposes, to attract investors and allots a portion for the Metal Foundation for future charitable and philanthropic endeavors.
However, more than 26MM (26,341,112 to be exact!) MTL tokens will be distributed via PoPP rewards. As more consumers use the app, the expectation is that the MTL price will increase over time. For example, if 1 MTL trades at $20.00, MTL will have over $500MM available to reward our users via PoPP. Just as a reference, if it reaches the Ethereum benchmark price of $1,000, there would be $26BN worth of MTL to distribute via our PoPP reward.
I hope this explanation helps educate and excite you--our future users, as much as it excites us to be able to provide incentives for being part of our project.
As a startup, the experience of representing Metal and speaking with all kinds of prospective stakeholders and partners is filled with challenges, but every day is supremely rewarding and I’m lucky to work with such a dedicated and talented team on such an amazing product. Go Metal!