Metal Pay 3.0 Roadmap

The Proton XPR chain is live, and the Lynx team is merging with Metal to produce what we believe will be a defining “inflection” point in the history of crypto-currency: push transactions using Metal Pay 3.0.

This document describes this integration effort which is now well under way. We won’t commit to dates, but both teams have proven that they ship, and they ship quality products. We’ll also caveat the fact that although all the features below are planned, some may get delayed, or get eliminated entirely.

Objective “Red Falcon”

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The first release of Metal Pay 3.0 will establish the first wallet capable of interacting with the Proton blockchain using the authentication and push signing technology that we demonstrated here.

There are four key components to this:

  • a new username model, where every Metal Pay user will have a unique @name, that is stored on the Proton blockchain.

  • a new non-custodial “crypto tab” available globally (Metal Pay is currently US only), that allows the user to send and receive Proton tokens.

  • the ability for the new Metal Pay wallet to respond to Proton Chain payment push requests.

  • the ability to wrap tokens from the “exchange” tab and move them to the “crypto” tab and back.

Let’s dive into each of these.

Proton @names and verified identity

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Currently, the production version of Metal Pay is custodial only. Users login with an email and password, and after a 2FA check, enter the wallet. We’re now changing this, by adding a mandatory @name just like Twitter.

The Proton @name is immutable, unique and can be easily used to send funds, say, between @fred and @kory. This is a key feature of the Proton blockchain, and includes an avatar, and a full name that is stored on-chain.

In a very new development, Proton is adding verified KYC flags on chain as part of this process. So if I validate @fred using a KYC provider such as Identity Mind, I will receive a blue checkmark next to my full name, and a record will be saved on chain as to which KYC provider verified this, and when.

The new Proton “Crypto” Tab

Together with the new identity and login model, we are implementing a third tab on Metal. We’re calling this new tab “crypto” and we’re renaming the old crypto tab “exchange”.

This new non-custodial “crypto” tab is available globally. You can use it to send and receive Proton XPR, but more importantly, any Proton coin, including wrapped tokens, such as Proton Wrapped Bitcoin (PBTC). It is this tab that also allows you to interact with the Proton Blockchain push requests.

Validating Push Requests

The most radical change of Metal Pay 3.0 to the entire crypto space will be the way that it interfaces with blockchain authentication and signing requests. Instead of using a hard-coded “app store” with deep links, communication with web apps works by

  • scanning a QR code to authenticate
  • pushing payment requests directly in wallet
  • writing receipt of these payments to the Proton blockchain

This has been demonstrated here. It now needs to be built into the production Metal Pay 3.0 client.

Wrapped Tokens and communicating between Crypto and Exchange tabs
traditionally, crypto wallets are either custodial (example Coinbase) or non-custodial (example: Lynx). For users in the US and EU, Metal Pay 3.0 will be both.

These two tabs will communicate in some cases. In particular, you will:

  • be able to buy BTC in the exchange tab, and send it to the crypto tab as PBTC (wrapped Bitcoin).
  • send PBTC from the crypto tab to another user in seconds, and then have that user unwrap it to BTC.

This wrapped / unwrapped capability will apply to other existing Metal Pay coins in the next objective.

Objective “Snow Owl”

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Red Falcon is really the “big” release, the one that will demonstrate the viability of the Proton push model and provide a reference wallet client. The next release, which we're calling “Snow Owl” adds other features:

  • ability to hold multiple currencies in the “Cash tab”, in particular EURO, GBP and KRW.
  • development of a native Proton stable coin USDX.
  • a web client for full screen desktop use. This will use the Proton mobile login — and effectively replace the old Lynx Desktop wallet.
  • ability to post payment pending transactions to the Proton chain.

This last point deserves a bit of clarification. Not only does the Proton push request work for Proton coins including PBTC and Proton StableCoins, but it works for “pending transactions” — transactions where the crypto is not actually delivered, but will be, pending payment clearing.

Conclusion

Red Falcon and Snow Owl are ambitious, very significant upgrades to the MetalPay wallet. Much of the new work however has already been done by the Lynx team (http://lynxwallet.io) which is merging with Metal. The result should be a new level of ultra-clean consumer and developer UX.