Written by Marlon

On July 30, 2022

Introducing Metal Blockchain

 

 

A New Generation of Blockchains

 

Introducing Metal Blockchain ($METAL): A trust-less, scalable layer zero (L0) blockchain that solves the problem of centralized bridge hacks, cross chain compatibility, energy efficient scaling and interoperability. Metal Blockchain paves the way for a new generation of blockchains and brings Metallicus one step closer to achieving our mission of empowering global access to traditional banking and digital assets.

The origins began with $MTL, a blockchain agnostic governance token for the Metal ecosystem, that gave birth to Proof-of-Processed-Payment (PoPP), a gas-less layer one (L1) payment chain: Proton ($XPR), a cross chain decentralized lending protocol $LOAN, and a decentralized stablecoin Metal Dollar ($XMD) governed by $MTL.

With an efficient layer one chain like Proton we can launch tokens, with an efficient layer zero like Metal we can launch blockchains. Our goal is to welcome new chains into the Metal ecosystem while providing a fully decentralized bridge model with no centralized attack vectors.

 

What is Metal Blockchain?

 

Metal blockchain ($METAL) is a layer zero blockchain that allows any chain to deploy and find consensus through the Snow protocols allowing it to run on a highly efficient model of Proof-of-Stake (PoS), eliminating the need for Proof-of-Work (PoW).

 

What problem does Metal blockchain solve?

 

Metal Blockchain improves upon the initial work of Avalanche by adding a fourth subchain (A Chain) to offer a layer for payments and decentralized finance: Proton Blockchain (based on EOSIO protocol). Additionally Metal introduces Web Authentication (WebAuthn) support for EVM. The highly inefficient consensus of Proof-of-Work (PoW) has opened the door for many enthusiasts of top blockchains such as Bitcoin, Dogecoin, and Ethereum to begin the transition to Proof-of-Stake (PoS).

 

What are the core features of Metal Blockchain?

 

Metal Blockchain runs on a highly efficient Proof of Stake model, can process 4500+ transactions per second, and has a time to finality of < 0.5 seconds

 

What are the $METAL tokenomics?

 

Maximum Cap 666,666,666.00

Initial Supply 333,333,333.00

$MTL Allocation 60,000,000.00

$MTL Conversion Pool 120,000,000.00

Metal Foundation 144,333,333.00

 

What is the conversion event?

 

The conversion event is an opportunity for $MTL community members to convert their $MTL DAO governance tokens to $METAL coins.

A total allocation of 120,000,000 $METAL will be available in the conversion pool, with a maximum of 60,000,000 $MTL that can convert.

The progress of the conversion event can be tracked here

 

When does the conversion event start?

 

The conversion event begins on July 29th, 2022 at 11:11PM PST and will run for 90 days until October 27th, 2022 at 11:11PM PST. 

If the target conversion amount of 60,000,000 MTL is reached before the 90 days are finished, the conversion event will end early. 

 

What is the conversion ratio of MTL to METAL?

 

If eligible, $MTL will be converted to $METAL at a ratio of 1:2.

 

Example:

If you send 100 $MTL to @metalchain you will receive 200 $METAL at the end of the conversion.

If you send 2341 $MTL to @metalchain you will receive 4682 $METAL at the end of the conversion.

 

How to participate in the conversion event?

 

If you want to participate in the conversion event, it’s very simple, here’s how you can do it. 

  1. You must have a fully verified KYC status on the Proton Blockchain – Here’s how to KYC.
  2. Send your allocation of $MTL ($XMT on Proton) to the verified account @metalchain on Proton Blockchain using the WebAuth wallet.
  3. If eligible @metalchain will retain your $XMT until the conversion event is complete
  4. If you are not eligible @metalchain will return the $XMT to your Proton account
  5. All successfully converted $METAL will be issued when the conversion event is complete

 

How do I know if I’m allowed to participate?

 

Conversion can only occur during this event from fully KYC-ed/verified accounts. Any conversion can be denied at Metallicus’ discretion. Individuals on the sanctions lists of Office of Foreign Asset Control (OFAC) – Specially Designated Nationals List (SDN), Sectoral Sanctions Identifications List (SSI), Blocked persons- and citizens of the following countries are unfortunately excluded from conversion: the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, United States of America, and Zimbabwe.

 

 

How do I become KYC’d on Proton Blockchain?

 

Here is a step-by-step guide on how to become verified on the Proton Blockchain.

 

 

Where can I find more information about Metal Blockchain?

 

You can visit our website at www.metalblockchain.org

Follow our Twitter account at www.twitter.com/metalblockchain

 

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