Metal (MTL) is a cryptocurrency project that aims to create a blockchain-based payment platform. The underlying technology behind Metal is built on top of the Ethereum blockchain. Ethereum is a decentralized blockchain platform that allows developers to build and deploy smart contracts.
Metal aims to integrate traditional payment systems with blockchain technology to provide a seamless and secure payment experience. Users can send and receive money using Metal's native currency, MTL. The platform also offers a rewards program where users can earn MTL for making qualifying purchases.
Metal utilizes a technology known as Proof of Processed Payments (PoPP) to verify and reward users for processing transactions. When users make payments using the Metal Pay app, they can earn up to 5% of the transaction value in MTL. This incentivizes users to actively use the Metal platform for their transactions.
The Metal blockchain functions by allowing users to send and receive MTL tokens between their wallets. These transactions are verified and recorded on the Ethereum blockchain, ensuring transparency and security. Users can also exchange MTL for other cryptocurrencies or fiat currencies using Metal's exchange feature.
Overall, Metal provides a user-friendly and convenient payment solution by leveraging blockchain technology. It offers rewards to users for their transactional activity and ensures the security and transparency of transactions through the Ethereum blockchain.