Metal started as an ambitious project in 2016, and over the course of three years has evolved into something incredible. Over the past few years, we’ve launched three products: Metal Vault, Metal Pay, and Crumbs. With millions of transactions and millions of dollars in payments volume, we’ve grown considerably. We’ve been called the PayPal of Crypto, Venmo on the Blockchain, and a few other noteworthy names. We recognize the need for consumer-focused blockchain products with better UI/UX. Additionally, we recognize the need for the blockchain to be integrated with compliance-ready features that attract larger financial institutions such as banks, payment processors, and technology companies. To this end, we’ve lined up some interesting partners, and have planned our latest funding round around merging all existing products and focusing development on the Metal Blockchain.
In regards to our blockchain, we recognize that there are a few fundamental flaws in the way crypto interfaces with the existing financial system: trust. Without trust, we cannot transact safely, even if we have a trustless mechanism to do it, crypto. Metal Blockchain will be expanded upon in our second whitepaper in which we explore governance, stability, privacy, staking, identity and interface into legacy systems.
When we started this journey, we never imagined that several years later we would have infrastructure built by the way of other blockchains, privacy, distributed ledgers, stablecoins, decentralized exchanges and more. We are now beginning to not only leverage these technologies in the Metal Pay and Desk platforms, but to expand on them with the Metal Blockchain.
Metal Pay is the product everyone in crypto knows for excellent user experience and design. We plan to take this further, expanding to offer main-net features, Android, web, business, and trading desk features. We’ve asked ourselves the fundamental question: how does the legacy payment system interact with the future digital payment system, and what is the tipping point? We have a vision for a better system that doesn’t require traditional card-based processing systems, but instead relies on blockchain and never gives up personal or payment information in a way that could be compromised. A world in which you are rewarded for your transactions, data, and loyalty. A world in which ApplePay and SamsungPay both run on the same open-source payment rails. A world in which Facebook and Google payments seamlessly interact. We are excited to be developing this future. We invite you to join us and build on our blockchain and payment network that we are opening up to the community.
Effective immediately, a portion of the PoPP pool will be reallocated for further funding of the core Metal team, and development of products leading into deeper venture financing, and a portion of MTL from the Metal Foundation will be transferred for operational use, including the hiring of four developers for the next twelve months to officially begin development of Metal Blockchain. We are continuing our vision with Proof-of-Processed-Payment (PoPP) and will continue to distribute MTL (XMT) and other coins over the Metal Pay app.
We are introducing the concept of XMT, XID and XSC. Metal (MTL) will rebrand to XMT as the staking, governance, and identity token, and the store of value. The postage stamp, or the gas, to send transactions and execute contracts would be XID, also known as Ethereum ID, which can be staked by holding XMT. Our stable store of value would be our new native stable coin, XSC. Together these three mechanisms comprise the core of the main-net Metal Blockchain, code-named “Ethereum ID”. The postage stamp XID will be granted to projects that we believe bring incredible value to the ecosystem.
Co-Founder and CEO of Metal
Update: ticker names (XMT, XID, XSC, ID) subject to change, these are considered code-names until the official launch.