How are you different from METAL (MTL). They are working on Proof-of-Transactions as well.
Thank you for reaching out. I see that your last post was in 2014. We must have piqued your curiosity.
METAL is interesting. I will be following their progress. They seem to have an accredited team. I haven't looked into this project until today. Based on what I've gathered from their whitepaper here are some things that set us apart:
1. We're not a fiat:fiat payment system. The Owl of Minerva is a cryptocurrency and Minerva is a platform built predominately with smart contracts.
2. Minerva does not require social security numbers.
3. METAL merchants appear to pay transaction fees. Our approved merchants do not. In fact, we aim to pay transaction fees
to them. It also appears that METAL merchants must purchase MTL to receive benefits. I don't see how this incentivizes "brick and mortar" businesses to accept cryptocurrency as described as one of their adoption goals in their whitepaper.
4. METAL doesn't appear to have a security-forward community bug bounty program potentially leaving them vulnerable to competent hackers.
5. The whitepaper mentions "Metal will partner with an over-the-counter (OTC) derivatives dealer in order to manage currency volatility." In terms of volatility, Minerva has incentivized mechanisms to address excessively violent short-term fluctuations. METAL mentions that volatility management is accomplished through an unspecified OTC derivatives dealer. I don't know why such a dealer would exist, which brings me to
6. According to our economic advisor, a PhD economist with 20 years of experience METAL appears to be, and I'm wording this as politely as possible because there is another term for it, unsustainable.
I would like clarification on #6 and have reached out to their CEO on Skype. If this is not the case, I will revise this post. However, if their reward rate is set to a static 5% and cannot ever reach 0%, as is not the case with Minerva, it appears reward loops, or at least value depreciation, is inevitable, and I don't envision OTC derivatives dealers taking interest and question the longevity of the project. However, METAL is optimistic and has beautiful aesthetic presentation. We wish them great success. If they would like to clarify anything I may have gotten wrong in this post, or if they need help with anything the Minerva team will make itself available to provide assistance as time permits.
you should show how you're better than your competition instead.
That shouldn't be a problem.
Also, how soon will you be launching your product(BETA)?
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