For our final article of the day, I was asked to take a look at MetalCoin, which is another recently launched Crypto altcoin. Apparently this digital currency is backed up by previous metals. Let’s see what this is all about!
MetalCoin can still be mined, despite being backed by precious metals. Mined coins can be exchanged for actual gold and silver coins (Minted by MetalCoin). If all goes to plan, MetalCoin will hold a derivative value based on future franchise performance.
By slowly selling off the pre-mined coins, MetalCoin will fund itself. At the rate of selling off 2,000 coins per week, it should take until 2017 before the entire pre-mine is sold off. The reserve value to reach is set at $8,000,000.
After this, the MetalCoin team plans to finance the setup of four franchise locations, which will be operated by the pre-mine administrators. In order to fund this, half of the aforementioned reserve value will be liquidated. More details about this plan will be released in the future.
While all of the above sounds very ambitious, it doesn’t end there. In order to achieve those goals, a set amount of MTC will be listed on an exchange every week. By selling 2,000 MTC per week to the public, the precious metal value of each coin should increase from 50 cents to $18, and the reserve will increase from $3,300 to $8,000,000 by January 2017.
The investment projects can be downloaded here :
Short term goals include paying for a ASIC-resistant mining algorithm (will be paid with a part of the reserve fund) and chosing premine administrators. Long term goals are about creating franchise sales packages and fulfilling bounties.
The funniest part is MetalCoin was actually released on June 22nd, but I doubt a lot of people have paid attention to it so far. Let’s take a look at MetalCoin’s technical specifications next.
Block Reward: 1 MTC
Block Target: 600 Seconds
Difficulty Retarget: 30 Blocks
Coin Maturity: 2 Blocks
Maximum Coins Minted: 2,400,000
Maximum Coins Minable: 1,680,000
Maximum Pre-Mine Allocation: 720,000
All of the above sounds great, right? It’s too bad this project has been abandoned since July 12th of this year though. Wallets are not syncing, there is no hashpower, and it simply can’t be mined without a fully synced blockchain.
If anyone fancies having a look at the project to maybe revive it or something , you can check out the BitcoinTalk thread here :