Trust is the cornerstone of relationships, and that includes the relationship between buyers and sellers. Monetha’s Trust and Reputation system allows merchants to build a solid reputation based on their sales and service. Monetha’s mission is to become a strong force in the global commerce, offering a reliable, transparent and decentralized payment gateway to all users worldwide. Lithuania-based blockchain start-up Monetha offers a more efficient and safer crypto-payment gateway system through Ethereum-based payments.
As the cryptocurrency landscape continues to evolve, Monetha positions itself as a promising participant in the digital payments industry. With its emphasis on transparency, reputation, and optimized transactions, Monetha offers a glimpse into the future of secure and efficient payment systems. Monetha’s decentralized trust and reputation system (DTRS) uses smart contracts that integrate flawlessly with the payment processor. It is designed to build trust between buyers and sellers by recording vital information like product warranty and more regarding the transactions on the blockchain.
And as system usage increases the Monetha team has been able to fine tune the ratings to make them even more accurate and effective. That trust rating is used in the platform’s Trust Rating mechanism to create transparency. All of the ratings are publicly visible, immutable, and granted based on user and merchant behavior. The longer the system is used and the more users the more accurate the Trust Ratings become. The first aim of the platform is to ensure real-time ecommerce transactions that remove third-party intervention.
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- The platform allows users to have complete control over their personal information, enabling them to decide what data to share and with whom.
- Monetha’s decentralized trust and reputation system takes every facet of traditional e-commerce and retail and improves on it.
- They also claim payment times orders of magnitude quicker than conventional options, as well as handling fees that are a fraction of the price.
- Ethereum blockchain uses proof-of-stake (PoS) consensus algorithm and battle-tested network of validators.
Because it is only useful in the Monetha ecosystem it holds less value for investors, but if the development team finds a way to use it outside the Monetha ecosystem it could quickly explode in value. Monetha is a unique solution to ecommerce problems, and as its influence grows it promises to be a disruptor in the space. Since completing the ICO, Monetha has been increasing the size of their team and they currently have 15 other employees who have experience in software development, customer support and marketing.
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A built-in algorithm analyzes the reputation of the users and assigns trust rating to each party. The trust rating is constantly adjusted based on the reviews, records on claims and disputes and more. Ethereum blockchain based mobile payment processing company Monetha is powered by smart contracts with a decentralized trust and reputation system. Monetha’s service offers a faster, safer, and cheaper, decentralized payment gateway alternative to the current system employed by most of the today’s retailers and merchants. Monetha is best summed up as a combination of PayPal and Trustpilot, run on the Ethereum blockchain. The fintech company has announced its upcoming ICO campaign, which will commence on the 22nd of August 2017.
To see more analysis and outlook, please check the Monetha price prediction page. As a new type of currency with innovative technology and unique use cases, MTH has broad market potential and significant room for development. The distinctiveness and appeal of MTH may attract the interest of specific groups, thereby driving up its market value. Before engaging in crypto trading, please consult with a financial advisor to ensure it aligns with your financial goals and risk tolerance.
It rallied in December 2017 and reached an all-time high of $0.566 on January 11, 2018. And while they haven’t been found yet, there could be loopholes within the rating system that allows either merchants or customers to exploit the system. That said, as long as the Monetha team is quick to respond to any such loopholes the system should remain secure and resilient.
Launching in January 2017 Monetha has a meticulously thought out roadmap leading to 2019 when its services aim to reach full maturity. Currently, in phase two, Monetha has already put together a capable team, finished strategizing and gone through comprehensive prototyping. Monetha’s system is both easy, fast and cheap, compared to the current centralized alternatives. Monetha’s unique service guarantees all parties safety through the Ethereum blockchain and the ability for both parties to give each other ratings, to help improve their reputation. Chief among the drivers of this new direction is blockchain technology, which can dramatically change the possibilities for customer-business interaction.
Because the Trust Rating system is applied to merchants it won’t cover the products individually. This could lead to product quality issues slipping through, but future improvements in the platform might include ratings for products. One of his other co-founders is Justas Pikelis who has also founded a number of other start-ups including UFO Favours and Stebink. The final co-founder is Laurynas Jokubaitis who is also a founder of Wowtto and is a member of Forbes 30 under 30 for his work on blockchain technology and reputation systems. Merchants on the platform are rated only by verified buyers, and that rating is based on their service levels, such as how fast they ship, whether they honor all terms, and if the product is as described. Smart contracts make each transaction secure, and gets rid of the need for third-party partnerships that can expose both buyers and sellers to unnecessary risks.
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An algorithm built into the system verifies each transactions as it occurs, and assigns a trust rating. This makes it easy to review both merchants and customers, and to see the history of all such reviews, leading to a working Trust and Reputation System. By adding trust to online purchases it hopes to gain a portion of the over $1 trillion in global ecommerce. The ability to review and rate transactions is nothing new, but Monetha makes it more reliable by tying it to sales and putting all the information on the blockchain. This rating system allows merchants and customers to grow their profiles as they make more transactions. Monetha has pitched their value proposition as being able to leverage the trustless and transparent nature of an integrated blockchain-payment platform.
- They decided later in the year that a decentralized ecosystem was required in order to achieve these levels of trust.
- With a degree in computer science, Andrej is recognized as one of the thought leaders in Agile software development philosophy and runs one of the most read Agile blogs in the world called Agile Mindstorm.
- The distinctiveness and appeal of MTH may attract the interest of specific groups, thereby driving up its market value.
- It moved steadily lower throughout 2018s bear market and dipped under $0.02 in September 2018.
- MTH is an ERC-20 token which means it is running on the Ethereum blockchain.
- If they can successfully become the premier trust provider for ecommerce they stand to rise to become one of the strongest blockchain platforms.
Monetha also offers an added advantage in terms of processing time, which might vary with conventional payments solution providers. The waiting times for processing payments on standard gateways range from minutes to hours or even days. They also come with complex claim and chargeback procedures which could prove costly to the monetha ico price merchants. Meanwhile, payment processing on Ethereum blockchain is 10,000 times faster at 20% the price. Monetha is an efficient payment solution for merchants that enables globally trustful commerce.