Monetha Ico Review
How The Dtrs Punishes Dishonest Merchants?
The best feature they are offering is the rating system and the fast transaction process time as block confirmation on an ethereum based platform tends to move along faster. Will be looking out for this project as this might provide us a better online solution when shopping. Monetha wants to provide additional security to the online marketplace deals. As online shopping becomes more and more popular and in fact slowly dominating the regular retail market and stores, there are few issues that buyers have to deal with.
Keeping Track Of Payments
Recognizing that many of these scams stem from the breach of trust between sellers and buyers, Monetha wants to counter this trend with its decentralized trust and reputation system – DTRS. The system aims to cover several most important pain points in ecommerce. The key issue Monetha team deals with is bridging the gap between the blockchain technology for payments and the inexplicable lack of the trust-based systems to support it.
One more of many Monetha’s goals is to reduce the number of regular and “hidden” fees which are popular in the traditional ecommerce systems. Hence, Montha takes only 1.5% of a total transaction value per month. Also, Monetha wants to get rid of high chargeback fees, allowing the merchants to simply send the money back after paying a standard transaction fee. The received amount of Ethereum-based currency monetha ico review can be exchanged for the seller’s preferred fiat currency. Also, sellers are given the option to choose the frequency of conversions of tokens to fiat currency, as well as pick the local currency they want to be exchanged. Concurrently, customers can check their Monetha apps to get an overview of the full purchase history with Monetha tied to a specific wallet address they used.
They have an upcoming ICO set to go live on the 22nd August 2017 which has a Hard Cap of ETH and Max token supply of 402,400,000. Monetha is a legal entity in Switzerland , that is creating a payment solution levering blockchain technology.
Ethereum, specifically, is seen by Monetha developers as a versatile platform for the development of digital products and assets. They believe it will ultimately supersede Bitcoin as the payment platform.
At the same time, they noticed the rise of another industry which grew in parallel with blockchain, namely ecommerce, whose retail sales amounted to 2.3 trillion US dollars in 2017 alone. While there are other blockchain platforms involved in payments and ecommerce, Monetha is unique in tackling trust and transparency within the ecommerce ecosystem.
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. The Monetha app is used to enter reviews and claims, and it stores all of this data on the blockchain. Customers are able to file a claim if they receive an item that is damaged, defective, or simply something they aren’t satisfied with and these claims will impact the merchant’s Trust Rating.
Toekomst En Verwachtingen Monetha
And you can display the trust score with you to any platform that supports Monetha, which already includes Shopify, Facebook Marketplace, Craigslist and many others. As a point of reference, Paypal https://coinbreakingnews.info/ processed close to $400 billion of transactions in the past 12 months. I believe cryptocurrency will gain popularity as a form of payment, and Monetha is well-positioned to benefit from this trend.
If they can successfully become the premier trust provider for ecommerce they stand to rise to become one of the strongest blockchain platforms. With Monetha Trust Ratings, customers will be able to make more rapid decisions regarding who they are willing to make purchases from, and they will know that their transactions are secure and protected.
Coinbase has acceptable fees and limitsand it is a leading platform for buying BTC. In a whitepaper workflow example, the company illustrates the purchasing and processing processes and how they influence the confidence rate for both parties. Some trading functionalities such as exchange rates, output limits and automatic conversion to local currency are still being developed.
- It is ensured by making it possible for both the buyers and sellers to give ratings.
- If rates alone were not enough, the customers could use Monetha’s DTRS to get access to reviews made by individual users and posted on the visible place on the merchant’s website.
- DTRS leverages blockchain and Ethereum’s smart contracts to come up with a reasonably effective shield against scams.
- These ratings are stored on the immutable Ethereum blockchain and, as such, form what Monetha creators describe as the “trust rate” for each seller.
- The system aims to cover several most important pain points in ecommerce.
Monetha is a blockchain company creating a universal, transferable, immutable trust and reputation system combined with a payment solution. They have self-funded the MVP , which can be integrated by merchants. Finally, the DTRS system recognizes that trust building is hard and merchants often look for an option to “transfer” their reputation between various trading platforms. These platforms often manage one’s individual ratings in a highly centralized manner.
Since then it has recovered somewhat and as of November 13, 2018 is trading around $0.048, which is still quite a bit below its ICO price. Monetha conducted an ICO in August 2017, raising roughly $37 million through the sale monetha ico review of 200 million tokens at an average price of $0.19. In the months following the ICO the price of the token dropped to around $0.05. It rallied in December 2017 and reached an all-time high of $0.566 on January 11, 2018.
Sellers can also be assured that they will get their money due to the smart,contract-based nature of Monetha. Develop a fully functioning payment gateway for ecommerce merchants, enabling them to accept ETH and leverage the first version of decentralised trust and reputation system. The fundamental problem for sellers and buyers in classified ads marketplaces (or global e-commerce in general) is that they do not trust each other. The solution is a blockchain based trust and reputation system for commerce. Sellers will be able to build transferable, independent, universal, transparent reputation to boost commerce, while buyers will learn more about sellers and buy with trust wherever they are. One of the biggest concerns of the sellers/merchants is that they cannot transfer their hard earned reputation to use it in a global commerce. The Decentralized Trust and Reputation system is an important part of the project.
Monetha wants most importantly to bring trust to the deals, as with online purchases we can’t never be sure if the item will be sent to us. With this platform, user can buy only from verified sellers across all of the popular online marketplaces like Craigslist, Facebook or Gumtree and even Oodle. The sellers can build up their profiles with positive reviews and high reputation, which will positively impact their sells. There isn’t any official list of team members available, however the project is already working and the team hosts various events, which shows that there are real developers behind Monetha. Their offering does differentiate itself from other payment processors however, due to their Decentralized Trust and Reputation system which I think is a very welcome part of the project. The Ethereum blockchain is perfect for this sort of permanent record of trust and transactions so this could help them stand out more.
Monetha is based in Lithuania and the three founders have diverse backgrounds. Andrej Ruckij previously was the CTO and co-founder of a company called Wowtto which was an outdoor digital advertising agency. He had been working at Adform as a the VP of strategic initiatives prior to founding Monetha.
We are developing payments system with a decentralised trust and reputation layer on top of it. Before blockchain that was never possible and those two were separate business models. Monetha is as much centralised and decentralised as TenX, OmiseGo, MetalPay, Iconomi, BAT and many more.
I forget the saying but it’s something like, a fool and his money are soon parted. I don’t like that scumbags have found a new business model but scumbags are going to scumbag. But people “investing” in these garbage ICOs sort of deserve the bag of shit they get handed. I’ve was looking into monetha previously to this, their deal with pigu sounded promising but after this I’m not sure if I should invest, this being my first monetha ico review ICO i’m a little hesitant. Initially I was quite excited, as it’s always nice to see when your countrymen start new ventures. I had a quick look at the team behind Monetha and while there are some interesting and probably experienced faces, the CEO is definitely not up to the job. The customer scans the QR code with the crypto wallet on his mobile app and hits “send” button to forward the funds to the merchant’s wallet.
Monetha is a merchant payment solution that’s designed to facilitate global commerce. It operates as an ERC20 token on the Ethereum blockchain and allows ecommerce store operates to accept payment in ether. Monetha also makes it easier for customers to pay for in-app services such as subscriptions. Using smart contracts, Monetha harnesses a decentralized trust and reputation system that allows the buyer to assess the reputability of the vendor based on previous reviews. Upcoming Omphalos Omphalos is an adaptive base cryptocurrency with scalable chain interoperability. OMPL will connect to Polkadot network for cross-chain interoperability, enabling OMPL asset and data to move between multiple blockchains. OMPL is a community led and operated project, everyone has power to govern and vote on proposals for future development.
Automated Management Of Transaction Data
This system has a built-in algorithm which analyzes users and merchants reputations and gives each one a trust rating, think of the Amazon rating system or Trustpilot where merchants are given ratings by their customers. Monetha Coin is a new mobile payment platform based on Ethereum and uses a decentralized system based on trust and reputation . The core of the Monetha team consists of Justas Pikelis, Laurynas Jokūbaitis and Andrej Ruckij as the platform’s founders. The project started in early 2017 when the trio came up with the idea of designing a payment and trust platform based on the blockchain. The platform was named “Monetha,” as a combination of the Latin word for “money” and the word “Ethereum. Monetha’s solution makes it possible to record each commercial transaction and allow both the merchants and customers to “verify” each other prior to doing business. Monetha wants to make a seller’s history easily checkable by the user to build trust.
OMPL has an anti-inflation mechanism for maintaining a stable purchasing power of equivalent to $1 USDT. OMPL protocol adapts an elastic supply model and automatically adjusts supply with rebasing. Price goes up, wallet balances increase; when price goes down, balances decrease. OMPL enables self-executing smart contract and automatic distribution based on price data from decentralized CPI Oracle. OMPL holders own a part of the network, and their percentage of ownership will remain fixed with non-dilutive supply model.Upcoming Cudos The Global Compute Network – Powering Smart Contracts, DeFi and the Internet. CUDOS is a layer 2 oracle network, governed by smart contracts, connecting blockchain developers and services including DeFi, to a global footprint of computing power on the Cudo platform.
The project has a detailed roadmap with the estimated budget for each milestone, demonstrating a well thought out game plan by the team. We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain monetha ico review & privacy. Our content is updated regularly to keep our privacy-minded readers safe, informed & up to date. But they still got a lot of publicity and investment, partly due to the experienced team they have on board.
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