Purchasing goods online can be challenging, as we often have to rely on other people’s ratings on a major e-commerce website such as Amazon or eBay and, as we all know, these can easily be tampered with. So much so, that Amazon marks a few revisions by verifying users actually purchased the goods they’re reviewing.
On the other hand, sellers also have to spend time and resources building up reputations on these centralized platforms. Moreover, once you built up your reputation on one platform, you cannot easily transfer this reputation to another. Services like TrustPilot can be useful, as long as they take the time to incentivize users to rate their services. However, these ratings are somewhat easy to manipulate and make the company look good to other users, even if the service is terrible.
Enter Monetha, a decentralized mobile payment processing platform with a built-in trust and reputation system that essentially mixes PayPal’s payment services with TrustPilot’s trust system, and is based on the Ethereum blockchain.
Flawlessly Combining Commerce and Trust
Monetha aims to combine commerce and trust using a decentralized trust and reputation system (DTRS) powered by Ethereum smart contracts. It allows customers and merchants to rate each other and store vital information such as product warranties on the blockchain, meaning no one can alter it in any way. An inbuilt algorithm analyzes the quality of each transaction, assigns and adjusts each parties’ trust rating, according to actions taken. The history is then recorded onto the immutable Ethereum blockchain.
This system allows both parties to avoid and easily solve common problems, such as chargebacks, damaged goods, and scams – all of which can lead to lengthy and expensive resolution processes. By allowing merchants and customers to rate each other, and storing these ratings on the Ethereum blockchain, it also helps others make informed decisions when purchasing goods.
As if that wasn’t good enough merchants, both online and offline, can add Monetha’s payment gateway to their store, allowing them to accept payments in Ethereum tokens, as Monetha automatically converts these to fiat currencies.
Moreover, traditional payment services can charge as many as 15 different types of fees, including a transaction fee that ranges between 2-6%, and can take days to process payments. With Monetha’s payment gateway, a single 1.5% transaction fee is charged, and transactions take an average of two minutes to be processed.
Monetha«s co-founder and head of technology Andrej Ruckij stated:
- “We have a goal of making global commerce fully transparent, trustful, transferable and decentralized for clients and merchants of any type.”
Be a Part of the Project
Monetha wants to revolutionize global commerce and has already created functioning MVP and a roadmap that leads to its full maturity in 2019. The company is going to hold an Initial Coin Offering (ICO) that starts on August 22, 2017, which will allow users to be a part of the project and support the disruption of commerce as we know it, thanks to Monetha’s decentralized trust and reputation system (DTRS). Early investors will be able to get a discount.
Token holders will be issued 1/3 of transaction fees, and users are also going to be offered an incentive to use Monetha’s payment gateway: using it as a payment option will mean customers get 0.2% of their transaction’s value back in tokens.
To learn more about the project, you can follow Monetha’s blog, and keep up the project on Facebook, Twitter, or on Medium. Users are advised to thoroughly read the project’s whitepaper. If any questions arise, you are encouraged to contact the team using Monetha’s slack channel.
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