Monetha follows the concept of decentralized trust and reputation system (DTRS). As a platform for using cryptocurrencies as a method of transactions, it is powered by smart contracts. Being in a generation of online transactions, blind trust is one of the main ingredients of this method. Having to build this trust is quite an important factor and it is monitored by Monetha in a manner which shows transparent reviews.
One of the main issues that inspired Monetha was that the traditional system of payment takes up up-to 16(!) different steps for settling just one transaction with ‘high’ fees. Monetha rectified this problem with allowing only ONE transaction and ONE fee. This results in accepting payments which are at least 5 times cheaper and a lot faster. There are no banks or any other intermediaries, just the customer and the merchant. The World Bank estimates that 10% of the global GDP will be generated on blockchains in another 30 years.
DTRS ensures a trustful relationship between the buyer and seller, like warranty, which will be recorded onto the blockchain. Based on the quality and quantity of transactions, clients will be able to rate and give ratings to one another, solve and file claims and all this will be recorded onto the Ethereum blockchain for others to make reference to whilst taking commercial decisions.
With the crowdsale coming up on the 31st August, 2017, it aims to gather the best team and people from the payments and block chains so that to move the operations to Singapore – which has a big Ethereum community. It has a self-aiding and a great environment for Fintech industries.
According to the timeline, it has set up 5 Milestones that it has to achieve. All these would include setting up a payment gateway for the ECommerce clients, enabling them to accept Ethereum to giving them a backhand so that they can use it as their local currencies. In the last Milestone, it aims at developing and finalizing the payment platform of Monetha as a payment option to be used in retail merchants.
Through Monetha, merchants will be able to accept Ethereum based token and mobile payments. This platform will aid them to easily convert their cryptocurrencies into local fiat currency. The payment industry is worth trillions and having and building trust is the main spine of this process. Monetha is believed to be such a platform that creates the trust and enables the transactions in a simple and cheaper manner.