Decentralised trust and reputation
Commerce and trust need each other, but current systems are complicated. We use smart contracts to simplify the relationship.
What does it do? Our decentralised trust and reputation system (DTRS), powered by smart contracts, works flawlessly with Monetha’s payment processor. We let the buyer see trustworthy and transparent reviews made by previous customers.
How does it work? The information needed to ensure a trustful relationship between buyer and seller (such as warranty) will be recorded onto the blockchain. Smart contracts will automatically amend each party's trust rating according to an algorithm that assesses the quality of the transaction.
Creating a decentralised commerce of trust This is revolutionary. Based on the information saved during the transaction, clients and merchants will be able to file/solve a claim, rate each other, view ratings etc. Their history is then recorded onto the immutable Ethereum blockchain so that others can make well-informed commercial decisions.
- Decentralised trust and reputation working together with payment processing for global commerce: together with payment all the information needed to enable a trustful relationship between the buyer and the merchant are recorded (such as warranty). Smart Contract, automatically adjusts each party’s trust rating depending on their actions: file/solve claim, rate, write a review, make a purchase. - Payment processing to accept Ethereum based currencies and exchange them to fiat automatically or upon request. - In-built loyalty program which gives clients a 0.2% of every purchase in
Start of the company (January 2017)
Start of the company
Minimal Viable Product (Self-funded/May 2017)
Minimal viable product
ICO (August 2017)
E-commerce (EUR 700K/Early 2018)
Full e-commerce solution + exchange to FIAT currency (EUR 1,7M/Mid 2018)
First step towards decentralized reputation system: Monetha Wallet (EUR 3,5M/Late 2018)
Full functionality of the decentralized trust and reputation system (EUR 5,5M/Early 2019)
Retail (EUR 7M/Mid-Late 2019)
Attention. There is a risk that unverified members are not actually members of the team
$293 275 080
$303 515 430
Opportunities:Cryptocurrency payment is not catching on because of the rising Bitcoin transaction fees. As at August 22, 2017, the average transaction fee for Bitcoin is over $6. However, with the growing popularity and much lower transaction cost of Ethereum, I believe the time has come where Ether can become a viable cryptocurrency for online payments.The online payments market is large with huge potential. If Monetha can be successful, they have the potential to process billions of dollar of transactions a year, which would likely to cause MTH price to appreciate substantially.Monetha secured partnership with Pigu.it, the largest e-commerce website in the Baltic States. It processes 2 million orders and generates over $100 million of revenue a year. This is going to provide immediate traction for Monetha when the development of Milestone 01 is completed in early 2018.Network effect is present because of how the trust rating system works. The more customers and merchants use Monetha, the more valuable the Monetha platform is.The project has a detailed roadmap with the estimated budget for each milestone, demonstrating a well thought out game plan by the team.Monetha has a strong team and advisors who has extensive experience in both payment processing and online reputation areas.The company reserves 10% of the tokens for potential future financing 12 months after the ICO. This creates an incentive for the company to deliver and keep token price high so that they can obtain more funding from the potential future token sale.
Concerns:There are other competitors in the cryptocurrency payment solutions space, such as Coinify, CoinPayments, BlockPay and Cryptonator. Some of them charge a lower fee than Monetha. Monetha may not be the winner in this industry.The trust rating is for merchants but not individual products. Even if the merchant has a high rating, the quality of its products is still not guaranteed.The trust rating system may have loopholes that can potentially be exploited by merchants that want to boost up their ratings. In any system, there are people that try to exploit it and gain an unfair edge.
Conclusion:Overall, I like this ICO, both for short-term as well as its long-term potential. Personally, I am rooting for this project to succeed because I would love to see more and more merchants accepting Ether as a form of payment.Our thoughts of the tokens for short term and long term are as follows:For short-term holding:Good. The project has received a lot of media coverage which generated awareness. The current market conditions should help Monetha reaching hard cap with little problem.For long-term holding:Good. I believe cryptocurrency will gain popularity as a form of payment, and Monetha is well-positioned to benefit from this trend.As a point of reference, Paypal processed close to $400 billion of transactions in the past 12 months. If Monetha becomes a success, there is a lot of potential for MTH.
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