Monetha Coin – a call to traditional payment methods
Monetha Coin is a peer-to-peer payment service based on Ethereum technology. The resource uses the Smart Contracts algorithm to create a branched and decentralized rating system in which the user’s reputation depends on the history of his operations.
In addition, the platform offers the opportunity to exchange fiat paper money for ETH and other coins using Ethereum’s blockchain. The platform has its own internal currency, MTH Monetha Coin, which is necessary to pay for goods or services on the network. In addition, the coin brings its owner a certain percentage of the revenue of the service.
About the project
If a giant of the crypto world, such as Bitcoin, has been thoroughly studied and described, then in contrast, little is known about Monetha Coin. What we do know is that the developers of the platform have succeeded in developing a unique service for the implementation of mobile transactions.
At the same time, the resource is based on Ethereum technology, which enables the deployment of a decentralized trust mechanism and rating system.
Perhaps the Monetha project can best be described as a high-tech combination of the well-known online feedback service for various companies such as Trustpilot, and the largest online payment tool PayPal.
Beginnings of the platform
The emergence of Monetha Coin in the digital currency market has been made possible thanks to the combined efforts of a whole team of professionals. They tackled the task of developing a truly effective product that best meets the needs and desires of the user.
The founder of the platform is Andrey Rutsky. As head of the development department of the company Adform, he established himself as a specialist and talented leader. His achievements include the management of the lesser-known blog Agile Mindstorm.
Monetha’s advisors were Erik Duprah, a leading PayPal employee, and Jean-Marc Seiner, author of a variety of scientific reports on DTRS.
How it works
All data about the relationship of the users are recorded in a blockchain. The smart contracts then automatically begin to change and adjust the reputation of the participants in the transaction, based on the quality of their behavior.
Such an approach has the potential to spark a real revolution in the world of commerce. Now buyers will be able to make decisions based on the rating and history of operations recorded directly in Ethereum’s blockchain. After understanding the concept of the Monetha platform, we can better understand its features.
The project team intends to develop a fast, reliable and understandable system that surpasses all existing analogs. The resource uses the best services, such as Trustpilot and PayPal. DTRS, or in other words, a kind of trust rating that works on the basis of decentralization ideas, requires the use of intelligent contracts that can be easily integrated into the payment system.
This contributes to building a trusting relationship between the buyer and the seller. The role of quality assurance of the proposed product and proof of payment made is at the same time collecting the necessary data in the blockchain.
A built-in Monetha log performs an analysis of each participant in the system and assigns a rating that users will later rely on.
The roadmap of Monetha Coin
To date, the site is developing a roadmap – an MVP (Minimum Viable Product) that will attract the first consumers and initiate feedback from the project community. The launch of the final version of the platform client is scheduled for 2019.
Despite the fact that Monetha is still in beta testing mode, it already has a work page where the most up-to-date information about the product is found. The official wallet, however, does not exist yet. If the user wants to participate in the development of this resource, they must find the applications that support their tokens.
A question of trust
Since the work on the Monetha platform is directly related to the user’s reputation, this aspect should be discussed in more detail. It is the parameter of the trust rating that allows you to perform necessary transactions, conduct financial transactions with the digital currency, and pay for goods and services.
Here, a mechanism is used to create QR codes to prove the payment. The commission fees are minimal and do not exceed one and a half percent.
In addition to the intuitive and user-friendly interface, Monetha offers affordable prices for the services offered, as well as an incredible rate of transactions. Using the Ethereum technology ensures the highest possible security of all nodes of the system.
Conclusion of Monetha Coin
Monetha Coin is a very interesting and promising service that definitely deserves attention. When investing, don’t forget the risk management, and avoid investing all your capital. If you follow these rules, large financial losses can be avoided in unforeseen circumstances.
Developers on this site include people who have established themselves as true professionals in their fields. The announcement of the start of the resource was well planned and carried out in advance.
The concept underlying the MTH coin can greatly facilitate the lives of both ordinary users and large retailers. In addition, the platform has virtually no competitors in the other digital currencies.
In summary, it can be said with certainty that if the creators of Monetha Coin are able to implement what they plan to do, the collapse of traditional payment systems will be inevitable.
Coin-Report.net was founded by Thomas Mücke.
With the help of Coin-Report.net magazine, he tries to bring light to the field of crypto-currency.