Bringing an additional trust factor to commerce will be a big challenge. The Monetha team is planning to do exactly that, as they want to focus on both buyers and sellers in this regard. Establishing a global trust ecosystem for commerce will certainly open up a lot of opportunities, although the number of challenges should not be underestimated either.
What is Monetha About?
There are many ways in which blockchain technology can be used in a positive manner. In the case of Monetha, they want to establish a global trusted reputation ecosystem for commerce. This is beneficial for both buyers and sellers, as it removes the need for uncertainty when purchasing and allows people to rate their previous experiences in a transparent manner.
How Does it Work Exactly?
No one will deny that merchants all over the world face a lot of critical issues these days. Right now, the main problem comes in the form of trust and reputation. Building trust is difficult, and it seems to apply only to centrally controlled marketplaces. In the case of Monetha, the centralized aspect will be removed completely, and a reputation system will be enabled across all platforms that come to mind.
Moreover, Monetha aims to address expensive and long payment processes. With over a dozen steps required to settle transactions as well as fees to take into account, it is evident this entire process can be simplified quite a bit. There is no simple solution in place for merchants, especially when it comes to mobile payments. Monetha wants to change that as well.
Monetha’s decentralized trust and reputation solution can process mobile payments using Ethereum’s smart contract technology. As such, these payments can be accepted in a cheaper and faster manner. Combine that with a way to reach the growing global Ethereum community, and it is evident Monetha is a project well worth keeping an eye on.
The MTH Token Explained
With Monetha issuing its own native MTH token, the big question is what this currency can be used for exactly. Investing in the overall ecosystem is one of the primary use cases, of course, but that is not all there is to MTH. Instead, it is a way of rewarding token holders for making payments via Monetha. Merchants will pay a 1.5% transaction fee, of which 0.5% will go to a voucher reward smart contract for all Monetha token holders. Additionally, there will be a loyalty program rewarding users with 0.2% of the transaction value in the form of MTH tokens.
The Road Ahead for Monetha
If all goes according to plan, we will see the first version of the Monetha product launched by the end of this month. On top of that, the team will focus on hiring more developers to improve their product, boost overall brand awareness, and build the organization in target markets. All of these developments will require a lot of work and effort, but they should all come to fruition in the next few weeks.