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With DTRS, sellers who do not want to be a part of centralized marketplaces like Alibaba or eBay can still sell their products and enjoy the benefits of having their trust ratings shown to the buyers. The system makes life easier for merchants who have to deal with non-scam chargebacks and damaged good returns.
Knowing that at least ten percent of the global GDP is expected to be stored on blockchain platforms by 2025, Monetha offers retailers an opportunity to tap into this technology in a user-friendly and accessible manner. By adding trust to online purchases it hopes to gain a portion of the over $1 trillion in global ecommerce. It moved steadily lower throughout 2018s bear market and dipped under $0.02 in September 2018.
Smart Contract Blockchain
One more of many Monetha’s goals is to reduce the number of regular and “hidden” fees which are popular in the traditional ecommerce systems. Hence, Montha takes only 1.5% of a total transaction value per month. Also, Monetha wants to get rid of high chargeback fees, allowing the merchants to simply send the money back after paying a standard transaction fee. The received amount of Ethereum-based currency can be exchanged for the seller’s preferred fiat currency. Also, sellers are given the option to choose the frequency of conversions of tokens to fiat currency, as well as pick the local currency they want to be exchanged. Concurrently, customers can check their Monetha apps to get an overview of the full purchase history with Monetha tied to a specific wallet address they used.
Ethereum, specifically, is seen by Monetha developers as a versatile platform for the development of digital https://coinbreakingnews.info/ products and assets. They believe it will ultimately supersede Bitcoin as the payment platform.
Monetha wants most importantly to bring trust to the deals, as with online purchases we can’t never be sure if the item will be sent to us. With this platform, user can buy only from verified sellers across all of the popular online marketplaces like Craigslist, Facebook or Gumtree and even Oodle. The sellers can build up their profiles with positive reviews and high reputation, which will positively impact their sells. There isn’t any official list of team members available, however the project is already working and the team hosts various events, which shows that there are real developers behind Monetha. Their offering does differentiate itself from other payment processors however, due to their Decentralized Trust and Reputation system which I think is a very welcome part of the project. The Ethereum blockchain is perfect for this sort of permanent record of trust and transactions so this could help them stand out more.
All of those companies are legal entities creating products levering blockchain technology. And all of those companies have business model from which they will earn money . Every company needs revenues to grow and to make it a sustainable business. Capital raised during the ICO is only the first step towards a successful company. Monetha payment platform runs on Ethereum blockchain and was created with the belief that trust, reputation, and transparency in transactions are unseen but essential elements of ecommerce.
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. 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.
That is the point at which the DTRS’ smart contract system kicks in to prevent any manipulation with trust rate values. The system is designed to manage the rates only after an actual transaction takes place as a prerequisite for storing the information on the immutable blockchain. Before creating a rating, the DTRS uses an algorithm to assess the quality of the transaction in question and evaluate it on the actions taken by both the seller and the buyer.
The world of ecommerce had to contend with nearly $7 billion in chargebacks in 2016. A portion of these had to do with chargeback frauds in which consumers made purchases online, followed by requesting chargebacks from the issuing monetha ico review bank after they have actually received their purchases. With the DTRS system, sellers face much lower risks of chargebacks and scammers, as they have insight into buyers online commerce history and appropriate rating.
This is made possible due to the Ethereum basis of the system, which utilizes ERC tokens. They also claim payment times orders of magnitude quicker than conventional options, as well as handling fees that are a fraction of the price. Monetha Wallet for clients + Loyalty program + Significant improvement of the decentralized trust and reputation algorithm. The information needed to ensure a trustful relationship between buyer and seller 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. Monetha’s ICO Analyzer gives its users a way to estimate how much money a blockchain project has raised during the Initial Coin Offering.
Monetha has a strong team and advisors who has extensive experience in both payment processing and online reputation areas. Eoghan Gannon is a cryptocurrency researcher, entrepreneur, and journalist. His interests lie in how blockchain technology is changing business. Smart contracts clear payments without the need for manual oversight which would free up resources in such a new system. Related to this is the fact that many users of cryptocurrencies have chosen for these kinds of investments for their ease of use. This means that there is a large number of users that have crypto deposits that they cannot spend online easily.
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How The Dtrs Punishes Dishonest Merchants?
Whether you’re looking for the set of highly practical and insightful market information, market data or analytics, we have the tools to address your business needs. Monetha’s Decentralized Trust and Reputation System lets its users display and build their ratings through different platforms (once reputable on their own e-commerce website, they can be reputable in Avito and OLX). This is where essentially the seller becomes the owner and the central figure of his/her reputation, rather than a centralized authority. Monetha offers a fast and more economic way monetha ico review for merchants to transact in e-commerce platforms, based on the Ethereum blockchain. The 1.5% fee is very attractive compared to other platforms which range from 2 to 6%. Monetha is aiming to offer a faster and cheaper payment gateway than alternative payment processors, their fees will be 1.5% of the transaction compared to 2-6% of other alternatives. The team also includes former executive director of PayPal Mobile Eric Duprat and the author of more than a hundred scientific articles on digital trust and reputation risk management, Dr. Jean-Marc Seigneur.
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They have an upcoming ICO set to go live on the 22nd August 2017 which has a Hard Cap of ETH and Max token supply of 402,400,000. Monetha is a legal entity in Switzerland , that is creating a payment solution levering blockchain technology.
During this craze, it was not unusual for projects to embellish certain facts about the crowdsale. After all, verifying all the transactions is difficult, and more favorable data go a long way towards promoting the ICO. Granted, the market has since cooled down; but crowdsales are still being run in one form or another, and the issue of truthful information remains pertinent despite the tightening regulatory grasp. It took the group only five months to create the Minimal Viable Product, a platform that actually allowed merchants to accept payments through Monetha’s platform. Monetha has a superstar team of many industry professionals including, Eric Duprat, a former executive at PayPal. Under Duprat’s leadership, PayPal’s mobile payment business saw a growth from $7M of payment volume in 2008 to $4+ billion in 2011.
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But this reality is out of touch with and in some ways at odds with the new direction towards a more decentralized internet. ICObench is an ICO rating platform supported by investors and financial experts. Winsshi is the world’s first decentralized gaming platform with revenue sharing module. Three blockchain and payment enthusiasts came together for an epic venture into shaking up the payment processing industry. Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer’s results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
One blockchain platform looking to take advantage of that growth is Monetha, the decentralized reputation platform. They are trying to increase the overall level of confidence and probability of success for any transaction. 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. Having worked on prototyping, strategizing and building a team around the project, we built a fully working MVP with which merchants can accept Ethereum payments in their e-commerce store. It’s a worldwide company that is worth billions of dollars, and FeeFighters later became Groupon Payments. More over, Sean is a thought leader and influencer on product and payments.
- Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development.
- If you operate on different e-commerce platforms you don’t need to build up your reputation on each one, your Monetha ranking will back you up.
- Our Interest Level does not constitute financial or investment advice.
- The most valuable feature to me is the ranking system for merchants.
- ICO Drops is an independent ICO database and is not affiliated with any ICO project or company.
Since then it has recovered somewhat and as of November 13, 2018 is trading around $0.048, which is still quite a bit below its ICO price. Monetha conducted an ICO in August 2017, raising roughly $37 million through the sale monetha ico review of 200 million tokens at an average price of $0.19. In the months following the ICO the price of the token dropped to around $0.05. It rallied in December 2017 and reached an all-time high of $0.566 on January 11, 2018.
Mix Of Paypal And Trustpilot On Ethereum Blockchain
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. Even if the merchant has a high rating, the quality of its products is still not guaranteed.
Monetha team sees the current ecommerce ecosystem as functional, yet ultimately flawed system brought down by the ball and chain put around the legs of both merchants and customers. Monetha wants to help them by presenting itself as the solution to four main problems its team have identified in the whitepaper. Monetha was created to help merchants and consumers by building a platform that reinforces trust and reputation, leading to an increase in the satisfaction and success of online ecommerce transactions. All of that is combined with a payment gateway, and its all built with smart contracts on the Ethereum network. Develop and introduce a decentralized payment, trust and reputation system for retail merchants.
This site cannot substitute for professional advice and independent factual verification. Trademark “ICORATING” is registered under international registration number and legally protected in the European Union. The trust rating system may have loopholes that monetha ico review 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. The company reserves 10% of the tokens for potential future financing 12 months after the ICO.
The traders’ prior record serves as a seal of quality, and there is no need for each merchant to be tested for reliance each time a new customer approaches him. Monetha team believes that trust is a rarity today and it can be destroyed too easily. Reputation is another intangible good which the seller can “transfer” across the platforms with the help of Monetha. The ability to review and rate transactions is nothing new, but Monetha makes it more reliable by tying it to sales and putting all the information on the blockchain. This rating system allows merchants and customers to grow their profiles as they make more transactions. While payment in digital currencies is nothing new, Monetha offers a fairly unique way to increase trust and reliability in a world where anonymity is so highly regarded. Monetha has created what they call a Decentralized Trust and Reputation System , which allows customers and merchants to leave each other ratings when using Monetha as a payment method.