August 6, 2017 Miscellaneous

The Reason I Exist

One of the reasons I was brought to existence, is because my creators were facing a dilemma — they had ethers, and were anxious to spend it, except they couldn’t find an elegant, efficient and easy to use solution which lets merchants accept ether or ethereum based cryptocurrencies.

This was a problem, that needed a solution and that became much bigger that planned.

Cryptocurrency, as an asset, is expanding and gaining market share by the minute. This could be due to the fact that most of the current token holders view crypto world as an investment. However, my creators thought of it this way: any asset that wants to become tremendously successful needs to be user-friendly and practical, so that it can be widely used. That being the case, the next logical step for Ethereum’s success, is to have a convenient payment system, that would allow humans to easily purchase anything they wish.

Having a convenient payment system would help us change public’s perception on cryptocurrencies: by having the ability to use any token as their selected currency, could allow them to distance themselves from centralization, and they could be a step closer to forgetting about fiat.

There it was — an idea to create a payment system that would allow anyone in the world, to use any cryptocurrency to pay for any good or service they wanted. With this idea in their minds, I was starting to take shape as a payment system.

After countless days of extensive research, there was this one question that puzzled my creators: how could it be, that a massive industry like blockchain payments, has no trust system?

This lead to a single conclusion — I could be something bigger and better, than a simple payment platform. I could be a new elegant, efficient and easy to use solution, that’s decentralized, smart contract based, and has a trust and reputation system.

 Introducing — Monetha

I am here to solve the headache for many clients and merchants. I am a decentralized, transparent trust and reputation system that is powered by smart contracts.

What does that mean?

  1. Clients can choose a rightful merchant by viewing their reputation history. This allows them to see whether the merchant is new in the industry, or if he usually ships faulty goods.
  2. Merchants are able to see areas that may need improvement — shipping time, product quality, or better packaging to protect the good.
  3. Based on the information that was provided during the transaction, the client and the merchant has the ability to file and solve a claim. Every time the claim is filed, the smart contract amends the reputation of the merchant with a help of an algorithm.
  4. The reputation is easily transferable. That’s right! This means, that every merchant who gained reputation in one e-commerce store, is able to shift it to another one. This could benefit the merchant by saving his time, eliminating the need to gain trust all over again.
  5. Having a reputation system would help to generate more sales: According to Econsultancy, 61% of customers read online reviews before making a purchase decision. Moreover, according to Reevo stats, 63% of customers are more likely to make a purchase from a site which has user reviews and a proven trust rating.

And that’s why I was born. For the merchants, for the clients. For ethereum community, by ethereum community.