Monetha, a blockchain start up, offering a safer and more efficient crypto-payment system via Ethereum based payments, has recently announced its ICO campaign, starting on August 22, 2017.
Does Monetha Challenge the Status Quo of Paypal and Trustpilot?
Monetha is a blockchain-based mobile payment processing company that is backed by decentralized smart contracts. The service’s decentralized payment gateway is characterized by safety, speed and low cost, which may make it a better alternative to the mainstream systems used by most of the merchants and retailers. Experts say that Monetha has the potential to act as a collective substitute for Paypal and TrustPilot, being based on Ethereum.
The decentralized trust and reputation system (DTRS) of the platform uses smart contracts that users can instantly integrate within their payment processor. The design is aimed towards developing trust among parties by recording information about transactions such as product warranty, on the blockchain.
The in-build algorithms verify the users and assign trust rating to all parties. The rating is determined and updated on the basis of reviews, records, disputes etc. It makes online local and international sales process more trustworthy, preventing users from scams, faulty goods, charge-backs and more. The platform is equally compatible for retail applications.
Justas Pikelis, the business lead and co-founder of the company terms this platform as a revolution in global commerce, as users can transact in any Ethereum based cryptocurrency that would be automatically changed into their desired fiat currency. The generated QR code is also scanned by cryptowallets for making payments. Upon executed transaction, funds will be received within a minute with as low as 1.5 % commission, maximum.
Monetha Vs. Traditional Gateways
Traditional payment gateways like TrustPilot and Paypal involve multiple steps based process, along with higher services fees, ranging in between 2 to 6 percent per transaction. On the other hand, Monetha is based on a single step process and fixed transaction fee of 1.5%. Monetha also has lesser processing time than others having hours to even days as a waiting time range. The payment process via Ethereum blockchain is 10,000 times faster at 20% lesser price than traditional gateways.
The launch of the ICO starting from 22nd of August 2017 seems a significant step in global commerce industry across the world. For more information, please visit http://www.monetha.io/static/media/Monetha_White_Paper.050930a4.pdf