Despite the presence of a range of payment gateways and processing service providers, merchants continue to face a lot of issues due to multiple steps (up to 15 steps at times) involved in the process, starting from setting up to settlements. And the transaction and services fees associated with traditional gateways are generally at the higher end. Merchants usually end up paying anywhere between 2 per cent and 6 per cent per transaction.
Blockchain startup Monetha wants to change that. And wants to use the Ethereum Blockchain to do it. The Monetha service involves a single step and costs a fixed transaction fee of 1.5 per cent .
Monetha says they also offer an added advantage in terms of processing time, which might vary with conventional payments solution providers. The waiting times for processing payments on standard gateways range from minutes to hours or even days. They also come with complex claim and chargeback procedures which could prove costly to the merchants. Meanwhile, payment processing on Ethereum Blockchain is 10,000 times faster at 20 per cent the price.
Monetha is powered by smart contracts with a decentralized trust and reputation system and they say their service offers a faster, safer, and cheaper, decentralized payment gateway alternative to the current system employed by most of the today’s retailers and merchants.
“Monetha is best summed up as a combination of PayPal and Trustpilot, run on the Ethereum Blockchain. The fintech company has announced its upcoming ICO campaign, which will commence on the 22nd of August 2017.”
Monetha’s decentralized trust and reputation system (DTRS) uses smart contracts that integrate with the payment processor and according to the team, it is designed to build trust between buyers and sellers by recording vital information like product warranty and more regarding the transactions on the Blockchain.
An inbuilt algorithm analyzes the reputation of the users and assigns trust rating to each party. The trust rating is constantly adjusted based on the reviews, records on claims and disputes and more. By doing so, the company says it solves the trust problem associated with transactions, especially when it comes to online purchases on domestic and international sites and it solves the lifelong trust problem between the parties, helping them avoid pitfalls like scams, charge-backs, and faulty goods, etc.
Apart from e-commerce, Monetha’s decentralized trust and reputation system is also compatible with retail applications.
The co-founder and business lead at Monetha, Justas Pikelis said:
“We are very excited to start the revolution of global commerce by bringing trust and efficiency for both the merchants and the clients.”
Users can purchase products from all over the world in any Ethereum-based cryptocurrency and Monetha will automatically convert their chosen cryptocurrency back into a fiat currency of their choice. The platform generates a QR code that can be scanned by cryptowallets for making payments, and once the transaction is initiated, the merchant will receive the funds in typically under a minute, and they have to pay no more than 1.5 per cent as commission.
Monetha’s system is both easy, fast and cheap, compared to the current centralized alternatives. Monetha’s unique service guarantees all parties safety through the Ethereum Blockchain and the ability for both parties to give each other ratings, to help improve their reputation.
Monetha Co-Founder and Head of Technology Andrej Ruckij summing up what Monetha means to merchants said:
“With no centralized Authority, it’s literally like a merchant becoming his own bank.”
Monetha says their mission is to become a strong force in the global commerce, offering a reliable, transparent and decentralized payment gateway to all users worldwide.
Launching in January 2017 Monetha has a solid roadmap leading to 2019 when its services aim to reach full maturity. Currently, in phase two, Monetha has already put together a capable team, finished strategizing and gone through comprehensive prototyping. The phase three in the company’s timeline involves the launch of its token sale, starting 22nd of August 2017, which they believe will be a significant step towards turning the minimum viable product into a finished product.
Monetha’s decentralized trust and reputation system takes every facet of traditional e-commerce and retail and improves on it according to the team.
Learn more about Monetha at – http://www.monetha.io
- Skycoin To Launch Coin Distribution Event July 24, 2017 - July 21, 2017
- CoinAgenda Europe 2017 Blockchain Winners Announced - July 20, 2017
- BurstIQ Announces Token Crowdsale for its Health Data Ecosystem and Marketplace - July 20, 2017
- Gaming cryptocurrency meets online betting: Loot.bet pledges support to SkinCoin - July 20, 2017
- Kybernetwork Introduces A Decentralized Platform For The Instant Trading Of Any Crypto-asset - July 19, 2017
- Announcement of Proof of Existence 2.0 – PO.ET Token Sale August 8, 2017 - July 19, 2017
- Equities.com and KrowdMentor Announce Exclusive Strategic Partnership at CoinAgenda - July 19, 2017
- NASSCOM in association with BlockSmiths & Quatrro forms India’s First Blockchain SIG - July 18, 2017
- DENT Partners with Aquto to Bring Decentralized Global Mobile Data Exchange to 500 Million People - July 18, 2017
- Moeda Cooperative Banking-as-a-Service Relaunches Digital Token - July 18, 2017
- Aicoin Launches Today – Next Generation Of Investment Innovation In Initial Coin Offerings - July 18, 2017
- Pillar Tokens worth $12 Million Sold in First Hour of Sale - July 17, 2017
- CausePlay’s Thirtythree.8 Division Is Launching The Virtual Cash Back Token (VCB) and Its Ethereum-Based Blockchain Coupon and Rebate Platform - July 16, 2017
- Kazakhstan Becomes The Second Government To Embrace The Cryptocurrency Market System - July 16, 2017
- EnvisionX to Bring Blockchain to Programmatic Advertising - July 16, 2017
- Enterprise Ethereum Alliance Unveils New Technical Steering Committee and Seven New Working Groups - July 16, 2017
- Hungry Panda Games Launches ICO – Ethereum Powered Game And Esports Ecosystem - July 16, 2017
- CakeCodes Announces Highly-Anticipated Hybrid-Model Token Generation Event Via Bittrex - July 16, 2017
- Santiment Announces SAN Tokens Now Trading on Bitfinex - July 15, 2017
- Exchange Union Coin To Bridge Digital Currency Exchanges For Enhanced Trading - July 15, 2017
- Harbour DAO Updates Their ICO Model and Voting System to More Closely Align with a Commitment to Community-driven Governance - July 15, 2017
- ACChain Digital Coin Begins Trading on Japan’s NERAEX Exchange - July 14, 2017
- Token Sales For Entrepreneurs: A Workshop On Token Economic Design And Legal Compliance - July 13, 2017
- New York Trading Platform investFeed Replaces Equities for Cryptocurrency - July 13, 2017
- Falcon First Swiss Private Bank To Enter Blockchain Asset Management Market With Bitcoin - July 12, 2017
- Blockchain technology breaking barriers for effective foreign aid - July 12, 2017
- Blockchain Genomics company raises over $1M with Gene-Chain Coin Token Sales - July 12, 2017
- ANZ, Westpac, Scentre and IBM Complete Successful Blockchain Trial for Bank Guarantees - July 12, 2017
- Blockchain Based Ticketing Company Aventus Systems Announces Advisory Board - July 12, 2017
- DENT Wireless is the First Blockchain Platform to Power New Mobile Data Exchange Marketplace - July 12, 2017
- Blockchain Music Sharing Platform Aurovine Launches in India - July 12, 2017
- Hyperledger Announces Production-Ready Hyperledger Fabric 1.0 - July 12, 2017
- Ethereum Co-founder Mihai Alisie Joins Aragon Advisory Board - July 12, 2017
- Musiconomi Announces Crowdsale For Music Industry - July 12, 2017
- Mothership Launches Progressive Blockchain Financial Services with the Estonian e-Residency Program - July 12, 2017
- Sphre Raises Over $5 Million in XID Token Sale to Bring Identity Management to the Blockchain - July 11, 2017
- Token Sale: Revolutionary Virtual Reality Streaming Platform Supported by the Blockchain - July 11, 2017
- Blockchain Startup Liquidity Asset Token (LATO) announces PRE-ICO to Tokenize Assets - July 11, 2017
- $64,818 single spin payout by playing Hansel & Gretel at BitStarz Casino - July 8, 2017
- Startup Monetha Wants to Challenge PayPal’s and Trustpilot’s Status Quo with the Ethereum Blockchain - July 6, 2017
- Blockchain Startup Bitclave Launches Advertising Application, Active Search Ecosystem and Cybersecurity Platform - July 6, 2017
- Qtum Claims World’s First Proof-of-Stake Smart Contracts Platform - July 5, 2017
- Deloitte CIS and Waves Say They Plan to Shape the Future of Blockchain - July 4, 2017
- NEVERDIE Teleportation ICO to Monetize Infrastructure and Drive Trillion Dollar Virtual Goods Economy as The First Double Coin ICO - July 4, 2017
- Blockchain Startup ETHLend Wants to Revolutionise The Finance Lending Market - July 2, 2017
- Blockchain Startup EOS Token Distribution Generates Over US$185 Million in First Five Days - July 2, 2017
- International Monetary Fund (IMF) Proposes Central Bank Digital Currencies (CBDCs) to Crush Rise of Cryptocurrencies - July 2, 2017
- DECENT Launches Blockchain-Based Content Distribution Platform to Take On Entertainment Giants - June 30, 2017
- Synereo Releases Content Monetization Platform WildSpark - June 30, 2017
- First-ever Blockchain Real Estate Project — 3,000 BTC Cap Crowdfunded in 24 Hours on Waves Platform - June 30, 2017