Monetha – Mobile Merchant Payment Processing Smart Contracts?
Monetha is a global payment solution that enables trustful commerce over the Ethereum blockchain. Here’s our Monetha review.
What Is Monetha?
Monetha is an Ethereum-powered payment platform that allows for globally trustful commerce over a decentralized system. The platform is marketed towards ecommerce stores who wish to make it easier for customers to spend money in digital currency. The platform can also be used offline in retail stores.
As the Monetha.io website explains, “$50 billion is stored in unspendable crypto coins around the world – be the first to tap into this huge opportunity.”
The key technology behind Monetha is the decentralized trust and reputation system, or DTRS. That technology is powered by smart contracts and works flawlessly with Monetha’s payment processor. Monetha’s system allows buyers to see trustworthy and transparent reviews made by previous customers, while retailers can view reviews for each customer as well.
All of this information is recorded onto the blockchain.
Monetha is preparing to launch its ICO on August 22.
What Problems Does Monetha Seek To Solve?
Monetha seeks to solve a simple but big problem in the merchant community: high transaction fees. Traditional payment gateways take up to 15 different types of fees. Merchants can end up paying 2% to 6%, which means they take home significantly less money than they’re really getting paid.
Monetha has just one single, simple fee: a transaction fee of 1.5%.
Transactions promise to be 5 times cheaper, but also 10,000 times faster. How did Monetha come up with the 10,000x number? Credit card companies and traditional banks can take days or even weeks to process transactions. Monetha, on the other hand, takes just two minutes.
How Does Monetha Work?
Monetha is powered by the Ethereum blockchain. Using Ethereum’s smart contract technology, Monetha makes commerce transparent and trustful, minimizing the possibility of an unreliable commerce transaction for both the merchant and the client.
Thanks to Monetha, there’s just one step between the customer sending the payment and the merchant receiving the payment. There are no banks or extra intermediaries: just you and the merchant. Thanks to the Ethereum smart contract system, both users and merchants have the ability to execute a trustful transaction.
Monetha was launched in January 2017 when “three blockchain and payment enthusiasts came together for an epic venture into shaking up the payment processing industry.”
By May 2017, the company had built a fully working minimal viable product (MVP) that allowed merchants to accept Ethereum payments through e-commerce stores.
Monetha is preparing for its ICO in August 2017. After that ICO, the company wants to gather the best team possible, move operations to Singapore (where there’s a huge Ethereum and FinTech community), then start to market its solution to businesses across its target market of Asia.
By Early 2018, Monetha plans to have developed a fully-functioning payment gateway that enables ecommerce merchants to accept ETH.
Future plans throughout 2018 and 2019 include the development of an e-commerce solution that allows for fiat exchanges (mid 2018) and a decentralized reputation system and Monetha Wallet (late 2018). By Early to mid 2019, Monetha plans to have full functionality of its decentralized trust and reputation system along with a full retail launch.
The company is led by Co-Founders Andrej Ruckij, Justas Pikelis, and Laurynas Jokubaitis. You can get in touch with them by email at [email protected]
Monetha is a payment platform that is still in the very early stages of development. Formed in 2017, the company just recently put together a minimal viable product (MVP). Monetha has scheduled its ICO for August 2017, after which they plan to move to Singapore to take advantage of the burgeoning FinTech/Ethereum scene.
By 2019, they hope to have a full retail launch of their payment platform available, including a reputation system, an Ethereum-to-fiat payment gateway, mobile apps, and all other required aspects of a digital payment processing solution.
You can learn more about Monetha today by visiting the company online at Monetha.io.