The current situation of online commerce
Online commerce is growing rapidly with the ever advancing technology. A lot of valuable information about online commerce is available for free in the internet and can be accessed by anybody from any part of the world. The fact that there are many internet users transfers to an increased knowledge of the business. Many people are nowadays able to join the online commerce industry after they are exposed to the existing online information. The reviews written by buyers and sellers in the online commerce are also a great factor of influence on the decisions that viewers make. A positive review about a specific online commerce company is most likely going to influence more buyers and sellers to invest in it. On the contrary, if a company has a lot of negative reviews, then few people will invest in it, and the possibility of even those few who join running away from it is very high.
What false and online commerce firms are doing to survive
To cope up with the current situation, some online commerce companies in the Western word have resolved to seek positive reviews even if they do not deserve. Some bribe or hire people so that they can compose very nice reviews for them, reviews that can get everyone’s attention. Those who make their investment decisions based on these false reviews end up being in a shock after they meet a completely different situation. They realize that their investment in such a kind of company is totally in vain. Instead of making the voluminous profits as advertised in the reviews and blogs, they lose all their investment capital translating to great losses that they live to regret. Some even come to a conclusion that all online commerce or blockchain companies operate in the law of falsehood. This is of course a wrong statement but it may sound real based on the pain that the victim feels after he/she suffers the loss.
At such a time when the gap separating the genuine blockchain companies and the false blockchain companies is narrowing, the genuine blockchain companies need to come out and fight for their place. It will be very unfair if the genuine companies sit back and watch how partnerships like eBay and PayPal exploit the common innocent investors
What Monetha is doing
Monetha was founded in January 2017 by three crypto enthusiasts in Vilnius Lithuania. The three founders are Andrej Ruckij, Justas Pikelis and Laurynas Jokubaitas. Its headquarters are in Zug, Switzerland. As one of the genuine blockchain firms, Monetha has come out to steer online commerce towards a new direction. It is committed to achieving a more decentralized internet commerce that is beneficial to both the sellers and the buyers.
In order to successfully achieve the desired transitional change in direction, Monetha has adopted blockchain technology. With blockchain technology as one of the drivers of this new direction, Monetha is able to dramatically and successfully change the possibilities for interactions of customers and businesses in the industry.
The end goal of all these efforts is to make sure that after everything is said and done, a platform that leverages the main features of crypto technology is created and maintained. Monetha would wish to have a situation in which the experience for all involved parties in the business improved markedly.
Weaknesses in existing models of ecommerce
Although present day ecommerce firms are considered to be well established, there exists some very many weaknesses which need to be addressed. If you were to conduct an impromptu survey in all the existing blockchain companies, then you would get to understand what I mean. For sure you are likely to find the following manners of weaknesses in these companies.
High commission rates paid to middlemen
In most ecommerce businesses, there is not direct interaction between the buyers and sellers. The reason is that these companies do not offer all services solely by themselves. They have thus made lots of partnerships with other companies in order to link buyers and sellers. The partnered companies,who by all ways can best be described in one word as middlemen, do not do this for free. They demand some percentage or commission on every transaction that they make on behalf of the blockchain companies that hires them. In the long run, the customer is forced to pay an extra amount of money. In a similar way, sellers usually lose part of their income in paying for this commission. Good examples of these partnerships are eBay and PayPal. For instance, a customer of a certain blockchain company that uses PayPal will have to deposit some more US dollars to cater for the transaction.
Security and credit card fraud are also huge risks when dealing with online commerce. Most often, consumers run the risk of identity fraud and other hazards as their personal details are captured by e-commerce businesses while businesses run the risk of phishing attacks and other forms of security fraud; both can suffer from credit card fraud. Such cases are very common with the kind of ‘middlemen’ or the partnerships made between the blockchain company and an ecommerce banking provider.
Lack of transparency
It is unfortunate that customers end up being exploited by the banking provider in partnership with the respective blockchain business. A specific example in particular is PayPal has been at the forefront of blindfolding its customers for self-gain interests. It has been accused of constantly maintaining a pattern of opportunistic behaviors. These behaviors take different forms. At times, PayPal withholds payments to make more profits. In other really worse situations, users’ accounts have been closed without any notice or explanation of the same being issued. Customers are not kept in the know of things that they should really be aware of.
With the increased influence that people get in the internet about blockchain business, many decide to test the waters by joining, or in other words investing in them. Owing to the fact that most blockchain companies are young and have not adopted latest technologies, there arises a situation where there are very many users that have crypto deposits but they cannot spend them online easily.
Lack of trust
The founders of blockchain experienced difficulty in setting up the operational principles. Among the chief challenges was how to make it work with no central system and no one trusting anyone else. Surprisingly, these principles have been passed on to most of the blockchain companies without any improvements. We acknowledge the efforts of blockchain creators who rose to the challenge and made electronic money an operational currency. However, we cannot run away from the fact that some of their decisions were devastating in their ineffectiveness and they ought to have been replaced, including trust creation amongst involved parties.
Reforms done by Monetha
Monetha is working to refine the online customer experience. It is devoted to fill in the above discussed above. It is building a universal, transferable, immutable trust and reputation system combined with a payment solution. So far so good, Monetha can confidently report the following achievements:
During any transaction, the information of involved parties is captured. This is later recorded in the immutable Etherium blockchain. It is with this information being stored and also made available to the public that more users can make well-informed decisions so that they can eventually achieve their desired goals.
Buyer-Seller Trust building
It is obvious that for any transaction to work there must be some level of trust between the parties taking part. Monetha is hereby making sure that buyers have trust in their sellers. In the same way, sellers are made to build trust with their buyers or clients. When trust is built between the buyers and sellers and vice versa, it becomes so simple to transact. Cases of buyer or seller complaints which usually arise from lack of trust are unheard of at Monetha.
As mentioned in the aforementioned discussion, one of the weaknesses of existing blockchains is their inefficiency. Monetha, being a solution to this problem of inefficiency comes with Smart contracts. A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
The use of smart contracts cuts off the need of having partnerships with other companies that expose buyers and sellers or merchants to a lot of risks. Buyers and sellers no longer have to worry about their security when transacting in the blockchain industry. Sellers are assured they will get their money since the smart contract cannot be biased in any way. The aim of smart contracts is to provide security that is superior to traditional contract law.
Relatively lower commissions charged
In addition to improving the security, smart contracts reduce other transaction costs associated with contracts. Some of the transaction costs that are foregone are the costs of making sure the other party sticks to the terms of the contract, and taking appropriate action (often through the legal system) if this turns out not to be the case. In this case the other parties involved would have included the partnerships with firms such as those who provide banking services it the broadchain industry. Also, the interests that they would charge no longer apply. This turns out to be a very big advantage to merchants, buyers and sellers. They will need to incur only the commission payable to the blockchain company and nothing more or less. Monetha will charge a 1.5% fee for every transaction, for which 1% goes to the company as revenue and 0.5% is for the Voucher Smart Contract.
Faster contract period
With Monetha, the time taken to process a contract is very less compared to other blockchain companies. This is made possible courtesy of the smart contract service. Smart contracts clear payments without the need for manual oversight which would otherwise take a lot of time to be done. Contracts between Monetha and merchants are therefore made in a shorter time than usual. In connection to that, merchants are made to be in a position to complete transactions with their customers in just a little period of time.
Transparency and Truth
Another problem with other blockchain companies is their lack of transparency and truth. At Monetha, every party involved is allowed to do so with a lot of transparency and honesty. Buyer and seller information is carefully captured and made accessible to both transacting and contracting parties. Monetha has developed a completely transparent StreamDesk service for the crypt currencies. Clients and merchants can therefore rate each other, file and/or solve a claim and view ratings. Moreover, Monetha guarantees its merchants, buyers and sellers that the ratings and feedback are real and genuine. Customers can make purchases without any uncertainty. They can seek to know more about the sellers. This simply means they can buy with a lot of trust all over the globe. They can enjoy all the multiple benefits of a trusted eCommerce and can even choose to rate their experience in using the services of Monetha blockchain. On the other hand, sellers can easily build independent transferrable and transparent reputations. These then helps them to immensely increase and boost their commerce trust. It is for the same reason that sellers can be trusted by customers from any part of the world.
Easy to make decisions
Customers to Monetha blockchain are freely allowed to make reviews about their experience with Monetha sellers and merchants without being intimidated. The reviews by our clients are very true and they expose everything; be it favorable or unfavorable to the platform. As if that is not enough, Monetha ensures that all reviews are published and made available and accessible to the general public in the whole world. Bearing in mind that many people make decisions to invest depending on the kind of knowledge that exists, Monetha is committed to creating a situation where there is quality, reliable information about itself as a blockchain company, so that prospective customers, sellers and merchants can make well-informed decisions.
How advanced is Monetha
After its release in early 2017, the team behind it gave a minimum viable product (MVP) which is a plug-in that allows merchants to accept payments in Ether in e-commerce stores. This is available for those using WooCommerce and Magento.
Did you know that Monetha mixes PayPal’s and Trust pilots, payment gateway? The system keeps track of time when the transaction happens, the address of the sending and receiving wallet. It also records warranty conditions, the time delivery is done and any other information required reinforcing trust for thus using the platform. With this kind of service, it is easy for both merchant and customer to review and give a rate of one another on the platform. When this is done by both parties their trust level immediately changes.
The difference between Monetha and other platforms is their ability for merchants and customers to rate each other as they grow their profiles. This system as we earlier noted is efficient and easy for those using it to earn trust on multiple platforms.
The block chain provides complete anonymity and you are assured of your security. Monetha’s system is universal, offer transparency, ability to execute on its own and above all, it is not under any centralized authority. It works effortlessly with a great payment method. “
On this platform, if you are a merchant, you are rated on how fast you can ship items and if you can deliver what you promise, what your customer reaction is and what their review is.
If you are a customer, your rating in terms of the trust is directly attached to your wallet all the way from the time you begin using Monetha. Your trust score increase with increased purchases, giving others reviews and showing your overall value on the platform. It is important to a customer that you to keep your score high as if this goes down, merchants may not want to work with you by selling their merchandise to you
Reviews and claims are handled by the Monetha’s app which later stores all this on the block chain. If as a consumer you buy an item and you are not satisfied with it, you can file a claim and this affects the merchants by lowering their trust rate. As a merchant affected by such claims, it is important that you resolve this if you want to regain your trust rating.
People are finding the trust system very interesting. Merchants are able to evaluate the credibility of buyers using the rating system. The use of the system presents us with something to marvel about. With the opportunity to check if a buyer meets the criteria for purchase, this helps merchants to safeguard their products. There are different ways of getting to the score that shows how much you can be trusted through the token has a likelihood of acceptance.
It may at the end help in reducing fraud as those with the kind of intention will easily get their rating going down and such is not encouraged on Monetha. False payments are not accepted due to the block chain, they automatically disappear helping in improving the efficiency of the cost system.
What about their Payment System
The initial plan was to have payments to only happen on Ethereum. Monetha on receiving the funds would exchange this to merchants most preferred currency or crypto and have this deposited in their accounts total transaction duration is expected to be about 2 minutes. The best thing about it, you will not incur clearance cost, settlements and nothing can slow the process. Efficient, right?
This is a totally different narrative as compared to what clients who use PayPal are experiencing. There have been stories about people having their accounts closed or frozen for long periods of time which ends up inconveniencing them.
On the other hand, as a merchant on PayPal and other platforms, you do not have control of the mode of payment and have little or no concern about the merchant; business or no business for you is any of their concern. Monetha happens to be the ultimate solution to such backward practices.
Monetha gives you an opportunity to directly connect to a merchant and a merchant to a customer eliminating middlemen. This kind of system likens to bank accounts which only store the money for you and you make withdrawals and it happens to assure you of security for your money. Those selling on the platform can decide to get cash at specified times which enforces credibility in the whole system.
There is an exclusive control for Monetha on who access their platform, they cannot ban you from making a transaction but the good news is that they can regulate merchants allowed to transact on their platform. This security measure ensures that illegal transaction like the sale of drugs does not take place on their platform; after all, they need to make a name for themselves in the industry and such things would not build their portfolio as an e-commerce platform.
Why should you use Monetha?
- For customers
Monetha offers its customers a 0.2% reward in value in Monetha tokens from their loyalty pool for every purchase they make on their platform. This is a very enticing offer. The same can be used within a period of six months using their wallet.
- For merchants
Monetha offers them a 1.5% for every transaction value you make
There is no minimum charge given to merchants
There are no foreign exchange fees
They do not have to go through a holding period
- The Ethereum transacts at a much lower price than bitcoin making it affordable for the larger market. We might as well see it become the next mode of payment.
- There is potential for Monetha to make billions of dollars worth of transactions in a year. This would make the MTH price to go up and this will be a good market.
- With a partnership with Pigu.it, it is safe to say that this is groundbreaking for Monetha and will put them on track on their success journey as they anticipate it.
- With the trust system in place and a good network of people using the platform, there will be more value being attached to the platform thus driving traffic to the platform.
- The team behind Monetha has a roadmap of how they would like to be done and how they will achieve each milestone that they have put in place. This shows great organization and the possibility of great success rate with a dedicated team of professionals.
- Monetha is preserving at least 10% of the available tokens in case of future financing. It means that there might be a possibility for tokens to appreciate.
Concerns, strengths, and weaknesses
Monetha remains to be a creative block chain that is shaking markets and threatening the existence of other brands such as PayPal.
Monetha Offers people an opportunity to transact quickly without having to wait because of unnecessary delay, accounts being frozen or the need to keep verifying your transactions. With what other industry players have to offer, it is safe to say that this is more than welcome. Their decentralized system gives power to sellers and their customers while taking this away from platforms that monopolized the industry giving the end user a bad experience.
There is more than innovativeness shown with the system. With merchants and customers getting reviews on the site, it only means that scammers are kept out of the system and authenticity is emphasized.
With the adoption of the system, there is a likelihood that they will move from offering data in their block chain to the analysis of big data for companies. Transactions made through tokens will be more than valuable by then while becoming an integral service in their business.
But the biggest challenge for them, for now, would be demystifying the use of crypto currencies as they have been associated with the criminals before.
But how do their competitors respond to the threat they pose? The impact of this could lead to Monetha’s revenues not going up but the upside of this story; they are implementing a technology that no one else is working on at the moment. This places them at the lead, but for how long? If their competitors develop a similar product, they would have to market it and try to divide the market share, it is a jungle out here, time will tell.
There will always be issues when you think of expanding any given business and as the Ethereum network grows, this sure will come up. Monetha may be on the safe side though since they use a block chain solution which translates to them having the ability to work on a given block chain that has already established a scalable solution and dealt with protection and with a smart contract capacity
- The trust rating system is for merchants and does not cover the product, the quality of the product may therefore not be guaranteed.
- There could be loopholes in the trust rating system which means that merchants may exploit such to their favor and gain more. This is something that may likely happen in the future as not all systems are 100% flawless.
FAQs on Monetha
How do your systems work?
We have adopted a certain type of system known as a decentralized system which has a block chain that deals with all kind of transaction conducted on the platform and also records the results. The records contain the wallets of both addresses and track the time at which the process took place, conditions set for the warranty and the time of which the product will be delivered. This kind of information is only available to authorized people and encrypted.
How is it possible that you can provide very fast and cheap reward process?
We have adopted this new technology known as Ethereum block chain. It has been our savior al through. The transaction is directly conducted by the customer and linked to merchants, this is a good way of blocking the brokers and thus the merchants do not experience exploitation. By doing this money and time is saved. This type of technology enables purchase and payments of the goods to be done like almost immediately. Instead of waiting for few weeks to get your money, we reduce it to only a day. We also provide our customers with a reasonable discount this is the reason we charge just a small percentage of your transactions.
Does Monetha any Merchant to conduct business on their platform?
Oh Yes. The important thing is that he has passed all the processes that are set for one to qualify and conduct business with Monetha. We do not discriminate on any basis, whether you are rich or poor or you are from a certain country and what color you are
Is it a must for a merchant to always posses a crypto wallet of his own?
NO! Once a merchant verifies his or her registration with Monetha, directly gets a crypto wallet to conduct business.
Is it possible for anybody to control your systems in order to increase your rating? It is not possible at all. Our decentralized system is one of the best and the strongest system in comparison to other systems. Our rating only increases due to the kind of business we conduct on our site. Solving disputes in time and feedback from our customers are some of the things that increase our rating
The fundamental problem for sellers and buyers in classified global eCommerce in general is the lack of trust between each one of them. The solution for this problem is to have a blockchain based trust and reputation system for commerce. Monetha is the only blockchain company that provides this solution. Its Decentralized Trust and Reputation System (DTRS) and the smart contract system are just but a chip of the extraordinary yet very advantageous features.
Where to buy Monetha ?
There is few exchanges where you can buy monetha coin, you can check user reviews about exchanges where Monetha is available for trading: