An efficient payment solution for merchants that enables globally trustful commerce, empowered by the Ethereum blockchain.
“With the help of the Ethereum blockchain, we are able to make payments with only 1 step and 1 fee, which results in accepting payments on average 5X cheaper and up to x10000 faster for merchants.” – Monetha
Monetha ICO Launches in
Bitcoin Chaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
Monetha: There are three of them:
1) Trust and reputation: Building trust is difficult, and it is centrally governed by big marketplaces. There is an inability to transfer trust from one centralized service to another, and thus a need to establish relationship with each centralised marketplace separately. Moreover, a merchant’s history is not recorded, so there is no ability to punish fraudulent buyers or merchants. Huge efforts and advertising budgets are needed to create trust if a merchant is not a part of a centralized marketplace. Use case: if you are merchant in Chine, the only way you can sell products the the global world and be trusted at the same time is to be part of the Alibaba.
2) Expensive and long payment process: There are 16(!) different steps to settle the transaction and up to 15(!) different fees to pay for payment gateways. Transaction fees range from 2% + 0.1 to 6% + 0.7. Chargeback fees of USD 15. Moreover, existing payment gateways rarely offer a simple solution for a merchant to accept mobile payments on their website or point of sale terminals. If you are part of the big marketplace there are more fees that merchant has to pay.
3) An inability to reach the growing ethereum economy: Today, merchants cannot accept payments in Ether, which has reached a market cap of USD 36bn as of June 14th. Moreover, a totally new digital asset class is being created: tokens of products that are built on the Ethereum platform. The rise of a new kind of digital assets enables the creation of a token-based digital asset economy. It is expected that 10% of global GDP will be generated on blockchains by 2025. Merchants will definitely want to participate in the blockchain created economy.
BC: How will your project address this problem or opportunity in a unique way?
Monetha: 1) Universal/Transferable trust and reputation system:
What does it do?
Our decentralised trust and reputation system (DTRS), powered by smart contracts, works flawlessly with Monetha’s payment processor.
How does it work?
The information needed to ensure a trustful relationship between buyer and seller (such as warranty) will be recorded onto the blockchain. Smart contracts will automatically amend each party’s trust rating according to an algorithm that assesses the quality of the transaction.
Based on the information saved during the transaction, clients and merchants will be able to file/solve a claim, rate each other, view ratings etc. Their history is then recorded onto the immutable Ethereum blockchain so that others can make well-informed commercial decisions.
2) Mobile payments solution: With the help of the Ethereum blockchain, we are able to make payments with only 1 step and 1 fee, which results in accepting payments on average 5X cheaper and up to x10000 faster for merchants. After simple integration with Monetha, merchants will be able to: use our decentralized trust and reputation system, accept Ethereum based tokens, accept mobile payments, and easily convert cryptocurrency to their local fiat currency.
3) Enabling merchants to reach $10 trillion digital asset economy: By developing Monetha, we will not only allow merchants to participate in a trustful decentralized economy, but also reach the growing digital asset economy through our payment solution. The World Bank estimates that 10% of global GDP will be generated on blockchains by 2025. The GDP estimated for 2025 is $100T, thus the value generated through blockchain is expected to be $10T (10%).
BC: What are you planning to do with the proceeds of your ICO, and why?
Monetha: Move operations to Singapore and develop product according to the timeline.
BC: For all those who have read your white paper and are still on the fence about investing in your ICO, what can you tell them that could lead them to invest in your project?
Monetha: Payment industry is worth trillions. Global commerce is worth even more. When payments get’s combined with trust (Mix of Paypal and Trustpilot) you get a killer application for global commerce and payment industries.
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