Monetha is an Ethereum based blockchain system that enables global commerce and offers an efficient payment solution for merchants. According to developers and owners of the Monetha platform, Monetha is meant to solve three main problems in the crypto currency ecosystem and the blockchain industry. The platform will solve problems in the market deficiency and give users the opportunity to launch their projects. The three problems that Monetha solve include:
Trust and reputation: to build trust and reputation in a marketplace are difficult. It is impossible to transfer trust from one service to another. So huge efforts and advertising budget should be put in place to help create trust and reputation as part of the centralized marketplace.
Long and expansive payment process: the transaction process in different blockchain platform includes a long and expensive process. Transactions are different and existing payment gateways rarely offer solutions to the problems. Monetha promises to solve the problems.
Inability to reach the growing potential of the Ethereum economy: it is hard for merchants to receive or accept payment in Ether. A new digital asset class and token products are being built daily on the Ethereum platform. With Monetha merchants will participate in the blockchains created economy.
Monetha: the product
Monetha process transactions up to 1000x faster than other Ethereum blockchain alternatives. It uses Ethereum blockchain to process a transaction with a low fixed fee of 1.5%. Monetha is in phase two in their plans, but they are planning to launch their phase three with a token sale on August 31st, 2017. The platform developer wants to bring their prototyping and strategizing to completion and create an unbeatable team, but their ambitious roadmap helps them achieve, goal-by-goal all the way to 2019.
Monetha Video Explanation
Traditional online payments system includes 16 or more steps within a single transaction process. The transaction often carries large fees, Monetha’s aim is to offer its users a one-step only transaction process with a fixed-rate fee that is lower. This will benefit merchants worldwide.
Monetha also enables customers to buy assets and products from any country in the world. Using the Ethereum based cryptocurrency, users can buy any product they want from any country. The platform converts the cryptocurrency into a fiat currency. Using a QR code scanned by crypto wallets, the cryptocurrency is exchanged ready for transactions. The Merchant receives payment within a minute of their transaction. Monetha developers and founders look forward to changing the world as a team.