Monetha (MTH) Draws Up Ambitious Plan To Conquer The E-Commerce World
All over the world, building trust is getting more difficult by the day, especially in an online setting. When it comes to the world of E-Commerce, the problem gets even worse. Establishing trust and reputation is difficult especially with centrally governed marketplaces.
Furthermore, the fact that current systems do not provide a reliable merchant history record eliminates any chances of punishing fraudulent actors in the system. This leads to expensive payment processes and poor service delivery. But, Monetha (MTH) has a way out!
This is where Monetha comes in…
Monetha is a decentralized reputation and trust solution based on Ethereum’s Blockchain whose purpose is to leverage the power of smart contracts to enable mobile payment processing for a flawless and affordable E-Commerce industry.
According to Statista, the E-Commerce sector will hit a whopping 4.058 trillion market by 2020 as there are more people buying goods and services online.
In fact, if projections by the Boston Consulting Group are anything to go by, the E-Commerce industry will soon experience a significant shift towards mobile payments given that the mobile share of e-commerce is expected to grow by 48.5 percent in 2020, with payment volumes of over $274 billion by 2021.
This is what Monetha (MTH) hopes to ride on so as to enable merchants to reach this trillion dollar economy. Although it’s still in development, the project is poised to develop payment solutions that will allow merchants to capitalize on the Blockchain revolution that the World Bank says will be generating around 100 Trillion by 2025.
What are some of Monetha’s Features?
Well, glad you asked. To put it simply, in its bid to solve trust and reputation issues in the e-commerce industry, eliminate expensive and tedious payment processes while enabling growth of the Ethereum economy, Monetha has set up 3 strategies.
- Build a Global trust and reputation system: by developing user-friendly interfaces run by smart contracts on the Blockchain, Monetha will allow for a trust and reputation system whenever a transaction is made on the network. Suffice to say, the system will allow automatic hashing of each contract where client and merchant will rate one another and solve disputes and claims automatically without a third party.
- Enable Affordable Mobile payments: thanks to Ethereum’s Blockchain, Monetha will enable a ‘one step one fee’ payment process that is 10,000 times faster for cheaper and more reliable mobile payments.
- Increase Merchant participation: after development, Monetha will enable growth of the digital asset economy by reaching out to merchants and incentivizing participation in a trustful decentralized e-commerce economy.
The (MTH) token
Monetha coin will have a “Voucher Smart Contact” that will be funded with 1/3 of Monetha’s revenue in MTH tokens. Holders will, as a result, be able to claim vouchers in accordance with their MTH amount so that they can use the vouchers to buy goods and services from merchants.
Furthermore, merchants and clients will be rewarded with a percentage of their purchase if it’s paid via the Monetha network in an effort to encourage participation and grow the value of Monetha (MTH)
Needless to say, just like in the cryptocurrency market, the world of e-commerce has seen explosive growth even with the major existing problems as pointed out by Monetha (MTH).
In fact, the growth is projected to continue at a much higher rate in the near future if reports by Statista and the World Bank are anything to go by. If Monetha evolves past the development stage, there is no doubt that it will be a viable Blockchain solutions provider for this growing economy.