The payment processing company Monetha, based on the blockade Ethereum, is driven by smart contracts with a decentralized system of trust and reputation. Monetha's service offers a faster, safer and cheaper decentralized payment gateway alternative to the current system used by most retailers and merchants today. Monet is best summed up as a combination of PayPal and Trustpilot, which runs on the blockchain Ethereum. The fintech company has announced its next ICO campaign, which will begin on August 31, 2017.
Monet's decentralized trust and reputation system (DTRS) uses smart contracts that integrate seamlessly with the payment processor. It is designed to create trust between buyers and sellers by recording vital information such as product warranty and more in connection with transactions in the blockchain. A built-in algorithm analyzes the reputation of the users and assigns the trust rating to each part. The credit rating is constantly adjusted based on reviews, claims records and disputes and more. Doing so solves the trust problem associated with transactions, especially when it comes to online shopping on national and international sites. Solve the problem of life-long trust between the parties, helping them avoid pitfalls such as scams, returns and defective goods, etc. Apart from e-commerce, Monet's decentralized trust and reputation system is also compatible with retail applications.
Users can purchase products from all over the world in any Ethereum-based cryptononeda and Monetha will automatically convert their chosen cryptonegon into a fiduciary currency of their choice. The platform generates a QR code that can be scanned by crypto-wallets to make payments, and once the transaction is started, the merchant will receive the funds in less than a minute, and has to pay no more than 1.5% as commission.
The Monetha system is easy, fast and cheap, compared to the current centralized alternatives. The unique service of Monetha guarantees the security of all the parties through the blockchain Ethereum and allows both parties to qualify each other to help improve their reputation
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