MONET – Bringing the real decentralization into Peer to Peer economy
1. Introduction
If the technology is helping us to upgrade our lives continuously, it should have the potential to make each and every one of our days to day tasks more comfortable. That’s why we demand comfort over anything in this modernized world. As a result of that, many industries have become revolutionized with electrical and information technology, such concepts as E-Commerce were developed. In present days, electronically enhanced conventional industries are rapidly growing in the contrast of increased human attention. We are leaning toward to the point where we purchase goods and services even without going out to a shop, so the growth of the e-commerce industry is rapidly increasing.
So you can understand how much of a potential an e-commerce service platform would have to be successful.
But, Monet is not another so-called E-Commerce platform. It represents something far more interesting than that. I just discussed E-Commerce just to lay out the basic facts about its potential.
Peer to Peer Economy
We can identify the concept of Peer to Peer economy as the ultimate solution of eliminating the middleman of a transaction. Simply check out the below figure.
Simply, most of them we see nowadays are traditional ones (Supermarkets, Fuel Stations, Banks). Mass adoption of the P2P business model has commenced recently. But it has been there for some time now (BitTorrent, Google Docs).
• Eliminating middleman is the most obvious advantage of P2P economy.
• Freedom of choice for customers.
• Freedom of selling for producers.
• Reduced transaction times .
• Most of all, no central authority (Decentralization) are some of the other main features of P2P the economy.
But is today P2P model really decentralized?
The answer is NO. Most of the P2P transactions we see today are not purely decentralized. There are still involvements of middle parties in P2P structure. BitTorrent needs the BitTorrent client software to work. What will happen if the client software server went down? They say P2P model does not need a middle centralized party but we won’t be able to download torrents if the torrent software isn’t there. Same goes for Uber. People use their vehicles to provide rides for customers, but we want the authority of Uber app to do the business. Enter Blockchain…
While we were so busy seeking the real decentralization, Blockchain was introduced to the world. Then the concept of cryptocurrencies was developed on the foundation of blockchain technology. I think you all know blockchain as the ultimate decentralization solution. So, we now possess the ultimate technology for decentralizing things.
So, why not develop the perfect P2P businesses on blockchain right?
Yes, that is a possibility but instead of independent peer to peer businesses, we got the below model.
Blockchain technology has been able to provide us with a P2P structure slightly better than the previous structure, but still, P2P transactions are controlled through major blockchain services. Every P2P business should be built on one of these blockchain platforms. If someone wants to achieve perfect P2P structure on their business, building an own blockchain is the only way. But building a new blockchain demands tremendous effort and money and time.
This is where the Monet comes in. The objective of the new blockchain project Monet is to achieve the true and pure P2P model architecture by building a public blockchain infrastructure, where users can create their own P2P mobile networks.
2. Mechanism of Monet System
• Because of the open source, public Monet blockchain, users will be able to form their own network among a group of other users as they desire, and carry out their P2P businesses in that temporary network.
• These own networks will be self-sustained, thus there will be no need of a middle authority structure whatsoever.
• So, in the Monet ecosystem, operating nodes will be the mobile devices of users, with a Monet compatible app installed.
Now, you can read the Monet whitepaper and find out about all the complex technical details about the mechanism. I just explained the most basic things in a simple way
Monet whitepaper
Monet website
What makes Monet stand out from other blockchain projects is the true decentralization it provides for us. Most of the blockchain platforms nowadays are not providing the true decentralization, but by using Monet, we will be able to achieve the true decentralization. With the above-explained advantages of pure P2P structured businesses, Monet will be able to become the ultimate P2P service provider. Now the facts which make the project to be a huge success in the future are established, we can move on and see what the world thinks about it.
So far, from the things I explained, you would now have a proper understanding of the Monet Network project. We should take utmost care when investing in ICOs nowadays because there are so many people are aware of cryptocurrencies and they all want a piece of it. Among those people, there are good people and also bad people. Scammers could put up fake ICOs in order to rip people off their hard earned money. So, pay close attention to the objectives of the ICO you are planning to invest in. the objectives of Monet Network are excitingly novel and strong to hang one. And pay close attention to the team too. Team members should have continually maintained public appearance and whatever abilities take to make project going.
Find out about the Monet team
Most of the members of the Monet team is including both of the founders are coming from another successful ICO, Mosaic Network. It is too soon to see website ratings on Monet Network but with some research, we can find out how crypto experts appreciate the team of Mosaic Network.
Faiz Ahmed Faiz
“Really impressive team, consisting of 30 people. Most of the core team have any experience/knowledge in Blockchain”
Eugene Podkovyroff
“Mosaic core team is very strong. Both their qualification, experience and influence are outstanding (for a start-up)”
So, with all the facts considered, investing in Monet Network seems a pretty secure and legit idea. How to get in touch with Monet?
• Finally, you should be aware that you can also join the Monet team as a contributor in the development of the ecosystem. I’m sure you will be fascinated by referring to the Monet website.
• Now go a little deeper and read the whitepaper, blogs and especially the code. If you see anything to improve, drop a mail to the below address.
Mail - [email protected]
• It so rare we get a chance to contribute to something that matters. Maybe our little idea could be able to revolutionize the world!
@prabathlucky, I gave you a vote!
If you follow me, I will also follow you in return!
Enjoy some !popcorn courtesy of @nextgencrypto!
Good article ! subscribed to you and I hope for a mutual subscription
I have been a follower of Mosaic Network project since the beginning and it indeed is a great project. I didn't aware they started an another project. Great concept though. Will have a look. Thank you for the information. Great article!