What you'll learn 👉
Introduction
Monetha Coin is a new mobile payment platform based on Ethereum and uses a decentralized system based on trust and reputation (DTRS).
The developers themselves describe the project as a combination of PayPal and Trustpilot.
Monetha Coin – The Company
The service offers faster, safer and cheaper payments than existing payment systems.
The payment of the system is made with any cryptocurrency based on Ethereum, which is automatically converted into Fiat money.
According to the developers, the entire Monetha payment process will take place in a matter of seconds, while traditional bank payments can take up to 2 weeks.
The cost of operations is also much lower – only 1.5% compared to 2-6% for VISA and Mastercard.
The system of trust and reputation of the Monetha Project (DTRS) was designed to solve another old problem of online shopping – the trust problem between the buyer and the seller.
The system’s algorithm analyzes the reputation of users and gives each party an appropriate trust rating.
The rating is constantly updated and is based on real feedback, dispute data, complaints received and other information.
Thus, the system will avoid such common problems as fraud, cancellation of transactions, sending defective goods and others. Monetha Coin is currently on the third step of her roadmap.
Monetha Coin’s ICO is currently running. The service already has a ready-made solution for stores on the popular WooCommerce platform. The final launch is planned for 2019.
The creator of the project is Andrey Rutskiy, former vice-president of the development department of Adform, a recognized inspiration for the flexible methodology of development and author of the popular blog Agile Mindstorm.
The team also includes former executive director of PayPal Mobile Eric Duprat and the author of more than a hundred scientific articles on digital trust and reputation risk management, Dr. Jean-Marc Seigneur.
Monetha Coin – The Cryptocurrency
MTH is a coin based on Ethereum, which is used to pay for goods in the Monetha system.
The Monetha coins can make your owner come a percentage of the platform’s sales.
Monetha allows vendors to accept ETH and coins issued on the Ethereum blockchain, which can then be automatically exchanged for Fiat currencies. Monetha’s ICO began on 31 August.
Investors are able to get 2400 Monetha MHT coins for 1 ETH until the amount of 7 million euros is reached.
Once this amount has been reached, investors will receive 1 ETH 2000 coin.
To date, Monetha has developed an MVP that provides merchants with a Monetha payment gateway script that can be integrated into any online shopping basket or website.
Some trading functionalities such as exchange rates, output limits and automatic conversion to local currency are still being developed.
In a whitepaper workflow example, the company illustrates the purchasing and processing processes and how they influence the confidence rate for both parties.
Conclusion
Monetha’s stated goal for the platform is to provide an online e-commerce payment platform that will enable mobile payments on Ether-based cryptocurrencies and demonstrate the potential of its trust and reputation system.
You can’t buy it directly for fiat on any exchange. You can choose the best BTC exchange for your region and buy BTC there, then trade it for MTH on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and limits and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is as good or even better than Coinbase. Coinmama is also legit exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is secure place to buy crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet
or KeepKey
, those are the safest options. You can read our article on how to use Ledger Nano S wallet and where to buy it or check out other top physical crypto wallets here. You can also create a paper wallet – learn here more about crypto wallets.
