January 16, 2019 Development

Introducing Monetha’s Decentralized Reputation Framework

We introduce Monetha’s Decentralized Reputation Framework – a transparent means to manage the reputation of a person or entity. It aims to make any interaction between parties more trustworthy and likely to succeed by giving users control of their reputation capital.

Background

Reputation systems of today are generally impersonal and vendor-locked. They mainly provide an average score, failing to regard personal expectations. In many cases, reputation is not linked to direct action, making it possible to game the system, for instance by buying fake reviews to promote a business or damage competitors. In addition, all the effort of building up reputation goes to waste after switching to a different service. As a result, people are not able to utilize their reputation capital to its full potential.

We are aiming to improve the situation. Therefore, we have built a decentralized reputation framework. With its help, we seek to address the above-mentioned issues and unlock more possibilities by turning digital reputation into an asset people can rely on.

How it works

Monetha’s Decentralized Reputation Framework leverages blockchain technology to enable users to utilize their reputation capital. It ensures secure storage, control and access management of contextually relevant information. In other words, the framework allows you to choose when to use your reputation capital, with whom, and for what purpose. It could be to access certain services, such as loan or rent; prove the credibility of previous deals; or simply monetize the reputation by unlocking access to various benefits.

A reputation passport can be created for a person, company, car, house or other objects to store information from multiple sources like social networks, registries, behavioral insights or predictions. The catch is that users choose when to show the passports, how and for whom, but they cannot control what goes into them, as it depends on your interaction with another party. So it is not only data storage, but there is an ability to apply context related logic to control actions. This ensures truthful information and helps prevent abuse.

The use of blockchain provides additional benefits. There is no centralized server to handle data, meaning that users can easily move it between different platforms. Distributed storage is much harder to take down, which makes information resistant to censorship. And because the blockchain is immutable, its records cannot be changed, so this leaves the only one way to improve your reputation – by acting and putting in your personal effort.

Monetha’s Decentralized Reputation Framework consists of two parts. They can be used separately, but the best results are achieved by letting them work together:

  1. Reputation layer, which enables users to evaluate the trustworthiness of one another by securely accessing context-relevant information: https://github.com/monetha/reputation-layer;
  2. Payments layer, which includes escrow functionality and a built-in loyalty mechanism: https://github.com/monetha/payment-layer;

The framework is open source, upgradable and community-driven. We’ve tried our best to make it user and developer friendly. Check out our Github for more information and the source code. And if you are finding it hard to imagine how it can be applied, here are some examples to give you an idea.

Use cases

Monetha’s Decentralized Reputation Framework powers all of our products. Below are a few of the many possible use cases.

Reputation Wallet

Your online reputation identity. It enables granular and censorship-resistant control of the user’s reputation. Additional features include: peer-to-peer deal formalization, a crypto wallet and loyalty paybacks.

Mobile app:

Payment Gateway

A means to accept ETH and ERC20 based cryptocurrencies that supports currency conversion, automated payments and allows merchants to build a portable online reputation.

ICO Analyzer

A tool to help people verify how much money a crowdsale has raised. It demonstrates how completely different decentralized application can be built using our framework.

Website: https://icoanalyzer.monetha.io/

Source code: https://github.com/monetha/ico-analyzer-web-app

Collaboration

Thank you for your attention! However, attention is wasted if there’s no action upon it. We’re constantly looking for comrades (engineers, cryptographers, business and product people) for our mission.

We want to encourage you to visit our Github, use the framework, and contribute to it. We’d love for you to take it one step further, so if you have a collaboration in mind, shoot us an email at [email protected]. And if you have any questions, we will be happy to answer them.

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