September 10, 2019 Knowledge Center

The Monetha Platform: What it is and what you can do with it

The aim of this article is to explain what the Monetha Platform is and how it can be used, in a simple and straightforward manner. We will skip the convoluted backstories—let’s leave those for food recipes—and cut straight to the chase. 

So, what is it? Simply put, the Monetha Platform is a toolkit for blockchain development. It represents three years of condensed effort, made so that others could build upon our work, saving time and resources. 

Is it a blockchain? No. Instead, the platform lets you create things on various blockchains to make use of their desirable characteristics, such as immutability, traceability, and transparency. It also brings several additional features to the table. 

Such as? For one, scoring. Unlike traditional scoring systems, which derive an average of all evaluations, we use a Subjective Logic algorithm to compute individualized ratings. They better represent how we approach reputation relations in the real world. Our platform also allows to securely exchange sensitive information on a public ledger, such as Ethereum, preserving it from prying eyes. Then there is an incentivization mechanism in the form of digital payments. 

How does it work? The platform includes multiple smart contracts comprising a verifiable data exchange protocol, along with several proprietary components (such as the scoring algorithm and escrow payment processor). Think of them as building blocks that can be used to greatly simplify the development of end products. Many of the contracts are made to be upgradable without breaking the overall structure. 

What can I do with it? Plenty. The platform leverages all and further amplifies some of the benefits of blockchain. Thus, it is best used in scenarios where you need to efficiently exchange data among multiple parties, while ensuring traceability, immutability, and a single source of truth. A good candidate for that would be supply chains, where billions of dollars are lost annually to counterfeiting and other inefficiencies that blockchain has the power to solve. Blockchain also works well with secure storage and management of public or private information; for instance, you can use it to create self-sovereign digital identities for entities or things. These are but a few of the use cases. 

Why should I choose the Monetha Platform? It lets you quickly start working with blockchain, saving significant time and effort. We’ve done all the groundwork and prepared accessible SDKs to let you jump straight into building. For reference, it took our front-end developer a mere four days of work to create an award-winning PoC for UNICEF’s challenge. Not too shabby. Or you might be interested in the additional functionality the platform has to offer, such as the scoring layer—that’s also a good reason. Finally, we know both the platform and blockchain technology inside out, and we’re always ready to help you with our expertise. 

This brings us to the end of our quick overview. You can learn more about the platform by visiting our webpage—or GitHub repository if you’re technically inclined. 

If you’d like to explore collaboration opportunities with us or simply ask a question, we’d love to hear from you. Feel free to shoot us an email at [email protected]

Thank you for reading!