August 18, 2017 Development

My development team

As with any successful Ethereum based project, there’s no doubt that the development team is the core driving force. Without them, I simply wouldn’t be here, so allow me to introduce them:

  • Andrej Ruckij — One of the three co-founders, mastermind architect of Monetha’s technology, responsible for ensuring undisrupted workflow within the development team.
  • Viaceslavas Ruckis — Engineering lead, speaks both Business and Programming languages, in control of managing specific projects.
  • Alex Bazhanau — Lead Ethereum blockchain developer, winner of “Great Minds” international contest of IBM corporation. One of the most promising engineers in the region.
  • Martynas Adomaitis — Smart Contract developer, is here to amplify the quality of Smart Contracts.
  • Andrej Davidovic — Software engineer that helps with most of the MVP development tasks.
  • Erikas Malisauskas — Product design/Front end developer, takes care of my UX and UI.

I’d like to speak about their current work, which is divided into several parts:


In order to show my capabilities to potential investors, MVP is one of the main objectives for the development team before the ICO. This is because most of the community wants to see a functional prototype before investing, and raising money will allow me to move from MVP product that we have now, to a scalable and global solution for small and large merchants.

This MVP development includes the payment processing side (“Buy now” button for custom built e-commerce sites), as well as the integration with e-commerce platforms (WooCommerce & Magento). This is where the trio (Andrej R.Andrej D. and Viaceslavas R.) shines — they complement each other with the set of skills they have, which certainly showcases what could be done with the self-funding of Monetha so far.

As of now, my MVP has a very basic decentralised trust and reputation system that includes a trust rate that is being updated with every purchase by a “+1”.

Monetha’s Smart Contract stores and updates this information for every transaction: merchant address and his latest trust rate; Buyer address and his latest trust rate; Order ID; Product delivery and warranty.

You can see all my development milestones here.

If you’d like to know more about the MVP, you can read it here.

Trust and Reputation smart contract 

As you may know, Decentralised Trust and Reputation System (DTRS) is my unique value. That is the reason why my smart contract must be carefully crafted from the development side. Building a smart contract is a complex process that requires a considerable amount of resources. This is where Jean-Marc Seigneur’scompetence comes to help our development operations, with his strategic experience. He helps the rest of the team to build an effective and functioning smart contract model.

Andrej D.Alex and Martynas work along Jean-Marc to turn the model into a reality with a practical design and architecture. As a result, they have established a smart contract which is already working in the MVP. This smart contract stores and updates the following information for every transaction: merchant address and his latest trust rate; buyer address and his latest trust rate; order ID; product delivery and warranty.

One of the problems this model solves, is called the “empty zone” — a space between very low ratings and very high ratings. The smart contract facilitates a rating from every commerce action, thus no transaction is left unrated (for example, ~50% of Ebay’s ratings are left unfilled).

Other than that, this DTRS smart contract is capable of much more: Every time a transaction is made, claim registered, solved or unsolved (according to the purchase details saved during the purchase), review written, etc., the smart contract will automatically change the trust level for each of the parties involved accordingly.

Token Sale

It goes without saying that my token sale requires an effective marketing strategy, which is done with the help of James’s company. The not-so-known side of the development might be the smart contracts of our ICO. That is done by Martynas, Alex, Andrej R. and several other 3-rd party smart contract developers (for example “JAM Data”). It is important to note that we are prioritizing our resources to have safe and rapid token distribution — with this, any investor will receive their MTH tokens instantly after the ICO.

This token sale smart contract will ensure the following:

1st price batch until the soft cap is reached: 
1 ETH = 2400 MTH
2nd price batch after the soft cap is reached: 
1 ETH = 2000 MTH
Minimal goal: 
EUR 700k (fixed on 2800 ETH)
Soft Cap: 
EUR 7m (fixed on 28,000 ETH)
Hard Cap: 
95 000ETH
120h if soft cap is reached
Maximum number of tokens generated if the hard cap is reached: 
% of tokens generated to Monetha company for an additional funding round
15%. Automatically locked for 12 months by smart contract
% of tokens generated to Monetha team
10%. Automatically locked for 12 months by smart contract
% of tokens generated for loyalty program 
% of tokens generated to bounty campaign, advisors, partners, ICO campaign costs 
% of tokens generated to Crowdsale participants: 
Date of crowdsale start: 
August 31, 2017, 2PM GMT
Date of crowdsale ends: 
- 31 days or until hard cap is reached 
- Soft cap is reached and the countdown of 120 hours ends.
Additional time if soft cap is reached:

If you have any other questions, you can always join our Slack, or you can subscribe to our newsletter.

Until next time,