June 19, 2017 Miscellaneous

Welcome to a commerce that is trusted globally

Hello, my name is Monetha,

I’m neither a man nor a woman, I can’t call myself a human, but I’m good friends with a lot of people and a lot things: e-commerce merchants, retail merchants, PoS terminals, E-commerce stores…


Hello, my name is Monetha,

I’m neither a man nor a woman, I can’t call myself a human, but I’m good friends with a lot of people and a lot things: e-commerce merchants, retail merchants, PoS terminals, E-commerce stores, people who want to pay with ethereum based cryptocurrencies and others. But to be honest, one of my best friends is the Ethereum blockchain. We’ve been hanging out only for the last 6 months, but we clicked instantly. There are so many interests that we have in common: getting rid of unnecessary intermediaries in payments, helping merchants to receive payments cheaply plus do it fast and many more. But the topic we can talk about for hours and hours is decentralisation of commerce. To be more specific — the decentralisation of trust and reputation systems, which would open up all the borders and make trusted commerce global.

One time I remember us talking and trying to figure out, why in the year 2017 should there be a trust problem between a buyer and a merchant?

It is no secret that the trust and reputation systems facilitate commerce only in closed marketplaces which are controlled by a central authority. In order to have the trust, you have to join one of a few closed marketplaces like Amazon, Ebay, Alibaba, etc. and pay a 20% commission from sales and in return you have no ability to transfer your reputation from one platform to another. Not a great deal if you ask me.

Another issue that we tried to untangle is: why merchants should process their payments through more intermediaries than needed? Why should they pay so much? Why should they wait for so long?

A lot of my friends (merchants) were angry, that there are up to 16 steps to accept and settle each transaction. They are frustrated that traditional payments processing takes 15 different types of fees including transaction fees from 2% to 6%, frustrated that if something wrong happens, there will be a chargeback fee of USD 20.

They didn’t even want to get started talking about long transaction times ranging from 2 days to several weeks to receive their money.

When we heard these atrocious stories of status quo commerce, The Ethereum Blockchain and I decided to align our powers and make commerce trusted, cheap and fast.

After 6 months of development of our relationship we came up with a perfect solution for the problems that we used to discuss: Decentralised trust and reputation system (DTRS) that works flawlessly with payment processing and lets the buyer participate in trusted commerce, for example see the reviews made by previous clients.

Every time the transaction is made through me, my pal blockchain will save all other information that is typically needed to ensure the trust in different countries (for example warranty). Based on that information clients and merchants will be able to file/solve a claim, rate each other, etc. Most importantly smart contracts will automatically decrease or increase the trust rate based on parties actions.

This is revolutionary. Based on the information saved during the transaction, clients and merchants will be able to file/solve a claim, rate each other, etc. History is then reflected on immutable Ethereum blockchain for others to make better decisions in commerce. From now on, the only way for merchants to increase their reputation is to provide products or services as advertised and in good quality.

I also heard many complaints from merchants of not being able to reach a huge potential market of Ethereum based crypto currency holders and a lot of irritation from Ethereum based crypto currency holders of not being able to pay the merchants. This match making was a no-brainer, so I decided to take all these matters into my own hands and with the help of the Ethereum blockchain finally solve this lifelong problem.

I want you to join me and my friends’ mission of making commerce trusted, cheap and fast.

Come visit my home at www.monetha.io to find out more about how I look, what I do, how I do it and how you can participate.

Best regards,

Monetha

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