A combination of PayPal and Trustpilot, run on the Ethereum blockchain will commence on the August 22nd. Ethereum blockchain based mobile payment processing company Monetha, is powered by smart contracts with a decentralized trust and reputation system.
Monetha’s decentralized trust and reputation system (DTRS) uses smart contracts integrating flawlessly with the payment processor. It is designed to build trust between buyers and sellers by recording vital information like product warranty and more regarding the transactions on the blockchain.
An builtin algorithm analyzes the reputation of the users and assigns trust rating to each party. The trust rating is constantly adjusted based on the reviews, records on claims and disputes and more. By doing so, it solves the trust problem associated with transactions, especially when it comes to online purchases on domestic and international sites. It solves the lifelong trust problem between the parties, helping them avoid pitfalls like scams, charge-backs, and faulty goods, etc. Apart from e-commerce, Monetha’s decentralized trust and reputation system is also compatible with retail applications.
Users can purchase products from all over the world in any Ethereum-based cryptocurrency and Monetha will automatically convert their chosen cryptocurrency back into a fiat currency of their choice. The platform generates a QR code that can be scanned by cryptowallets for making payments, and once the transaction is initiated, the merchant will receive the funds in typically under a minute, and they have to pay no more than 1.5% as commission.
Monetha’s unique service guarantees all parties safety through the Ethereum blockchain and the ability for both parties to give each other ratings, to help improve their reputation.
Despite the presence of a range of payment gateways and processing service providers, merchants continue to face a lot of issues due to multiple steps (up to 15 steps at times) involved in the process, starting from setting up to settlements.
Also, the transaction and services fees associated with traditional gateways are generally at the higher end. Merchants usually end up paying anywhere between 2% and 6% per transaction. Whereas, the Monetha service involves a single step and costs a fixed transaction fee of 1.5%.
Monetha also offers an added advantage in terms of processing time, which might vary with conventional payments solution providers. The waiting times for processing payments on standard gateways range from minutes to hours or even days. They also come with complex claim and chargeback procedures which could prove costly to the merchants. Meanwhile, payment processing on Ethereum blockchain is 10,000 times faster at 20% the price.
Currently, in phase two, Monetha has already put together a capable team, finished strategizing and gone through comprehensive prototyping. The phase three in the company’s timeline involves the launch of its token sale, starting August 22nd.