This article was first published on Stories by Monetha on Medium
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 two 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 ...
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Stories by Monetha on Medium