Monet has the vision to move the peer to peer economy from centralized marketplaces such as Uber and AirBnB to a decentralized blockchain platform. Monet represents an open network architecture that can be used for mobile on demand blockchains. A group of mobile device owners can coordinate themselves through Monet and exchange services without the need of a centralized intermediary.
How advanced is the project?
The team does not present detailed information of what was achieved so far. In a blog post about the progress the team announced that an MVP should be ready for June 2018. On Github no contributions for Babble occurred between May 31 and July 19, the time of this writing. At the time of this writing no functional MVP was announced. The white paper provides less details in relation to comparable ICO projects.
What are the tokens used for and how can the token value appreciate?
TENOM is the name of the native token in the Monet ecosystem. Ad hoc blockchains and Monet Hub users are paying TENOM tokens to the Validators. On the other hand Validators are required to stake TENOM tokens for the right to secure the Monet Hub. Delegators may support Validators and stake tokens for them and in return receive some of the Validator’s reward. As usage of the Monet platform increases so will the market capitalization of the TENOM token.
Team & Advisors
The Monet core team consists of three members. On top Monet counts with four advisors.
Martin Arrivets is the CEO and co-founder of Mosaic Networks. He counts with five years of experience in software development and holds a Master Degree in Mathematics from the University of Chicago.
Giacomo Puri Purini is the CFO and co-founder of Mosaic Networks. He holds a Master Degree in Mathematics from Columbia University.
Kevin Jones is a software developer at Mosaic Networks with eight years of previous experience in software development.
Among the advisors of Monet are Mark Stuart Day, a researcher and blockchain author with several patents, Mauro Martini, a professor in Boston, Ronan Lynch, an early blockchain pioneer, and Abdi Hersi, who has a background in asset management and private equity.
The Monet Network counts with a master blockchain called MONET hub. The hub is a smart contract platform and uses a Proof of Stake consensus mechanism. It provides infrastructure services for applications on the network. Nodes run an instance of the Ethereum Virtual Machine. Monet is providing an open source software development kit (SDK) which allows external developers to add blockchain consensus to their applications.
Monet enables peer to peer ad hoc networks. Such mobile ad hoc networks are formed by small, local groups involved in a common activity. They may stop to exist once the activity is accomplished. Services can be exchanged among peers such as ride sharing, hosting or gaming.
Monet uses the Babble software, which is a modular, open-source, Byzantine fault tolerant blockchain developed by Mosaic Networks. The founding team of Babble and Monet is identical.
Strength and Opportunities
Just as for any blockchain solution, Monet will provide better privacy and data protection to users compared to centralized architectures. Another advantage is that Monet will charge users less for exchanging services compared to centralized platforms such as Uber or AirBnB.
Blockchain technology if implemented right represents a better and more cost efficient tool to solve the needs of a marketplace compared to centralized marketplaces. If the setup presented by Monet will work out as planned the TENOM token could represent a very powerful mechanism to align economic interests of different actors in a local marketplace.
Weaknesses and Threats
Since Monet Network is using an equivalent of the Ethereum Virtual Machine the question remains how much proprietary software Monet will contribute to its project. It is unclear which milestones Monet has achieved so far apart from the release of the modular Babble blockchain. The roadmap is vague and no private investors have been released so far.
Monet Network is not the only attempt to serve marketplaces with blockchain technology. Other solutions, such as Origin, which is build on Ethereum, are focussed on the same market niche, and count with more developers and external funding.
Babble and Monet represents an interesting concept, especially with the focus on mobile on demand marketplaces. However, the development of the project and the formation of the team may not yet be in such an advanced stadium that make a successful implementation and a subsequent thriving market launch very likely. Investors into the platform need to monitor the development of the platform closely. Securing of additional funds by a venture capital firm that performs an extensive due diligence would be another positive indicator.
Our Rating: B
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.