Source: Monet Network, (2018)

Introduction

Hey Guys/Gals, Today I am going to be covering a little Gem project I have just discovered. I have said it time and time again, it is getting harder and harder to find worthwhile projects to write about these days. So, I was glad when I stumbled across “Monet Network”. As many of my followers already know I seem to come across as a preacher when it comes to shilling blockchain technology. I am so excited about this new era of blockchain, that I just can’t help but share with you when I find exciting projects.

One of the largest problems we all face today is a lack of privacy and control over our own data. Monet Network, (2018) state on their website that this peer-peer (P2P) space is flawed in today’s world, because of centralisation. Why do we have to pay a middleman? Why can we not interact with each other on public networks and not forfeit our privacy and have control of our data? Blockchain is the only solution I know of to provide this. Furthermore, Monet Network see the flaw that is the inefficiency of current public blockchains today, they see mobile technology as the solution to this problem.

Saying this, this article is going to analyse the Monet Network whitepaper and describe to you why it is needed in the space. Please note this first part of the series is going to look at a general overview of Monet Network. Please check out part 2 once you finish this article to get a more in-depth knowledge of how the network works. I will try my best to describe the technicalities to you in an easy to read fashion. The second part can be found here:

https://steemit.com/cryptocurrency/@cryptoguru1/monet-network-part-2-an-in-depth-analysis-of-the-technical-aspects-of-this-amazing-project

Please note, I am not trying to shill anything here. Please remember, I am a writer who spends hours every day researching projects, this is one which has caught my attention and one which I will be investing in once it goes on sale. Also please note, the token sale is not announced yet so I believe we have a great chance to get involved in this project at a very early stage. As with all my articles, this does not constitute financial advice.

What is Monet Network

Source: Medium, (2018)

Monet Network in my mind is a change to the norm. They see the problems we face today with centralisation, we all experience this on a daily basis, be it through Facebook, Twitter etc…, all our data is controlled on 1 client-server infrastructure. Don’t get me wrong, this system works and actually works a lot better than most public blockchain projects trying to replicate it today. Blockchain is in its early stages and struggles to scale similarly to centralised servers.

This brings me to my second point about Monet Network, they see this flaw with public blockchains today. They are clunky and relatively unscalable. I have written about this numerous times, scalability is going to be the biggest issue blockchains face in order to prove themselves. I won’t get into details here, but simply, blockchains face this problem because they rely on “nodes” on huge networks to carry out transactions/commands, this can be very time-consuming. Blockchains do provide very secure and private ways of interacting with data, however, until better consensus algorithms/structures are created then this will be the flaw.

Monet Network, (2018) state in their whitepaper, that they will bring “mobile ad hoc blockchains” to this space. This would allow people to combine phone power to form “temporary networks”, this would ensure full delegation of nodes is not needed, which means quicker transactions as all nodes don’t need to verify. This is amazing in my opinion, as now we have a “network” which is only used as and when it is required. This all works on the “Babble consensus module” which is tailor-made for mobile technology and it operates on the Monet Hub public blockchain. I will discuss this in detail in part 2 of this series.

Problem they wish to solve

As mentioned in my introduction, the biggest of these problems is the centralised world we live in today. I write about this all of the time, and every time I state that it will be the projects who build platforms to move the masses to the decentralised world that will be the most successful. What I love about Monet Network is that they will do it in a way which fits in with our daily lives. They will take this problem of centralisation and poor performance on competitor public blockchains, and combine the power of decentralisation and mobile power.

People use mobiles today to do everything, the biggest problem is that most applications link back to 3rd party servers and our data is not secure and private. A lot of the time we also pay for this “service”, according to Monet Network, (2018). They add that most people using public blockchains, interact with them the same way they do with their centralised applications and leave the “work” to others.

Solution

Monet Network, (2018) state in their whitepaper that the solution is serverless mobile applications so people can interact with each other in a peer-peer fashion, without needing other people to participate (current blockchain consensus types). I tend to agree with this and see it as a real solution. They will achieve this via:

1. Distributed Consensus: This will be done via mobile technology, essentially reaching agreement amongst a set of users with no 3rd parties required.

2. Interoperability: This means providing usability across many platforms both online and offline. The general rule I follow with any platform is it needs to be able to work with a lot of things out there, so this gets my vote of confidence on this point.

3. Peer-discovery: This covers finding people to connect with based on location and activity. I believe this will be hard one to implement as I believe networking requirements will be an issue, Monet Network do somewhat provide an early solution within their whitepaper, which I will discuss more in part 2.

I personally believe that Monet Network has hit the nail on the head here. They have identified a real pain point in the world today, they have understood the current problems with blockchain technology today and the centralised world and have tailored their network in a way as to “kill 2 birds with the one stone”.

How Monet Network operates

Without going into too much detail on how it all works in this article, according to their whitepaper they are an “open network architecture”. What I love about this is that they will offer out Software development Kits (SDK) which will allow developers to utilise blockchain within their Apps. They will do this via their Babble consensus (spoke about in detail in part 2). The whole network is designed to operate between the people involved. So, for example, if 20 people are communicating at one time, these 20 people form the basis of the blockchain network, there are no others involved. This is what makes this project so damn exciting. Monet Network, (2018) state that these local ad-hoc networks only exist for the duration they are used for (but all data is retained).

What I find fascinating about this “ Babble consensus” is that it will allow users to “record an immutable and auditable record of a groups correspondence” (Monet Network, 2018), which gives the interoperability and accountability that blockchains are designed to give people. Furthermore, Babble is compatible with Inter-Blockchain Communication Protocols (IBC). Their cryptocurrency Tenom is the utility token which operates the platform (Discussed in detail in part 2).

This is fascinating in my mind because this kind of technology will be required if mass adoption is to ever take hold. People need to be able to verify on one chain and transact on another chain. We cannot live in a world where we have to operate on one blockchain. Blockchain needs to prove itself more and I think Monet Network have something special here to achieve that vision.

Roadmap

Source: (Bitstat.top, 2018)

As can be seen from the above image, this is an extremely good roadmap. I like that they have not set unrealistic milestones, and have spread the roadmap out to 2020. Great projects take time, this is certainly a very ambitious project. We can see that as we enter 2019 we should have a lot of the development of the physical infrastructure in place and the test net operating. I believe it will take time for Monet Hub to be developed, which I feel is one of the most ambitious parts of this project. The team are quite active on medium and have a great article discussing their technical roadmap which can be found via the further reading section below. Check out part 2 of this series to learn about these elements in detail.

Token sale information

The details of this token sale are yet to be announced at the time of writing this article, I will keep you guys posted on sale dates and token metrics once the team posts them. Below are some details about the token they will put on sale.:

• Token ticker: Tenom
• Token use: Utility token
• Consensus: Proof of stake

Conclusion

This introductory article to Monet Network is to provide you, the reader, with a general understanding of this project. As my audience comprises of a mixture of “general readers” and “technical readers” I have chosen to split this series into 2 and talk more in-depth about the technicalities of Monet network in part 2, which can be found here:

https://steemit.com/cryptocurrency/@cryptoguru1/monet-network-part-2-an-in-depth-analysis-of-the-technical-aspects-of-this-amazing-project

This is a fascinating project, I truly believe it will draw the masses to blockchain and allow a platform for developers to create the next generation of applications, which will run in a decentralised fashion. This is the way the world is going guys, it will be the projects like Monet Network leading the charge. I would advise those of you who are excited about this project to continue reading into the second article. It is vital that you come to understand how the world of blockchain technology works, you can only do this by reading technical reports and articles. I promise you will pick it up verily easily. I tend to structure my technical articles in a way that they are easy to comprehend.

I will also keep you all posted on the token sale information when it is announced. Also check out their “Bounty Programme”, they have a great one ongoing at present, covering areas like content creation (people like me), coding + development (more technical minded people) and a general community campaign, this can all be found on their Medium page (Linked below). This will be a Gem project in my opinion and one which should not be over looked. I urge you all to check it out for yourselves.

Final word

Lastly guys, I just want to stipulate to you that you should not take any of this as investment advice. I am not a financial advisor and urge you all to do your own research when considering any investment, this space can be very unforgiving and is very speculative in nature. Never follow somebody blindly; my job is to showcase projects I see with real potential that is all. Please move onto the second part of this series if you wish to learn more about the technical aspects of this project. I thank you all for your support and ask for you to share my work. I would be more than happy to discuss any questions you may have in the comments section.

Further reading

• Monet Network Website: https://monet.network/about.html
• Monet Network Whitepaper: https://drive.google.com/file/d/1PcI69i_oJpWdsIsOciLliYEsFv9hHCVr/view
• Monet Network Facebook: https://www.facebook.com/MonetNetwork
• Monet Network Twitter: https://twitter.com/MonetNetwork
• Monet Network YouTube: https://www.youtube.com/channel/UC91GwW00hAJx9tUHTWCKTvg
• Monet Network Reddit: https://www.reddit.com/r/Monet_Network/
• Monet Network Medium: https://medium.com/@monet.network
• Monet Network Bitcointalk (Bounty): https://medium.com/monet-network/announcing-monet-bounty-campaign-2de1663080ee
• Mosaic Networks GitHub: https://github.com/mosaicnetworks

References

• Arrivets, M. (2018). Monet: Mobile Ad Hoc Blockchains. [online] Google Docs. Available at: https://drive.google.com/file/d/1PcI69i_oJpWdsIsOciLliYEsFv9hHCVr/view [Accessed 21 Sep. 2018].
• Bitstat.top. (2018). Краткий обзор ICO проекта Monet Network (TENOM). [online] Available at: http://bitstat.top/blog.php?id_n=4012 [Accessed 23 Sep. 2018].
• Coin Crunch. (2018). MONET ICO review: Mobile Ad Hoc Blockchains - Coin Crunch. [online] Available at: https://coincrunch.io/monet-ico-review/ [Accessed 23 Sep. 2018].
• ICO Drops. (2018). Monet () - All information about Monet ICO (Token Sale) - ICO Drops. [online] Available at: https://icodrops.com/monet/ [Accessed 23 Sep. 2018].
• Medium. (2018). Monet.Network – Medium. [online] Available at: https://medium.com/monet-network [Accessed 24 Sep. 2018].
• Medium. (2018). The MONET. Network Review – Mikhail Kosov – Medium. [online] Available at: https://medium.com/@mail.kosov/the-monet-network-review-2fdaf8a4afe0 [Accessed 23 Sep. 2018].
• Monet Network. (2018). Open source network architecture for mobile blockchains on demand. It enables to launch temporary blockchains on their mobile devices and to run decentralized, serverless DApps at a high speed. [online] Available at: https://monet.network/about.html [Accessed 21 Sep. 2018].