Blockchain’s structure is such that transactions have to pass through a number of checkpoints before they are actually approved. In fact, in some set-ups, it has to pass through all the nodes that are present in that network. This poses a problem to the globalization of blockchain as it hinders the work rate, practicality, and efficiency of blockchain. Bitcoin has faced this challenge, Ethereum has faced it and other protocols may face it as well. Most platforms are now working on improving consensus mechanisms to improve the overall performance of blockchain; however, more innovation is required to take blockchain to the heights that it seeks to reach. Monet comes in boldly with a proposed platform that could see the efficiency of blockchain sky rocket.

Monet is also addressing a paradoxical issue in the way most blockchain protocols are set-up. Now, blockchain is a technology that champions decentralization where peer to peer communication reigns. It focuses on removing intermediaries who are the cause of unreasonable prices of some commodities. However, in these blockchain set-ups, one finds that some of the services rendered are offered by third-parties or intermediaries. Servers are still in use in some protocols which beats the logic of using blockchain in the first place. It also puts the entire network at risk as this can be the gateway for cyber attackers or hackers to have their way.

Monet, therefore, proposes a platform that is free from servers or any centralization. This platform will also feature a mobile ad-hoc blockchain set-up that will increase the security and safety of DApp’s based on Monet while also increasing the performance of the platform itself way beyond what is currently being offered by other blockchains. Its applications are also numerous as well serving in most capacities other protocols can.

The Proposed Blockchain

Efficiency and time consciousness are emphasized in today’s ultra-fast paced world. There is always a need to save on extra costs or reduce the time taken to complete tasks. Economic times are getting tougher and any little saving on time or costs can go a really long way through a ripple effect around the world. Blockchain has the potential to change world structures as we know them but there are so many hindrances that are preventing its world domination. There are some challenges that are within the grasp of developers. This is where Monet wants to show innovation by making blockchain as technically efficient as possible to meet the daily demands of its potential users.

Mobile ad-hoc blockchains may be the future of blockchains. How is this so? Well, think of it in this way; current platforms are slow as a result of the traffic that they are experiencing from heavy usage of the apps they are hosting. If these DApp’s were to be used by more people, then the use of blockchain would be rendered inefficient due to the extremely slow services that will be experienced. This is why better consensus mechanisms are being proposed. Now, Monet’s proposal is even better. Instead of having everyone in one platform, Monet allows devices to form their own ad-hoc blockchains depending on the services they want when they want them.

Monet’s proposed platform would virtually eliminate all current elements that cause a lag in blockchain services. When you think about the problem of scalability, it becomes irrelevant in Monet’s case as its platform sort of removes the need to have a scalable platform. By having users form their own ad-hoc blockchains, the need to have extraordinary scalability is removed as the likelihood to have hundreds of thousands of users in one ad-hoc blockchain is low. However, Monet’s platform will still be equipped with the latest technical features that will allow it to scale appropriately when need be.

As aforementioned, there will be no reliance on any third-party for the services offered via Monet. Once developers have integrated their DApp’s with Monet, they will run according to the set guidelines. However, users will have more freedom in controlling certain aspects of these apps such as who can join their ad-hoc blockchain and other aspects that would essentially make these ad-hoc blockchains permissioned blockchains.

The Limiting Factor?

Monet’s mobile ad-hoc blockchains are a good iteration of blockchain services. They are innovative and forward thinking providing solutions to problems that would have arisen in future. What may be the limiting factor to the services provided by Monet is the type of technology they use to execute their ad-hoc blockchains. Wireless technology will be needed for the execution of Monet. This includes technologies such as Bluetooth, Wi-Fi-Direct, and LTE-Direct. Other technologies such as radio waves are being considered but there are a number of factors in play that may hinder their quick adoption. Hopefully, in the near future, these technologies can be used.

Considering the available options such as Wi-Fi and Bluetooth, there is a limit to the number of devices they can support and the range they cover; most Bluetooth devices cover up to a radius of 10 meters which means that all the devices participating in that ad-hoc blockchain would have to be within 10 meters of each other. The number of devices that can also be supported by Bluetooth will limit the type of services that Monet users may want. Up to seven devices can be connected at a time according to various sources including Apple and Avantree. Wi-Fi-Direct may be a better option for wireless connectivity of Monet devices. Its range covers up to a radius of 200 meters.

Monet’s true challenge comes in the form of the technology it needs to execute its service. There is, however, hope in increasing innovation in wireless technology.

Potential Use Cases of Ad-Hoc Blockchains

Keeping the limitations of wireless technology in mind, the applications that may arise from Monet may be constrained at this time but they are likely to increase as wireless technology gets even better. This does not mean that their use cases are dull in anyway, in fact, if anything, they are likely to attract more people to the blockchain platform. There are a lot of applications that can be used within 500 meters by less than 1000 people. Think of taxi-services for example, this can work out within a 500-meter radius perfectly.

Within a given area, say a mall or a gated-community, taxi service providers and passengers can form ad-hoc blockchains based on a taxi-hailing DApp. All they would need to do is be within 500 meters of each other and they can easily conduct their transaction. This may sound common and similar to all other taxi-hailing services; however, the added advantage in this is the safety that comes with it and the lower prices that are likely to result from it. With Monet, there is no reliance on third-parties meaning that there are fewer services to be paid for. Monet also removes the need for servers hence reduced operational costs. This ripple effect will be felt by consumers as they will end up paying less due to these reduced operational costs.

The security that comes from using Monet is also a great advantage. With the ad-hoc blockchains, users can determine the criteria through which one enters the ad-hoc blockchain network. Users can even decide on knowing every participant individually to increase the security status of their ad-hoc network. This type of close-knit ad hoc blockchain community may prevent fraudsters from taking advantage of members within ad-hoc blockchains. This may also lead to an improvement in the quality of services and goods. Since every person in the blockchain may know each other, they may strive to deliver the best services and products. Furthermore, in case goods and services are substandard, ad hoc blockchains can easily be dissolved as they are temporary agreements.

Monet can also be applied in trade. This can be done in an enclosed setting or just an open network of people within close proximity of each other. A number of complexes in developing countries are being built.

▶️They constitute malls, apartments, and recreational centers within a 500-meter radius which can be served by LTE-Direct.

▶️Users of the Monet app will find it convenient to do activities such as shopping from the comfort of their homes.

▶️These complexes could adopt DApp’s integrated with Monet to offer various services.

▶️Ad-hoc blockchains could then be formed based on the type of services and products the market demands. A grocery store could have its own ad-hoc blockchain where users can quickly order and pay for groceries.

▶️These can then be delivered swiftly due to the close proximity of the area. Efficiency, especially on time, is highly increased using Monet.

▶️Moreover, the security that is offered by Monet can guarantee Monet users that their billing data is safe as it is stored in an encrypted format in their own mobile devices.

Beyond shopping and taxi-hailing, Monet can be applied in gambling, innovatively in the education sector and in government. Its application relies on the innovation of developers. Luckily, the world is not short of talent and new ideas. More use cases are likely to come up as the technology picks up around the world.

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Blockchain has been through highs and lows ever since the crypto rally back during the tail end of 2017. Many DApp’s resulted from the rise that Bitcoin exhibited; most wanted to make quick gains out of the rising value of cryptocurrency. However, the success of blockchain requires patience. Platforms such as Monet are showing just why patience is needed in this field. Innovations that have resulted from patiently crafting a way through which more people can interact with blockchain at a lower level may make Monet a household platform for the future. Its applications are also numerous and are set to rise as more developers come up with new ways of exploiting Monet.

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♂️ Hi, my name’s Sal.
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