The total amount of money that exists in the world, according to Marketplace, is about US$ 80 trillion. If this was to be divided equally to the world’s population, each person would receive approximately US$ 11,000. Most of this money is however controlled by centralized bodies. Decentralization is trying to achieve redistribution of wealth that is generated by centralized platforms to individuals that make up these platforms. Monet has come up with an innovative proposal that will revolutionize application development and the application space such that the revenue generated from these applications will be distributed among the creators and the users of these apps.

Concentrated Wealth

Some of the world’s most valuable companies happen to be tech companies especially those that focus on app development. Think of platforms such as Facebook which has grown to be arguably the world’s most important social networking app; starting from humble beginnings it was able to grow its value into the regions of billions of US dollars. This was mostly made from advertising revenue. Facebook leveraged the numbers they commanded to attract advertisers offering flexible payment plans that were suitable even for individuals.

It can be argued that their success was as a result of their active users. What they receive from Facebook in return is a free platform while Facebook mints billions each year. Luckily, blockchain has shown that individuals are being short-changed by centralized platforms and should actually get more than the services they receive. Moreover, users in such centralized platforms are also exposed to security threats and privacy infringements as was observed during the United States presidential election in 2016 and in the Kenyan general elections the following year. Cambridge Analytica was able to use data obtained from Facebook to influence voting patterns in these countries. This was detailed in a report by Channel 4 news.

Facebook is not the only company amassing wealth through leveraging their users; it has become a common practice as platforms build their user-base then leverages them for advertising revenue. The main losers here are the users of these platforms as their data is sold to the highest bidder and their insecurities leveraged by companies to get them to buy their products. The end result is wealth being maintained by these centralized bodies.

Existing Decentralized Platforms Issues

Blockchain and the decentralization agenda was supposed to rid the world of intermediaries that profit from creators and consumers of products and services. It was also supposed to help redistribute wealth by ensuring that each person receives their respective dues based on the contribution that individuals make in these decentralized platforms. A number of decentralized applications resulted from the prospects they had with blockchain technology but very few have actualized what they promised.

Part of the reason why decentralized platforms have failed to deliver on their promises can be attributed to the inefficiencies of current blockchain structures. Apps end up being slow such that simple processes cannot be executed as in centralized apps. This has really slowed down the migration from centralized to decentralized platforms.

Most blockchain setups are designed such that each transaction request passes through all the nodes present in that particular blockchain. An increase in a number of nodes will definitely result in more delays within these networks. The growth of decentralized apps is therefore limited by such shortcomings.

Furthermore, even in decentralized applications, there is a form of centralization that still takes place. Factors such as securing the platform are solely left to the creators of the platform. Monet proposes changing this system to a set up with is aimed at serving the end application user efficiently and securely.

Mobile Ad-Hoc Blockchain

To try and solve the issue of scalability and efficiency, Monet proposes an ad-hoc blockchain network. This is informed by the fact that an increasing number of services are based on the proximity of users. A group of users of a specific application with a common interest can create their mini-network where they can provide and consume services and products within their created networks. These networks can be based on LTE or Bluetooth or even Wi-Fi which shows the need for proximity using Monet’s method.

This proposal is very timely. If you think about taxi hailing services such as Uber or tourism apps, they all require some proximity to the services requested. Taking the example of Uber, an innovator can come up with a simple decentralized application that connects users within a certain proximity who offer and require taxi services. The connections formed are based on the developer’s specification and not on Monet’s platform. It is therefore up to the developer to come up with a simple yet effective method of discovery for users of their platform.

Monet’s approach makes it possible for apps to have higher performance, better security and better compensation for services rendered. Better performance comes from the fact that the apps are running in a smaller blockchain with fewer members. The consensus algorithm used does not require all requests to be approved by all the participants hence transactions can be processed at a much faster rate. Fewer participants also mean that there is less workload for the chain. These ad-hoc networks are only kept running for the period of time users require them to be active. Once users achieve their set objectives, they can close the chain.

In terms of security, it can be argued that ad-hoc networks are prone to more security threats which are actually true. Anyone hacking one of the ad-hoc networks would easily get access to the data within that network. To prevent such incidences from happening in the Monet set up, Monet will set up a rigorous criterion for users who would want to use their platform. This will be done by setting up a global Monet registry which determines who gets access to the platform. Monet uses what it calls Join requests to determine who gets access to their platform. Security is further beefed by incentivizing validators in the Monet network to behave ethically. Proof of Stake mechanism is combined with Babble to ensure that validators act accordingly.

In terms of compensation for services delivered, users of Monet may find its platform more rewarding. With smaller groups, it is easier to get better pricing for services offered than in extensive platforms as it removes extensive competition within the ad-hoc network. It also helps group like-minded individuals, for example, those that sell art may link up with art lovers within their proximity. Sellers may get better value for their products as their buyers would understand the reason behind each pricing. This can be done for both products and services.

Being ad-hoc networks, one may think that once they are dismantled, all data is lost. However, that is not the case. All transaction records are kept and any problem that may arise can be traced as all records are immutable and auditable.

Advantages over Server-Backed Networks

Users of Monet will not require any server-backed services as Monet will utilize the storage space in the mobile devices of their users. By eliminating the need for server backed networks, the overall operating costs for various application will subside which will also translate to lower charges and fees for the final consumer of the services being offered.

➡️For app developers, this may translate to more subscribers.

➡️Current setups may require apps to use storage servers to store their app data and also as back up.

➡️The storage of data is usually done in a centralized format.

➡️It becomes illogical to create a robust platform with superior security only for it to be undone by poor data storage choices.

➡️Centralization exposes stored data to hackers who find it more rewarding hitting a large concentration of data compared to individual devices.

➡️This is where Monet outplays the current blockchain setups.

The ad-hoc blockchains created to store data within the participating devices. This data is still as auditable and as immutable as data stored on servers. The decentralized nature of data storage discourages hackers from even trying to get on board the ad-hoc networks as they risk finding the information they may not necessarily profit from.

Modular Blockchain

Arguably the best feature about Monet is the fact that it can easily be integrated with existing applications and those in development. The team supporting Monet, the Mosaic Network, may be behind the modular approach as they are experts in creating modular blockchain software. Monet is also open source, another added advantage to developers.

Monet’s modular approach is in line with their growth plan as they can easily be integrated with both existing and developing applications. Developers who may want to experience the advantages of this network can easily do so as integration to Monet can be done easily. Furthermore, Monet also has an inter-blockchain communication feature that allows it to exchange data with other blockchains. Communication with other blockchains may be important even in moving from one blockchain to the Monet platform. It also opens up collaborations between applications running Monet with those running other blockchains.

Suitable for All Applications

Uber and Facebook were just two examples where Monet could perform its revolutionary actions. Other classes of applications can also be revolutionized as well. In social media, stronger social bonds can be created by people living within a certain radius of each other. Strong localized communities are likely to result from the use of Monet. The same can be said for gaming. Gamers within a certain area can link up to enjoy multiplayer games over the ad-hoc networks created or they can play against each other through the same networks. Since data is immutable in Monet, records of wins and losses can be kept to keep the games more exciting for participants. Restaurants can also create decentralized applications to attract those within their vicinity. They can easily market their services through Monet.

Monet removes the need for any third-party services thereby making service provision less expensive. Its ad-hoc take on blockchain allows services to be provided more efficiently with better pricing for both the buyers and the sellers. However, arguably, its greatest asset is the added layer of security that is created by vetting those who are eligible to use Monet and also through users themselves determining who can join their ad-hoc network. They also run without a specific head which makes this arguably the most decentralized platform yet! More on Monet can be found here.

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions

♂️ Hi, my name’s Sal.
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