Topic: [ANN] [ICO] MONETHA - Decentralised reputation with built-in payments - page 241. (Read 187501 times)

Thanks for the kind words galactica and Soranith.

Monetha Team

Hello SonaraBeta! We got your application. Thanks for the interest. We will update it asap.

Monetha Team is on a trip to Zug, Switzerland - crypto valley. We are meeting community there. It might take some more time for us to respond or to confirm the applications then usual, but we are going to do as fast as we can.

Thanks for understanding
Monetha Team

Thank you for the quick response sir. You have a interesting project by the way and I want to be part of this campaign.

This looks like a very interesting project with a great idea, clear well thought out strategy and responsive team behind it. Can't wait for the crowd-sale!

I applied to participate in the bounty when it will be reviewed?

hi dev , i would love to reserve italian translations if anyone did bedore, thanks!

Nice to hear that. I'm wondering why Monetha had lease attention on bitcointalk. It's obviously one of the great projects right now.

New advisor alert!
A founder and the CEO of an ICO (Mysterium Network) which raised over $15 million in under 45 minutes!

https://twitter.com/Monetha_io/status/892502104958537730

We have mentioned that "1.5% commission fee that Merchant pays for Monetha's payments processing and Decentralised Trust and Reputation System does include an exchange rate". That means that exchange rate is the separate fee merchant will have to pay when he is willing to exchange money to Fiat.

And the reason for that is: in the payments industry, there is no standard of having an exchange rate included into the payment processing. Exchanging to a different currency is a merchant's prerogative and no one enforces it.
PayPal and other major payment processing companies do not include an exchange rate into its transaction fee. For example not only does PayPal take 2.9%-4,4% (depending on a country) + $0.3 transaction fee from the merchant, but also exchanges the currency with a bigger rate than the standard.

All of the currency exchange is being done for a separate fee. For example, VISA not only has a separate exchange rate fee (which is usually bigger than a regular exchange rate fee) but also a Dynamic Currency Conversion fee (which is normally around extra 2%) and sometimes even a foreign transaction fee (1%-5%, usually 3%) if the payment was processed abroad.

Hope that answers your question
Monetha Team

Many thanks for your thorough answer! Very professional.

Regarding 2/ you haven't mentioned the remittance cost for the merchant to get Fiat from the exchange/Monetha.
Who supports this cost ?

Thank you for your questions!

1. We undestand that as of now, Ethereum or any other blockchain in more broader terms has not solved the scalability issue. It is the same as Internet was not as fast as it is now in 1980s and Amazon could not have existed at the scale of 2017 back in the time.

All in all, you can consider Monetha as being a blockchain agnostic solution. which basically means that Monetha can run on any blockchain that has solved scalability and security issues and has smart contract capability. As of now, Ethereum is a gold standard for creating applications using smart contracts. It might be any other blockchain (or group of blockchains) in the future.

2. First of all, Monetha will integrate with cryptocurrency exchanges to enable merchants to exchange crypto to FIAT (government backed currencies) seamlessly. For example Kraken.

1.5% commission fee that Merchant pays for Monetha's payments processing and Decentralised Trust and Reputation System does include an exchange rate. 

And the reason is: in the payments industry, there is no standard of having an exchange rate included into the payment processing. Exchanging to a different currency is a merchant's prerogative and no one enforces it.
PayPal and other major payment processing companies do not include an exchange rate into its transaction fee. For example not only does PayPal take 2.9%-4,4% (depending on a country) + $0.3 transaction fee from the merchant, but also exchanges the currency with a bigger rate than the standard.

All of the currency exchange is being done for a separate fee. For example, VISA not only has a separate exchange rate fee (which is usually bigger than a regular exchange rate fee) but also a Dynamic Currency Conversion fee (which is normally around extra 2%) and sometimes even a foreign transaction fee (1%-5%, usually 3%) if the payment was processed abroad.

Moreover, your currency exchange is always an optional thing. You cannot and should not include it into the transaction fee.

For example, here is the fee schedule for one of the most popular crypto exchanges - Kraken: https://www.kraken.com/en-us/help/fees.
If you are a merchant in Europe, the highest transaction fee that you will pay using Monetha is 0.26% when the volume is lower than 50.000. To withdraw euros via SEPA you will pay EUR 0.09.

If a merchant is in Europe and receives Ethereum based cryptocurrency and exchanges it to euros it would go like this: 10 - (10*0,015) - (10*0,0026) = 10 - 0.15 - 0,026 = EUR 9,824

We also acknowledge the fact, that in other cases and other countries the exchange rate might be higher.

But, you have to remember that the merchant does not only pay a transaction fee when accepting payments with traditional payment gateways. There are bunch of other fees that merchants have to pay, such as:

● Retrieval Request Fees and Chargeback Fees are paid when someone claims for a chargeback. The best-known payment gateways such as PayPal and Stripe charge merchants a USD 15 chargeback fee.
● Flat fees that include: Terminal fees to buy the needed terminal for retail merchants, PCI fees paid to Payment Card industry for compliance OR noncompliance
● Annual fees, Monthly fees, Monthly minimum fees, IRS reporting fees, network fees, etc.
● Incidental fees that consist of: Address Verification Service (AVS), Voice Authorization Fee (VAF), Batch Fee, and NFS fee.
● Marketplace fees for Alibaba, Amazon, etc for "providing and facilitating" the trust system. Think about his use case: if you are a small merchant in China, the only way to sell goods to the global world and be trusted at the same time is to join the Alibaba. You won't need to pay a fee for a payment gateway, but Alibaba will charge you a pack of other high fees.

When combined, it calculates to a high amount of money that the merchant has to pay per year for a payment processing.


As we do not include an exchange rate, here is the situation:

Monetha will charge a 1.5% transaction fee from merchants. Of that, 0.5% will go to a smart contract for the Monetha token holders and other 1% will go to the company as revenues. An interesting fact is that the average traditional payment gateways take approximately only 0.25% + 0.1 from the total fee as their revenue. This 0.25% + 0.1 is a markup fee to the interchange rates.
For example, if the total transaction fee that merchant is charged is 2.9% + $0.3, the 2.65%+ $0.2 is the interchange part that banks, credit card associations and others are dividing and 0.25% + $0.1 is the markup part, which payment gateways take home as a revenue.

3. At the moment this method is not covered by our development timeline, but we do have different strategies of how to achieve mass adoption for people who are “not in the crypto world”. For example, the long-term vision of Monetha is to process fiat to fiat payments through Ethereum blockchain, so the merchant and the client would both have the benefits of the payment efficiency/DTRS that the blockchain brings.

4. Their incentive is very simple - to equip their merchants with the best possible technology for payment processing and trust and they are in no way a competitor to Monetha, just as PayPal isn’t a competitor to Shopify.
We have different strategies that let us reach the high scalability of onboarding the merchants and integrations with Shopify, FirstData and others is just a one of them.

5. We want to make our token sale fair for everyone and that’s why we decided not to do a pre-sale and give every investor big or small a level playing field.
The security question is very important to us and we are doing everything to ensure the security and for security reasons, we wouldn’t like to get into the technical details.

6. That is correct. In addition, all the tokens that won’t be sold - will be burned.

7. Very good question. To have a pole position and to get listed on the exchanges as soon as possible we are already in talks with the highly regarded exchanges. At the moment it is hard to give an exact time frame, but we’ll do everything in our power to make it as soon as possible.

Thank you for the best wishes!

The concept of the ICO is different from the other. I'm more optimistic about this project. Maybe this project will be snapped up, like BAT. I hope it will be successful, and maybe I will invest a little bit.Wait for it.

To the contrary, isn't the hard cap something that is important to the business and project?

You seem to focus your priority on announcements on all of your marketing videos and PR... but lack important details such as max cap? Seems backwards and questionable.

Grant Hero you can install Monetha into your e-commerce store and try it out following this link: https://www.monetha.io/en/mvp. Select either Woo Commerce or Buy Now button integration.

One of the shops that is already using Monetha: http://www.vrdesign.center/shop

Hello Grant Hero! Thanks for the comments. We are sorry if we were late on same comments regarding bounty campaign. Other then that, we answer all the questions related to business and project very fast and in a detailed matter. We think it is more important to answer questions that is related to business and technology first rather then questions regarding bounties.

We will announce the hard cap cap soon.

Thanks and all the best,
Monetha Team

Hello Soranith! Please follow this link: https://www.monetha.io/en/bounty

All the best,
Monetha Team

Based upon their roadmap, my guess is to build the platform.  They've indicated that they have built a MVP but have to demo or release it.  (Which in my opinion means that you don't have a MVP...)

 

Very interesting project with a great job of marketing.  You guys have done well with connecting with media / PR, branding, and presenting yourselves in videos.  However, like many in this thread... it appears that you still have gaps in your execution.

For example, members have mentioned delays in commitments around bounty information, no information on max caps or ICO details, etc.  All of these things combined create an uneasy feeling for potential investors.

We need more execution / results and less marketing...  ie. More action and less talk

The minimum goal is $ 7 million? , what does this innovative project present to require a minimum amount like this? I have not read whitepaper and do not know what they will do with these millions, anyone know?

Anyone cant become a better in a stranger platform. I hope soon coming a time for new good project with OWN platform (like wawes, stratis etc.)
Hundreds ETH tokens is useles...