The word “decentralization” has become a buzzword in the segments of cryptocurrency and blockchain.
Yet, the meaning of a decentralized network is now exploited to a certain extent. In its purest form, a decentralized network works without being dependent on a central server or parties, where it still remains functional if its connection to any single server or network operator is lost.
However, that term is now used to identify even those cryptocurrency and blockchain networks which have central nodes or servers processing the data, or which have certain entities that hold control over a blockchain platform either through their programming or influence within the ecosystem.
Clearly, those blockchains are not decentralized in their purest form, but the alternatives that are provided either lack in terms of newer functionalities or face high scalability issues, such as Bitcoin and Ethereum, respectively.
Now, with the growing demand of decentralization in the latest systems, Monet aims to change that and bring about a truly decentralized system that is not only highly functional but comes without any lagging issues as well.
What Is Monet
Monet is a blockchain-based platform that aims to operate through peer-to-peer connections, without depending on any centralized server or any entity that controls the blockchain. In simple terms, it provides users with the power of blockchain for everyday applications without being reliant on any third party.
The platform aims to achieve this task by connecting its users through mobile devices which will power the blockchain’s connections via what it calls “mobile ad hoc blockchains”. Together, these smaller blockchain networks will not only be faster to connect and scalable than usual blockchains, but would also provide users ample functionalities on their own.
If you have been following the blockchain space, then this might sound too good to be true. However, the way that Monet explains it does make sense to a certain extent.
Here’s how Monet claims to bring its plan to execution.
How Does Monet Work
It is difficult to understand how Monet proposes to implement a solution if one has no idea how the current infrastructure works. Thankfully, Monet went into detail in its white paper on how the current processes work. Monet states that many of the online services we use today rely on trusted third parties which act as coordinators. Our mobile devices act as clients (software or hardware that connects to a service hosted on a server).
There is no functional issue with the way things work now, the issue lies more in aspects such as lack of privacy, transparency and control over data and computation and costs. The cost of third party facilitation is usually borne by the user of the service.
Thanks to improved technologies, there’s a better way.
Peer-to-peer networking, consensus algorithms and cryptography allow for individual users to deal directly with each other without having to go through a third party intermediary from an infrastructure level.
Yet current iterations are not fully decentralized, users still go through centralized processes to connect to public blockchains such as Bitcoin and Ethereum. They connect to public blockchains in the same manner that they connect to online services such as Facebook, Twitter and other online services. The “actual computation, data, and work involved in securing the service is left to somebody else”.
Monet proposes to solve this aspect of the problem by creating a system for serverless mobile applications in which individuals can connect directly to each other without relying on third parties.
The solution would be comprised of three fundamental operations.
“1) Distributed Consensus: reaching agreement among a group of peers,
connected by an unreliable communications network, without reverting to
a third party.
2) Interoperability: enabling information exchange across consensus net-
works, online or offline.
3) Peer-discovery: finding other peers to connect with, based on location
and activity.”
Monet has a pretty sweet solution, they seek to build a free and open-source SDK which provide developers with the ability to add blockchain consensus to their applications. No servers, and ephemeral peer based blockchains.
In Monet, mobile ad hoc blockchains are formed between users when they run any applications that are based on the Monet blockchain. Instead of having to run full nodes on their own, these ad hoc blockchains that operate through mobile devices provide a quick connection to the next peer, which goes forth, and continues towards as many devices as are connected to that specific application.
Technical Aspects
This is possible by a set of tools on the Monet network that exchange data across users and the network on a rapid basis without compromising its functionality.
One of these tools is Babble, Monet’s own fast Byzantine Fault Tolerance (BFT) consensus network which provides support and backend confirmation to mobile ad hoc blockchains, allowing their connections to form instantly and without wait times. It is powered by its eponymous software component.
Another crucial element of Monet is its MONET Hub, which is an ever-accessible blockchain that provides additional and optional infrastructure services. This enhances the functions on applications that are built on the Monet platform.
In order to ensure that backend confirmations are done through a timely manner and not delayed by the competition and high network usage between unknown miners as shown in Proof-of Work, Monet implements a Proof-of-Stake consensus algorithm, which allows only those users to take part in transaction confirmation which have a vested interest in the network.
This goes on to limit the backend network’s dependency on any unknown entities, improving its performance. This consensus algorithm is included within the Babble component.
The applications and functions on the Monet blockchain are supplemented by the Ethereum Virtual Machine (EVM)-Babble, which is an EVM-Wrapper that allows Monet’s applications to run through Babble, and have the ability to be operated through mobile ad hoc blockchains.
These networking components among other elements allow Monet to come together as a seamless ad hoc mobile blockchain platform on the front end, where users have all the control of running an application and limiting their data transmission. Further details regarding this can be found within Monet’s whitepaper.
By these functions, an array of industries can benefit from mobile ad hoc applications, including those with cryptocurrency transfers, business blockchains as well as consumer and entertainment apps. With blockchain technology at their disposal, these mobile users can do much more than what their usual apps allow them to achieve.
All of these functionalities are supplemented through Monet’s native token, Tenom (TENOM), which is built on top of Ethereum and functions as an ERC20 token.
At the time of writing, Monet is planning to hold a token sale for Tenom, with the details to be announced soon. The project is currently accepting applications for a whitelist event for future investors.
Monet Team
The team behind Monet seems proficient on-paper, with its key members all present sufficient experience within their respective fields.
Monet has two co-founders in its CEO Martin Arrivets and CFO Giacomo Puri Purini, both of whom show the aforementioned strength of tenure within their portfolio. Arrivets also created Babble and EVM-Babble.
Whereas, Monet’s software developers Kevin Jones and Florian Greiner also boast of notable experience within their respective fields. At the time of writing, a LinkedIn profile for Greiner could not be found through Monet’s official website.
The project also has advisors in people who are associated with institutions such as MIT and IBM.
Is Monet a Viable Project?
They have a great team and solid idea, providing a decentralized infrastructure is a valuable part of completing the entire picture of transparency, data control and privacy from the very start as opposed to only within the blockchain.
Their roadmap doesn’t promise you the world within each quarter, no, they profess to take steps throughout each year to deliver results.
If they succeed, they provide another step toward a decentralized future.
