Monet Network ICO Review by Coincrunch

MONET ICO review: Mobile Ad Hoc Blockchains  


Monet’s vision is to develop a system that does not rely on a specific server, but is designed for mobile apps where the users can connect with each other for the length of time to accomplish the tasks that they need, without the constant presence of a third party mediating every single interaction.

PROS

  • Solid team academically, entrepreneurially and technically
  • Solid advisors with business experience
  • Novel idea for peer to peer blockchains
  • Leverages an existing mobile API for implementation

CONS

  • Business plan TBA
  • MVP yet to be released
  • Very long timeline

As blockchain enthusiasts you already know that the current Internet technology connects people via a third party entity.

The need for that third party, their servers, implies that privacy, transparency and control over our data and computation are given away to those who provide the service.

That’s one of the challenges that blockchain technology can solve and was developed for…

With that in mind, it is also true, that the current blockchain technology, built under the Peer to Peer networks, based on consensus algorithms and secured by cryptography has pushed us forward. Individuals can connect with each other avoiding the need for third parties.

They can transfer or create smart contracts to permit trusted agreements amongst themselves or anonymous parties without the need for a central authority.

Although this technology is presently available and intends to be decentralized, the truth is that most blockchain enthusiast still depend on and trust those third party networks, just as they do online services.

Therefore, the main goals of blockchain technology are still unachieved. The strengths of the network, computational power, data storage are still in the hands of a third parties.

Monet’s vision is to develop a system that does not rely on a specific server, but is designed for mobile apps where the users can connect with each other for the length of time to accomplish the tasks that they need, without the constant presence of a third party mediating every single interaction.

They are on the road to develop a set of software tools to achieve their goals on their journey to decentralization. Stay updated with us?


Problem

By now, you know we like to look at the problem each project is trying to address in the space and this review is no different. The team at Monet.Network has identified problems that they would like to solve with their project. These solutions are subject to some basic and inherent weaknesses that are a part of any centralized model.

We have mentioned these while reviewing many previous projects and they are:

  • Privacy
  • Transparency
  • Control over data and computation

The Monet.Network team have uncovered an additional weakness that they will be trying to solve. That is, that the current products and services offered on the blockchain are also working in a centralized manner.

This is very revealing of the current state of the projects in the space namely: Bitcoin, Ethereum, Ripple , Litecoin, EOS and others. Upon closer examination you will notice that some of the components are ran in a decentralized manner but the main blockchains of these projects are still controlled/maintained in a very centralized way.

So setting up a peer to peer transaction wouldn’t be possible – the entire blockchain would be aware of the transaction, the people involved and possibly the amounts of the transaction.

In essence, a lot of privacy is given up to enable the quick transaction times between 2 parties.

So Monet.Network is setting out to solve this problem in addition to the others that were outlined above.


Solution

Monet Network is aiming to develop a system were servers are no longer needed on a full time basis, and were people can interact amongst each other without reverting completely to an extended group of participants in the network or any other major party.

To achieve this goal, they need to accomplish these three bullet points.

First, they need to reach agreement between a group of peers through a common network, eliminating the need for the third party. This gives them a distributed consensus.

Secondly, the system will have to provide and allow full interoperability through that distributed consensus, making it possible to exchange information both online and offline.

Lastly, ease of connection to other peers throughout the network and the ability to find them through some form of mapping.

They are working on a Software Development Kit (SDK) which is free and open source.

The idea of this SDK is that developers can directly insert a blockchain consensus algorithm within their applications.

This feature makes it much easier for developers to create specific ad hoc blockchains, with a flexible lifespan, just for the purpose or needs of that application.

In other words, the SDK will allow you to create your “own” blockchain, to help you in whatever you need until you don’t need it. This will eliminate the need for third parties.

As this will be a temporary “agreement” between users, so being online constantly won´t be a must.

Babble consensus system: uses a very simple messaging procedure, which makes it perfect to run on mobile devices. This consensus mechanism has been implemented in their Software Development Kit.

Mobile, flexible and truly decentralized blockchains all operation using wifi, bluetooth, LTE Direct or any radio signal, kinda cool when you think about it. In the Main Feature we will take a closer look at the tech behind the Monet Network.


Monet Network Main Feature:

Monet recognizes that they are three major factors to P2P mobile applications:

Peer-discovery: Creating an environment where local peers are discovered in the network where nodes come and go.

Mobility: Maintaining mapping between peers and their IP addresses as they roam across the network and change IP realms.

NAT Traversal: Nodes are located between multiple layers of NAT.

Monet employees an agnostic approach to these aforementioned factors, leaving it up to the Dapp developers to decide how they want to care out peer discovery and NAT Traversal for their users. Nodes within the Monet Network form an overlay on top of the internet and communicate via TCP/IP.

The first applications on top of Monet Network will be able to capitalize on Monet HUB. Think of it as a master blockchain for the first Dapps on the platform, it will consist of smart contracts and infrastructure services for the first Dapps. As the network grows Monet imagines that each sector of the network would be supported by regional autonomous hubs that are all connected to each other.

The HUB operators form as a group of node validators all engaged in a Proof of Stake consensus mechanism.

Nodes within the network will run the Ethereum Virtual Machine along with Babble for smart contract capabilities.

Monet plans on providing developers with “free” smart contracts for the important utilities that support the network namely:

ID Directory: A global directory where users can register information that could be used across the network.

Peer Discovery: A generic registry where you can map public keys or identities to public network addresses, locations and applications.

Light-Clients: A template for registering Babble Light-Clients.

Security: Securing mobile ad-hoc blockchains is a challenge in itself and the team plans on leveraging their global public ID registry:- Monet addresses are mapped to an individual’s data in real-life. Users maintain full control of their information but can make any part of it accessible to specific applications on the network or the programs could query the registry to approve or refuse request to Join the network. Of course with a Proof of Stake consensus mechanism working in conjunction with Babble, node validators are incentivized to behave correctly.

Mobile Ad Hoc Blockchains: Monet plans to leverage Wifi, Bluetooth and LTE-Direct capabilities within mobile devices to create an Ad hoc blockchain network, an infrastructure-less P2P communication with in the 30-50 meter range.


Roadmap


Token Economics

Should be subsections

  1. Ticker : Tenom
  2. Token considerations :
    • The Tenom token will be used to incentivize validators(nodes) in the network throughout the Proof of Stake portion of Monet’s consensus mechanism. As mentioned earlier in the review Proof of Stake with Babble will be used in the Monet Hub.
  3. All Transactions fees within the network are paid in Tenom.

Potential Considerations

List of potential issues that the token/protocol/project will face or has possibly overlooked.

Small unproven team that has not worked for any major organisations. Also Tech heavy, need more business development, marketing, operations and support staff.


Team + Advisors

Martin Arrivets – Co-Founder/CEO

  • Martin has 4 years experience as a Software developer and just 1+ year as a CEO of Masic Networks. Not having any experience at an CEO before is a concern.
  • Holds Master’s degree, Financial Mathematics at The university of Chicago
  • Bachelor’s degree, Applied Mathematics at University Paris Dauphine.

Giacomo Puri Purini – Co-Founder/CFO

  • On the website of monet.network it states Giacomo is an Entrepreneur with successful exits and works closely with VC funds in Boston area. His linkedin profile does not list these.
  • Holds a Master’s, Financial Mathematics, Bsc in Business.

Kevin Jones – Blockchain Developer

  • Kevin has 7+ years experience in software design.
  • Notable previous roles at Clearmatics and Selex EX as a Software Engineer/developer.
  • Holds Masters of Engineering.

Mark Stuart Day – Advisor

  • Mark Stuart Day is currently a Visiting Lecturer at MIT. Notable previous roles:
    • 10+ years as a Chief Scientist at Riverbed Technology.
  • Author of the Bits to Bitcoin: How our Digital Technology Stuff Works.
  • 30+ patented inventions and had made technical contributions at Dropbox, Cisco, Digital and BBN.

Mauro Martino – Advisor

  • Mauro has 10+years work experienced in Technology and Research.
  • He is currently the founder and manager of the “Visual Artificial intelligence Lab” at IBM research AI. So he brings a wealth of knowledge and know how in starting up a new technical department, which bodes well for this Monet Network.
  • Holds a PhD, Design & Technology.
  • 3 Publications.

Ronan Lynch – Advisor

  • Ronan Lynch is a Bitcoin pioneer he helped develop the technology as he co-founded the open source Haskoin project.
  • Expert in Distributed Ledger without financial markets, he was project lead for the utility Settlement Coin consortium of commercial banks.
  • Holds a 1st Class BA degree in Mathematics & Theoretical Physics from Trinity COllege Dublin.

Abdo Hersi – Advisor

  • Abdo has 18+ years in IT experience. Current is the Head of IT at Kazimir for 13+ years and the Director of Vidette Services.
  • Being in IT so long this would have allowed Abdo to learn a style of leadership and how to react to lots of different situations. It as we know it is every changing which is very similar to the crypto and blockchain technology.
  • Holds Bsc, Development Economics.

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