Can Monet Assist in Large-Scale Cost Savings?

Monet is a platform that seeks to make clear the objectives of blockchain. To them, it is ironical that a technology that advocates for decentralization is using client-server infrastructure which is itself a centralized platform. Monet believes that by fully decentralizing all aspects of blockchain, its objectives can be achieved. One of these objectives is reducing the cost of living through mechanisms such as eliminating intermediaries to reduce the prices of goods and services, which are sold with substantial mark-ups, in order to meet profit demands expected by intermediaries.
However, this is not blockchain’s only move. There are other methods that can still be employed through blockchain that will result into more revenue and less spending. This article explores how Monet’s platform will influence the prices of goods and services in various economic sectors.
Difficult Times
Most economies haven’t recovered fully from the recession that took place between 2007 and 2009. A full economic recovery for many countries is highly in doubt as the ripple effect may continue for a longer period than expected or desired. In as much as recovery is ongoing, the vast majority may not feel the effects as living costs continues to increase in a number of countries. This has led to protests in developing countries and even developed countries like those seen in the United States where workers were demanding an increase in minimum wage to help them more ably meet their daily needs.
There have also been a number of factory closures in recent times which have led to a significant number of workers being made redundant. For example, the Carrier factory in Indianapolis is set to excuse about 2000 workers as it moves its operations to Mexico in order to save on costs and maximize revenue. This also is representative of the problems caused by intermediaries. It is likely that the prices of the products produced are higher due to the many third-parties that get involved before they finally reach the consumer.
Peer to Peer Trading
Blockchain offers a cost saving solution through a number of decentralized applications that are aimed at eliminating intermediaries thus reducing the overall prices of goods and services. The peer to peer approach connects producers and service providers directly to consumers hence the pricing is based on what the consumer is willing to pay and what the seller desires as profit. An agreed price can even be arranged over the two trading parties. Smart contracts are usually employed as they define the parameters of the deal ensuring that both parties will adhere to the terms of the contract.
Another great advantage is getting direct feedback from consumers. Through peer to peer communication producers are able to get consumer data for a small fee or even free depending on their agreement, thereby resulting in better production of goods at favorably prices as less costs have to be passed on to the consumer. This set up could lead to an overall reduction in prices of goods and services.
Problems in The Blockchain Camp
Apart from using centralized client-servers, blockchain also faces the problems of performance. In order to serve a vast majority of the world’s population, blockchain has to perform as good as or even better than its centralized counterparts. The performance issues have prevented blockchain from going beyond its enthusiast market.
The mainstream market is still relying on centralized platforms in as much as they are costly and less secure. Scalability has been the main issue since most of the protocols are unable to serve the number of requests that would materialize from a worldwide use of blockchain technology. DApp’s may face a lot of delays which may ultimately lead to users going back to their old centralized platforms.
Centralized servers also pose a security challenge. Data breaches may occur affecting a large number of people especially in cases such as this where all the data is stored on centralized servers.
These are some of the factors that have prevented adoption of decentralized applications and the use of blockchain in order to save on everyday costs and reduce the costs of living.
How Does Monet Appeal To The Issue?
Monet is aware of blockchain’s power in terms of saving costs during these trying times. However, it is also aware of the imperfections that exist within the current blockchain architecture. It understands that a platform cannot work 100% as expected but with the right changes, its efficiency can improve such that its usefulness supersedes any of its remaining imperfections. Monet’s plan is therefore to create a more secure blockchain platform that offers more control to users and developers while eliminating centralized remains, such as the use of client-servers.
Its plan is to use mobile ad-hoc blockchains to deliver DApp services without most of the weaknesses users have experienced in DApps running on top of current blockchain protocols. The use of Monet’s platform will depend on the location of a user. Users will have the choice of connecting to networks they need to be connected to in order to receive the services they require through the platform. The ad-hoc blockchains formed will only exist for a period of time relevant to the participating members; once their services are completed, users can decide to discard the ad-hoc blockchain. However, the details of transactions that took place amongst them will remain immutably stored in the user’s device. Any complaint can therefore be looked into by auditing the stored data in these devices.
This ad-hoc take on blockchain could end up unlocking the true potential of blockchain. It utilizes wireless technology for communication between participants on Monet. Users can participate in as many ad-hoc blockchains as they wish to- as long as the wireless connection they are using supports the connectivity. The number of DApp’s using Monet are also not limited, therefore developers can exhibit their creativity and innovation by coming up with as many cost saving DApp’s as they possible can. These could even be iterations of centralized apps but with the advantage of decentralization. Moreover, Monet’s technical set up allows developers to easily integrate their DApp’s with Monet.
Saving on Costs
Monet is likely to have different decentralized applications integrating with it to offer the best in blockchain services by using cost effective methods. Its real-world applications are likely to offer relief through the fair prices quoted through DApp’s hosted on Monet. The lack of reliance on third-parties will further reduce the cost spent in organizing and in participation of various activities. Here are some of the applications that are likely to lead to reduced costs:
-Gaming
The gaming industry is a multi-billion-dollar industry. Most of these billions are minted by intermediaries as they serve as the main link between consumers and producers of games. Intermediaries also include third-party service providers such as those that offer storage solutions for online gaming platforms. This cost is usually passed on to the final consumer of the game through general charges on gaming items, which often lack any clear transparency. It may even be possible that some games are designed to encourage spending in order for these companies to pay their service providers and generate some profits as well.
This narrative changes with Monet. Developers can come up with decentralized gaming applications which can integrate with the Monet platform to offer a better gaming experience at an overall lower cost. The ad-hoc system has the ability to offer a multiplayer system as long as the players are within a certain radius depending on the type of wireless technology in use.
Gamers can create their own gaming parameters as allowed by the developers to come up with systems such that the currency they end up spending circulates among them and the developers of the game. Since Monet leverages the storage space in mobile devices, client-servers will not be needed. Gaming progress can be saved in each user’s devices such that they can continue from the same checkpoint in which they had originally.
The cost of purchasing gaming items also gets cheaper due to the removal of the intermediaries from the gaming ecosystem.
-Gambling
Ad-hoc blockchains may provide a new dimension to gambling. It could influence casinos to adapt to the new wave of technology that is blockchain. Ad-hoc blockchains have the ability to completely revolutionize the gambling experience. Now, casinos usually charge certain fees for the winnings received. Some costs are justified while others are just a way of recovering some of their lost money; the lines are very often blurred. Some have restrictions and requirements on different games which lock out potential participants.
Developers can develop new apps that offer a casino like experience but in mobile devices. Monet’s model is based on proximity so these applications can even be designed in conjunction with casinos in a bid to make their services more efficient. The casino experience on Monet can also be designed according to users’ preferences to make it even more appealing.
These DApp’s on gambling can be taken a step further by users. They can form their own ad-hoc blockchains to create betting communities where users can bet on various sports and events based on their agreements. Users may end up avoiding various taxes and levies that are as a result of relying on third-parties to regulate gambling platforms. All data will still be recorded and stored in mobile devices of participants.
Through the use of tokens such as the Tenom, which is the native token for Monet, frictional costs are likely to reduce when transferring winnings from one account to the other. Depending on the configuration of the DApp’s, users may also be given the freedom to select the method of payout they would want.
-Less Expensive Voting
A lot of time and money is spent during voting periods. Right from the campaigns to the actual voting day, the total spending may be in the region of million in US dollars to billions. Most of these costs are usually administrative costs and costs on infrastructure such as updating existing technology to offer more efficient services. Security is also a key priority especially from cyber-attacks from which results can be manipulated.
A voting DApp can be developed in conjunction with governments to come up with lasting solutions on voting that may end up being cheaper than what would have otherwise been spent by these governments. Cutting costs will start right from the infrastructure. Voting can be done in various ad-hoc blockchains as designed by developers and government officials through mobile devices which are owned by their citizens.
Costs will also be cut through reducing the number of documents printed during the voting exercise, especially in third world countries where physical voting papers are still being used. Moreover, the time spent on voting is likely to reduce, hence countries will have more time to be productive than wasting an entire day participating in voting.
Corporates can also use this method of voting which will save them time and money as people can vote from the comfort of their offices within a corporate building. The overall result of this system will be a reduction in election costs which could help save both countries and corporates valuable time and resources.
-Savings In Communities
Within a certain radius, especially in developing countries, communities can be created through Monet. Various applications can be linked to Monet providing users with an array of everyday services that the community usually requires. This could range from transport services to laundry services hosted in different applications but brought together by a common platform that is Monet.
Since all these services are offered by community members for community members, the prices can be negotiated such that they are cheaper than what is currently being offered by centralized platforms. Users can then receive services of the highest quality by members of their own community at rates that are friendly to both the consumers and producers. This can be done using tokens which will make it even cheaper for participating members of the community.
These savings will further be amplified by the use of Tenom which can be obtained through providing supportive services to the Monet network. Various rewards are offered depending on the type and duration of activity undertaken by a node. DApp’s may also base their tokens on Tenom or just use Tenom as the main currency of exchange in their platforms. The trading that may arise from this may lead to revenue being earned by users of the platform hence an increase in purchasing power of Monet users.
A Monet Solution
The world is still experiencing tough economic times. Many economies are tightening their expenditure, trying to save funds wherever possible, while looking for better opportunities to invest in. Investments may take time before their returns start being felt within the economy. However, results from savings can be seen within a short period of time. Monet provides a platform that can help fast-track the cost cutting processes in various sectors of the economy when applied correctly. Gaming, gambling and voting are just a few examples of the possibilities that can arise from Monet.
Furthermore, it can also open up new investment opportunities and even new markets. Monet is backed by a powerful team and vision, creating a perfect synergy for a cemented position among the prominent blockchain solutions during trying economic times.
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Disclaimer: The above article is strictly to be taken for informational purposes. I do not have any involvement with this project and any investment advice should be taken after thorough individual research.
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