Blockchain protocols are increasing by the day. Each new protocol comes in with fancy terms such as ‘Blockchain 4.0’ to show that they are an upgrade from the previous generation of protocols. The improvements made in these newer protocols are minor tweaks that help increase the scalability and performance of these protocols.
However, the underlying issue that blockchain faces as a technology have not yet been addressed by these upcoming and established protocols. No developer has gone to the root source of the problem until now. Monet is attempting to change our fixed understanding of blockchain by bringing in a new dimension through technology that already exists.
There were many useful tech and innovation before blockchain that can be combined with it to increase its performance and efficiency. One of them is ad-hoc systems which Monet identified as an important tool in improving the overall performance of blockchain through the elimination of dependency on centralized servers and reducing the criteria for validating transaction requests.
The way most protocols currently run creates major delays in DApp’s running on top of them. Most platforms usually require each participating node in the blockchain to verify transaction requests. Each node participates in the decision-making meaning that the request will have to go through an entire blockchain before it is approved. Take a platform like Ethereum for example; most DApp’s that are currently coming up are being based on it. It provides great services such as smart contracts which are essential to the way developer’s plan their DApp’s to work.
However, the current TPS rates of Ethereum automatically means that each new DApp’s hosted is likely to experience and cause a delay in validating and executing transactions. Ethereum currently plans on using sharding and other technical means to help increase their TPS to 1 million which will greatly improve its services. In as much as the transaction rates will be improved, delays are still likely to occur as a result of the need to involve every participating node in the blockchain during validating of the transaction.
With ad-hoc blockchains proposed by Monet, lasting positive changes are likely to occur. The underlying issue in all this is the number of requests that need to be processed per second. Every action that takes place in a DApp also has to be processed by the same system.
Monet removes the burden of processing requests from every node and confines it to a number of participating nodes selected through joining a specific ad-hoc blockchain. Users of Monet can simply opt into an ad-hoc blockchain to receive or give specific services then opt out once the transactions have been completed. This can be done over a specific application or multiple applications depending on users’ request. Furthermore, these ad-hoc blockchains are mobile meaning that they can be formed at any place or time.
Dividing blockchain services into ad-hoc systems is a bold and innovative move for Monet. This will even inspire other upcoming protocols and services to think outside their comfort zones. Monet has created a faster way of receiving blockchain services. Anyone using an app that is integrated with the Monet platform can open up their ad-hoc blockchain and transact over the temporary blockchain. After everything is done, the blockchain can be closed temporarily or permanently. Users can create and join as many ad-hoc blockchains as their mobile devices can support.
Monet also eliminates the need for relying on third-party servers to back up data created over blockchains. It becomes ironical hosting decentralized services on a centralized system. Mobile devices will be used to store data. Whenever an ad-hoc blockchain will be formed, the data that will be generated over the time the blockchain will be operational will be stored on these devices. Data will be encrypted then stored to provide safety and privacy of data.
The essence of blockchain is to provide safer ways through which applications in various sectors can be run. This heavily involves decentralizing systems to give users a voice and control over their data and the type of services they would like to receive. Monet’s ad-hoc proposal takes decentralization even further giving people control over who can join their network and the type of services that can be hosted via the ad-hoc blockchains they create.
Monet also opens up new possibilities for app developers. Mobile ad-hoc blockchains can be manipulated to serve in as many instances as possible. Developers may have an interesting time coming up with applications that could be solely based on the use of ad-hoc blockchains.
Gears Behind Monet
The system behind the Monet platform must run differently from most protocols. Some similarities will be there, however, the stand-alone factors will distinguish Monet from any other platform. Monet also plans on working with as many everyday devices as possible such as smartphones which are common in almost every part of the world. Monet will tap into the capabilities of these devices to enable its service to permeate across all borders. Here are some of the technical features behind the Monet platform:
From Monet’s point of view, a node participating in its network is any physical devices that are equipped with software allowing this device to participate in Monet’s activity. Therefore, any mobile or stationary device, with the appropriate consensus module, that has Monet’s software installed or any other supportive software of the Monet platform can become a node for the Monet platform.
For Monet, its appropriate module is Babble which works with any application written in any programming language. This type of diversification is required in a world where applications are written in different languages based on the preference of developers. Monet provides developers with a conducive environment for creating DApp’s based on their own terms.
Nodes in the Monet network will have the authority to create ad-hoc blockchains. The initial list of participants will be based on the nodes forming the ad-hoc blockchain. More participants can be added based on the criteria that these nodes will have placed on their ad-hoc blockchain.
This happens to be one of the most crucial aspects of Monet. Its success determines the success of the entire Monet network. It has the processing capabilities to handle any traffic experienced in the Monet network. It can process thousands of transactions per second with latencies that are lower than a second.
It is also leaderless and uses the Byzantine Fault Tolerance system (BFT) hence it can work even when a good percentage of the participating nodes are experiencing some downtime. Babble is especially important in executing the consensus mechanism in use by Monet.
Processing of requests is dependent on the consensus system in use by the platform. Monet employs Babble together with a host of other technologies that ensures all transactions are validated and executed in record time. The consensus mechanism is also set-up such that the DAG-based system in use can comfortably integrate with an internet of blockchains based on the interoperability allowed by the consensus mechanism in use. For Monet’s services, having integration with a number of blockchain networks will allow it to integrate with already established DApp’s easily. This will hasten the uptake of Monet as it is ready to use the system.
Assisted by the consensus mechanism in place, inter-blockchain will also be crucial for Monet’s success. One of the features of Monet, in fact, its headlining feature, is the ability of users to form temporary ad-hoc blockchains whenever and wherever. This will rely on inter-blockchain communication. There are transactions carried out in one ad-hoc blockchain that may require verification in another ad-hoc blockchain. Take, for example, a gaming DApp. A user may need to prove a certain progression when playing against members in a new or different ad-hoc blockchain. Inter-blockchain communication will make it possible for previous transactions to be verified such that this player will continue with the game from the last progress made in a different ad-hoc blockchain.
Apart from having the same DApp, Monet has other ways through which users can discover other Monet users that either require or provide certain services. Peer-discovery is one of the features that support the discovery of peers in a local network. It makes it easier for users to find older connection and new peers that may have the same interests.
The workings of Monet are based on wireless technology such as Wi-Fi-Direct, LTE-Direct, Bluetooth and radio waves. There are a lot of factors that have to be taken into consideration when working with radio waves. There are also a lot of consultations to be done. Radio waves would have been ideal for Monet, however, its limiting factors made it easy to drop. LTE-Direct comes in as the most appropriate at this time due to the distance it can cover and the number of devices it can support in its network. Wi-Fi-Direct and Bluetooth can also provide the desired services but their extent of service is constrained to a few devices over a short distance thus making them effective only for close proximity transactions.
The silver lining is that technology grows overtime thus wireless technology may develop to levels that may be able to sustain networks over a wider area with multiple devices under one connection.
Blockchain was created for uptake in existing industries to disrupt the status quo and create a more efficient system of running things. Disruption is uncomfortable but the results may be worth the period of discomfort. Most app users were comfortable with the running of platforms until the privacy scandals started rocking social media platforms and other industries as well. Blockchain capitalized on the need for privacy but it suffered from the inadequate efficiency that most of its earlier protocols had. Monet combines efficiency and security making it readily available for use and a worthy contender to replace centralized systems even those supporting blockchain protocols.
For industries such as the fast food industry or hotel industry, Monet will improve their delivery services by making it safer and more accurate. Fast food chains usually have multiple stores around cities. Developers can take advantage of this and create DApp’s that are integrated with Monet such that within a given area, users can easily order their food and have it delivered in record time. This can be especially useful in apartments or gated communities where homes are concentrated within a small area. The same method can be used for Uber-like services. Drivers in an area can open up ad-hoc blockchains where users on Monet can request for rides when the drivers are within certain proximity.
Since Monet eliminates the reliance on a third-party, these services will be delivered directly from the producer to the consumer at lower costs. For example, with the taxi service, companies such as Uber take a certain cut from every ride a driver makes. In the Monet set up, drivers interact directly with the clients. Data is exchanged between their mobile devices. The price and type of service delivered or requested are up to the participating parties.
Monet’s application can even be taken further into the gaming industry. The gaming industry is not spared from fraud, scams, and hacks. Hackers can easily take advantage of any loophole and extract valuable information from gaming servers. Monet makes gaming worry-free as it can be done over a permissioned blockchain where every participant has been vetted and meets the criteria required for that specific blockchain.
The gaming experience will remain top notch with mobile devices dictating how well these games will perform. The games will have to be carried out within a certain proximity for all these services to be realized.
With the right innovation, Monet can even be applied in supply chain management. During the final stages of the supply chain, Monet may be of great help. Some companies are working on drone deliveries and Monet may help make them precise by using device location based on mobile devices in ad-hoc blockchains. It can even be used in warehouse management. Integrating Monet in the internet of things is likely to yield great results.
The limitations of this great platform may never be seen as long as developers keep on becoming innovative, finding out new ways to apply this great platform. Gambling, the education sector, government institutions, voting process and a number of other applications can arise from the integration of DApp’s with the Monet platform.
Monet’s platform is technically equipped to serve as many DApp’s as possible. Monet has a unique take on blockchain that separates it from the rest of the protocols and platforms available. Giving users freedom to decide the criteria through which one can join an ad-hoc blockchain makes for safer spaces where transactions can be carried out freely without fear of any wrongdoings amongst the participants. Furthermore, whatever transaction is carried out within these ad-hoc blockchains, records will be kept in all participating devices.
Audits can be carried out if need be. The ad-hoc blockchains are also temporary and can be dissolved at any time as deemed fit by the participating members. Its applications can also serve a number of industries right from the health industry to fintech and even education. Monet is the platform for tomorrow’s blockchain!
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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