Mobile Ad Hoc Blockchains
Have you ever thought about how many of today’s online purchases happen via smartphones? In addition to data and voice packages, people buy airline tickets, pay for hotels, order food, books, videos, music, and much more via their smartphones. All of these purchases combined are worth thousands of dollars annually. Your lifetime value as a customer is at least 10 times the value of your smartphone, for which you paid a few hundred dollars. As a smartphone user, you should have the negotiating power to say “reward me, and I will be your loyal customer,” but all smartphones are optimized for gathering and selling your data, not for rewarding you. This business model was designed when online payments were still a rare occurrence, and the only way to monetize the operating system was to sell consumer data. Due to growth of mobile commerce, that business model has become outdated, non-value adding, and even dangerous for users. It needs to be replaced.
Blockchain technology is perfectly suited to disrupt the smartphone industry and change the existing mobile business models to become more customer-centric and respectful of user privacy. Blockchain technology allows smartphones to become trusted decentralized revenue centers, where people and companies can make frictionless payments without borders. With Blockchain technology and tokens, companies can reward exactly those users who are loyal to them, and people can acquire and spend and borrow their money from person to person without the use of middlemen. This will be Economy 3.0, the true sharing economy, and Blockchain-powered mobile devices will take us there.
MONET is a public network architecture based on mobile ad hoc blockchains, where groups of people involved in any task or activity can effectively form temporary networks with their mobile devices, and coordinate themselves without delegating full responsibility to trusted third parties.
MONET brings decentralization and easily scalable blockchains to mobile devices. Based on a powerful consensus system, Babble, MONET ad hoc blockchains can process thousands of transactions per second with near instant finality. Since blockchains are ephemeral, any off-shelf device can participate in the blockchain. The result is no middlemen fees, no centralization risks, no sluggish blockchain speed and no cost compromise.
THE KEY COMPONENTS OF MONET ARCHITECTURE ARE:
- Multiple ephemeral blockchains dynamically formed by users with their mobile devices;
- Inter-Blockchain Communication, enabling these blockchains to speak to one another;
- MONET Hub, an always-on network, that provides optional infrastructure services to the first applications and ad hoc blockchains.
- MONET creates an infrastructure for distributed mobile p2p applications. Its architecture aims to power the sharing economy by bringing blockchains to mobile.
- MONET consists of multiple ad hoc blockchains appearing and terminating as applications’ participants interact with each other.
- Inter-Blockchain Communication facilitates interoperability between these blockchains.
- Finally, the MONET Hub, being an always-on blockchain, allows distributed applications to be jump started with the use of the existing infrastructure services.
There are many ways in which mobile ad hoc interlocks can be applied to the interaction of a real user: delivery, housing, office space, payments and loans, professional and personal services, user products, networking.In transportation Monet can allow a fully decentralized Uber, who would cut an expensive service provider intermediary through special block circuits.
In finance Monet can allow the creation of fragmented cryptothermia, where the fragments are mobile. A certain circle of people can withdraw funds from the main book, deposit in a temporary adchoc blockchain, make transactions exclusively between themselves, and then return to the main book.In Gaming Industry Monet can provide a free platform for game developers to connect to a network of users already equipped to coordinate p2p, eliminating the need for a centralized server for coordinating multi-player games.
MONET.network uses several ephemeral blocks that users create through their mobile devices. Babble is a flexible consensus mechanism suitable for mobile deployments. Monet Hub — a permanent locking mechanism that supports the ecosystem and provides the infrastructure for the first applications on the network — are key components that allow you to create mobile special locks. The technical document of the project details how the Babble consensus and Monet Hub block-block interact with each other.
Successfully leveraging blockchain on mobile has a lot of potential, primarily by removing friction for consumers who want to begin making use of the technology. Most people don’t have the technical knowledge or desire to delve into blockchain as it currently stands, but if you put the tech in their pocket and give them a range of apps that actively improve their lives, this could change very quickly.
More info about the project:
– Whitepaper: https://drive.google.com/file/d/1PcI69i_oJpWdsIsOciLliYEsFv9hHCVr/view
– Code review: https://cryptobriefing.com/monet-code-review-mobile-ad-hoc-blockchains/