PROJECT REVIEW
Monet Network is a platform that helps participants build the necessary temporary network to interact with each other without the need for a third party.

Paradoxical is the fact that P2P economy (it’s also decentralized), where people are consumers and suppliers of goods and services, is built and operates according to a centralized client-server system. Attempts to move these services to the blockchain in order to increase the trust factor turned out to be very inefficient, because they require that every node throughout the world process the request of each participant.

Part of the problem can be solved by developing more efficient consensus protocols, but the idea of ​​implementing localized services in the global public network is a fundamental mistake. Monet Network offers a system based on ad-hoc (decentralized wireless network with no permanent structure. Client devices are connected on the fly, forming a network. Each network node tries to send data destined to other nodes. At the same time, it determines which node to forward data is produced dynamically, based on network connectivity — Ed.), in which groups of people involved in any task and activity can effectively create temporary networks using their mobile devices and coordinates nirovat their actions, without transferring the responsibility trusted third parties.

It should be noted that users can only connect to those users to whom they must connect, based on the use of the service and location, throughout their interaction.

Summarizing, there are two problems that the project solves:

The current 2P2 system and economy is centralized.
A decentralized economy, paradoxically, almost always relies on trusted third parties. Despite the fact that the system works generally well, it suffers from the flaws inherent in any centralized model: users are deprived of confidentiality, transparency and control over their money.

This decentralized P2P economy is localized and lives on mobile devices. The implementation of localized services in a public blockchain is currently inefficient and unavailable.
The solution is the Monet Network, which, due to the implementation of the ad hoc wireless network and the Babble consensus, allows groups of people involved in this or a task to efficiently conduct operations by creating temporary networks using their mobile devices, and also allows them to coordinate their actions without transmitting third party liability.

ECOSYSTEM
Based on Babble’s powerful consensus system, Monet’s blockchain can process thousands of transactions per second with almost instantaneous completion. Since the blockchain chains are ephemeral, any device outside the field can participate in the support of this chain. The result is the absence of intermediary fees, the absence of risks of centralization, the absence of low speed unit.

Mosaic Network is a company that develops open source modular software. Babble Consensus and its accompanying SDK (Software Development Kit — a set of development tools that allow software specialists to create applications for a particular software, basic development tools, hardware platform, computer system, game consoles, operating systems and other platforms)

Babble is a contactless, asynchronous and fault-tolerant protocol based in turn on the Hashgraph consensus.

EVM Wrapper is a memory-less “wrapper” for the Ethereum virtual machine to run smart contracts supported by the Babble engine.

Monet is the platform itself, which serves as an assistant in the process of building the necessary temporary network for users to interact with each other without the need to involve a third party.

Monet Hub is a special type of blockchain in the Monet ecosystem, since it always functions and never turns off. Hub provides additional infrastructure services for the first applications on the network. Many independent nodes managed by network validators participating in the PoS consensus (Proof of Stake) include Monet Hub and do not allow it to disconnect. Anyone can become a network validator.
Inter-Blockchain Communication. By design, the chains in the blockchain contain irrefutable cryptographic data about certain events that occurred on the network. The role of the IBC is to “pack” this information in a convenient format and define verification methods in one chain, that the transaction took place to be in another chain. This allows chains in the blockchain to make transactions outside the “vicious circle” and for participants in these chains to transfer certain assets and data beyond the scope of applications.
Wireless dynamic ad-hoc networks provide decentralized operation.
The physical devices become the nodes of these chains, launching an application that uses a consensus module compatible with Monet Platform.

Conclusions:

Monet creates infrastructure for distributed mobile 2P2 applications. Its architecture is aimed at stimulating the economy for the exchange of data and tools, implementing blockchain in mobile devices.
Monet blockchain consists of several special “ad-hoc” chains that appear and disappear when application participants interact with each other.
Inter-Blockchain Communication facilitates communication between these chains.
And finally, Monet Hub, which, as noted earlier, is always on and allows you to run distributed applications using existing services that provide the infrastructure of the entire ecosystem.

Information

Websitehttps://monet.network/
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Mediumhttps://medium.com/@monet.network

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