Monet.network is an open network architecture for mobile blockchains on demand. A blockchain on demand means that participants of a certain activity can form a temporary network for the duration of their interaction without a need of any centralized third party.
MONET is a public network architecture for mobile blockchains on demand. Based on a powerful consensus system Babble, with ad hoc blockchains MONET can process thousands of transactions per second with near instant finality.
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The core objective of Monet.network is to produce an open-source suite of modular software components that will allow the creation of ad-hoc, localized blockchains capable of running across multiple platforms, including mobile devices. This will provide the foundations for the next generation of purely Peer-to-Peer applications where consumers and producers interact directly with each other in a web of dynamic pockets of trust, without the need for third party intermediation.
Monet.network envisages a world where individuals are only ever engaging with parties they need to be connected to, based on location and service, in a constantly evolving, organic network topology. A patchwork of dynamic ad-hoc blockchains adapted to the urban and distributed nature of the sharing economy. Such blockchains could run in isolation, serving a specific community, but would also offer a mechanism for transacting beyond this circle via an inter-blockchain communication protocol.
State of the industry
Today, the Peer-to-Peer economy, where individuals are both consumers and providers of goods and services, relies almost exclusively on trusted third parties acting as orchestrators. Mobile devices only act as clients to the servers maintained by these intermediaries. While the system works well, it suffers from the inherent weakness of any centralized model; users are forfeiting privacy, transparency and control over their data and computation. Furthermore, the cost of mediation is ultimately passed on to the end-user.
Monet.network Systems built on Peer-to-Peer networking, consensus algorithms and cryptography (eg. Blockchains like Bitcoin and Ethereum), provide a framework for individuals to transact directly with each other without the need for a trusted third party. However, as currently implemented, such blockchains are not fulfilling their true potential due to how inefficient such schemes are to manage. Such schemes involve software which is is too computationally intensive to run on mobile thus leading to a concentration of power in the hands of a few network players and service providers.
Monet.network is designed to solve issues of decentralization and scalability. Based on a powerful consensus system, Babble, with ad hoc blockchains MONET 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.
MONET is a framework which benefits mobile application development and implementation. MONET hub can be thought of as a public good that records system state. Applications of the technology stack span a variety of potential industry verticals.
What is Babble?
Monet.network Babble mobile library uses a component named Babble which allows many computers to behave as one. Babble relies on Peer to Peer (P2P) networking and a consensus algorithm to guarantee that multiple connected computers process the same commands in the same order; a technique known as state machine replication. This makes for secure systems that can tolerate arbitrary failures including malicious behaviour.
Proof of concept
Chatterbox has been developed to demonstrate the benefits of using Babble in a mobile App. In future it will also demonstrate how the MONET hub can be leveraged to improve the functionality of mobile applications.
Chatterbox scans the connected network to compile a list of ongoing chats. A phone number is not required such as with Whatsapp or Telegram. Chatterbox has a linear message setup.
What is Twaddle
Twaddle is an example of a mobile ad-hoc blockchain providing a decentralised news sharing and commenting app built on top of the Babble mobile libraries. Twaddle demonstrates the potential of the MONET enabling technology components.
Monet.network Multicast DNS and DNS service discovery is used for advertising and discovering other Chatterbox devices on the same local network
The app is currently limited to communicating with devices on the same local network, wifi direct can be used to allow communication without an access point, however to allow compatibility between iOS and android devices, this feature is disabled by default.
Monet.network GmbH is based at 6 Gartenstrasse, 6300 Zug. It is supported by our parent company Mosaic Networks LTD based at 81 Curtain Road, London. Please refer to our website for further information and for an overview of the team: