FAQ

FAQ

GENERAL

What is Monet?

Monet is an open network architecture for mobile blockchains on demand. It enables groups of people involved in any task or activity to form temporary networks with their mobile devices and coordinate themselves without needing trusted third parties.

What is Monet Hub?

The Monet Hub is a first and special kind of blockchain in Monet. Unlike its ad hoc counterparts, it is an always-on network that supports the ecosystem and enables inter-blockchain communication.

What does Monet consist of?

Monet consists of multiple ephemeral blockchains that users dynamically create with their mobile devices. Such functionality is made possible by Babble, a pluggable consensus mechanism suitable for mobile deployments, and Monet Hub, an always-on blockchain that supports the ecosystem and provides infrastructure for the first applications on the network.

Why Monet? What problem does Monet solve?

We engage in the sharing economy for many aspects of our everyday life: transportation, housing, and delivery just to name a few. However, today's peer-to-peer economy relies almost exclusively on trusted third parties acting as coordinators. That means users get convenience in exchange for privacy, transparency and control over their data and computations. Public distributed ledgers attempted to solve this problem by removing centralized intermediaries from the equation, but these public blockchains are too cumbersome to run on mobile, where most of the shared economy takes place. Monet allows participants to directly engage with each other in a truly decentralized manner via ad hoc temporary mobile blockchains.

Is Monet a new blockchain/protocol?

Monet is a new public network independent of other blockchains. It is comprised of multiple ad hoc blockchains created by users.

Is Monet related to Ethereum, Bitcoin and other blockchains?

Monet is not directly related to Ethereum, Bitcoin or any other blockchain. However, thanks to Babble’s simple blockchain design and the Hub’s use of the Ethereum Virtual Machine, bridges can be established with other platforms via inter-blockchain communication protocols.

How does it work?

The Babble SDK, Monet’s fundamental building block, enables developers to add blockchain functionality to their applications and embrace a serverless architecture. Under the hood, these applications connect directly to nearby peers, setup or join ad-hoc blockchains, and broadcast commands within the group to coordinate interactions without reverting to a central authority. The consensus algorithm ensures that every participant processes the same commands in the same order even in the presence of faulty or malicious behavior. The Hub is an optional public utility that helps with connection establishment in the face of NATs, and provides a distributed and secure Smart-Contract platform for hosting non-transient logic, like peer-discovery, ID, and inter-blockchain communication.

How does Monet plan to change everyday life?

Companies that intermediate various segments of the sharing economy enjoy control over the informational and financial flows they enable. In other words, to be able to use these platforms, users give up a lot of information about themselves and pay a significant price. Even with public blockchains like Bitcoin and Ethereum, most users play a passive role; they are clients in a client-server model and the work of securing the network is left to somebody else. Monet introduces a new paradigm where users only connect to people they need to be connected to, and only for the duration of their interaction. This is made possible by recent advances in blockchain technology that empowers people with new ways of reaching agreement within a group.

What are the potential uses of Monet?

Monet captures the inherently localised nature of the sharing economy by allowing the formation of confined networks where only interested participants are connected. Any application can be built on this model: transportation, delivery, housing, space rental, personal services, professional services, networking, learning, custom goods transactions, pre-owned goods and others. The very nature of blockchain, an immutable ordered list of transactions, is particularly relevant for financial applications: p2p lending, payments, bill sharing, etc. Monet could also be used to build p2p multiplayer games without having to reinvent the wheel.

If it is an open source project?

Yes, monet is an open source project. You can view more details on our GitHub: https://github.com/mosaicnetworks

How do I get started / get involved?

The easiest way to get involved is to join the conversation about Monet on our Telegram channel here. We are happy to answer any questions you might have about the project. If you are a developer and want to contribute, please visit our GitHub: https://github.com/mosaicnetworks. We are excited to learn your vision about how Monet can benefit your project.

When is Monet going live?

Our current goal is by the middle of June 2018, to have a stable release of the Babble consensus. The version will include a blockchain interface and mobile SDK. Stay tuned for more details.

Where does inspiration for Monet come from?

When we think of inspiration for Monet, two projects come to mind: Cosmos Network and FireChat. Cosmos Network creates an ecosystem of sovereign and easy-to-operate blockchains that can communicate with each other. We aspire to achieve a similar goal and to create a network of blockchains, but for deployment on mobile and hence, temporary by nature. FireChat is a service that delivers messages by creating a mesh network of smartphones and bypassing the carrier networks. FireChat's MeshKit platform allows developers to build apps that let offline devices transact with each other via mesh. We similarly want to harness peer-to-peer connectivity technology, enabling users to interact with each other on demand.

Can I mine Monet?

Monet does not use PoW to create blocks; mining is not applicable to the project. Since we use PoS consensus in Monet Hub, validators and delegators stake tokens for the right to secure the network and earn rewards for it.

BABBLE-SPECIFIC QUESTIONS

What is the main innovation of Babble consensus mechanism?

Babble combines the advantages of an asynchronous DAG protocol with the benefits of a blockchain's linear data structure. The former makes it possible to achieve low latency, high throughput, asynchronous, and leaderless consensus. The latter enables Babble-powered blockchains to interface seamlessly with any application and to communicate with other blockchains via Inter-Blockchain Communication protocols.

How is Babble related to Hashgraph?

Hashgraph is a form of Directed Acyclic Graph that cryptographically records the history of gossip. Gossip protocol is in the foundation of Babble. However, Babble takes this data structure one step further and maps ordered transactions into a blockchain format.

What are the key advantages of Babble consensus?

Key advantages of Babble consensus are speed, throughput, fault-tolenrance, absence of leaders, and pluggability.

USER EXPERIENCE QUESTIONS

What are the requirements for a device to launch an ad hoc mobile network?

A user needs to have a Babble-powered app on his or her phone and other users need to be discoverable and directly reachable at an IP:Port endpoint. NAT traversal, a computer networking technique of establishing and maintaining connections across gateways, is also required for peer-to-peer network applications powered by Babble.

What is the minimum number of mobile devices required to launch an ad hoc blockchain?

A single device is capable of launching a Babble-powered ad hoc blockchain.

How do you solve the chicken and egg problem? Users will not be using Dapps on mobile blockchains until there are enough people who can launch the blockchain together with them.

Monet builds an infrastructure for decentralized application developers. It is up to the developers and marketers to create proper business models and to design to incentivize the user growth and adoption.

How do new participants get permission to join an existing blockchain? Who decides if permission is granted?

Babble places no restrictions on how new participants may join a network; it only ensures that the JoinRequest and Votes go through the consensus. DApp developers decide the conditions users need to satisfy in order to join a network. One such restriction may be a form of authentication.

How will launching a blockchain on the phone affect its battery?

Battery usage depends on the activity of a network. Babble doesn't waste gossip: it only gossips when there are unconfirmed transactions on the network and sleeps the rest of the time. Unlike PoW, consensus algorithm is suitable for low power devices.

Who launches Hub blockchains (other than Monet Hub)?

Monet is an open network. So anyone can launch a blockchain, and such blockchain can become a hub.

Do you have more questions? Ask them on Telegram!

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