MONET - mobile ad hoc blockchains
MONET 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.
The peer-to-peer economy, where individuals are both consumers and providers of goods and services, is paradoxically built on centralised client-server infrastructure. Attempts at moving these services on public blockchains, to mitigate the trust factor, are very inefficient because they require every node, across the world, to process everybody’s commands. Part of the problem can be addressed by designing more efficient consensus protocols, but the idea of implementing localised services on a global public network is fundamentaly flawed. We suggest a system, based on mobile ad hoc blockchains, whereby 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. Users only connect to people they need to be connected to, based on service and location, for the duration of their interaction. The system initially relies on Babble, a consensus module suitable for mobile deployments, and the MONET Hub, a public blockchain providing infrastructure services.