Social media applications today are, and have always been, subject to constant control of a few elites, and data violation. This has often raised concerns among the users, but the major corporations behind these apps have always managed to walk out of the allegations with no repercussions. Halting such undue practices is one of the many reasons why Moniat are thriving.
Launched in 2018, Moniat was founded by Moniat OU Group. Moniat or MAT, is based on the blockchain. It provides autonomy to the social communities by allowing people to interact with each other through Flashat—a social media platform Moniat OU has joined hands with—and in the process, make MAT. This MAT can further be used to interact with loved ones, thereby building these communities without letting advertising firms hinder.
How the Ecosystem Works
Since its inception, MAT has strived to develop an ecosystem where people can enjoy a self-sovereign solution. To achieve its purpose, Moniat OU joined hands with Flashat, the very first decentralized social media app which allows users to share their cherished moments online without compromising on security. Unlike the traditional social media apps that run on ads revenue while making your data vulnerable, Flashat requires individuals to pay in MATs to access these cherished moments of their loved ones. This eliminates the control and misuse of personal data making Flashat an independently growing platform.
Surpassing Milestones with a Novel Approach
The growing principle of Moniat is quite simple. Instead of offering public shares, the company allows interested individuals to buy MATs in a limited quantity. These are used to buy and cherish photo albums on the decentralized social media application (Flashat). The owner of that photo album gets to earn MATs this way, which he or she can spend further to purchase photography from others. This creates a flow of positive income building a thriving Flashat community without having to compromise on privacy and security.
Promoting a Secure Digital Arena
Speaking of privacy and security, Moniat has recently deployed ERC20 Utility Token. Mats now run smart contracts thereby adding to the safety of user data online. Hacken OU, a company that specializes in security consultancy, examined these smart contract for any vulnerabilities. Upon reviewing a range of potential vulnerabilities, the consultancy deemed Moniat as ‘entirely secure’.
Further Distinguishing Itself from the Rest
Moniat, or MAT, distinguishes itself in a number of ways operating in the digital arena. One of its most highlighted factors is to permit users to make MATs from home. Moniat allows users to invite new users on the platform who would come with a minimum investment to use social media apps like the Flashat. The user sending the invite becomes eligible for 10% of the investment made by the newcomer. This is yet another way Moniat thrives instead of selling equity in the market.
Future Aspirations of the Company
Moniat has penetrated the digital currency market with a simple aim, to allow individuals to purchase and trade MATs while interacting with each other and make more MATs in the process. Although the principal amount is bound within Moniat, users have the liberty to redeem their generated MATs which can be turned into traditional currency through ETH crypto-currency.
Moniat is on the verge of reviving the world of social media. The company currently offers two solutions, Flashat, and The.Passport. It plans on launching more of such applications on blockchain in pursuit to address the date security challenges being faced by people in the digital world.