Bitcoin Forum
July 17, 2019, 05:32:38 PM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN]🚀🚀🚀Merit🚀🚀🚀[Proof-of-Growth][PoW][Vaults][Aliases][Escrow][No ICO] on: September 06, 2018, 12:43:08 AM
It's really exciting to see such a positive response here on BCT.  And I also appreciate all of the thoughtful questions -- and the constructive feedback.  I'm even more proud to see members of the Merit community chiming in and answering before a core team member has even had the chance to! 

Anyway, I'll try to start knocking out a couple answers now.

How do MeritMoney Links Work? - From @scambuster and steener83
First, MeritMoney links are the same as the "Escrow" links that we put in the title and in the main announcement.  We used the term "Escrow" because we thought that it would be clearer and easier to understand for a more advanced audience like the one here on BCT.  (We are still working to build awareness around MeritMoney Links as a concept.)

MeritMoney Links have some interesting properties that enable people to easily send/receive MRT, even when the recipient does not have a wallet yet.  The tricky part in doing this, of course, comes down to doing it without centralization.

We actually implemented this at the protocol level with the creation of a new OPCODE that we call EASYSEND.  The idea here is that the user is able to use a decentralized (blockchain-based) escrow for any transaction they wish.  These transactions are signed by the sender, like any normal transaction, and sent to an intermediary escrow address, where they wait to be claimed or cancelled (if cancelled, they will be reclaimed by the sender.) 

When a MeritMoney link is being created, Merit is creating a SecretKey under the hood will be used as part of the payload to claim the Escrow from the blockchain.  When creating the Escrow on the blockchain, the sender also has the option to add a timeout as well as a secondary password.  These will be assembled together to create the Escrow on the blockchain. 

The recipient simply must produce the relevant secrets needed to claim the Escrow from the blockchain.  This will, at the very least, include the SecretKey and the expiration blocktime.  This same mechanism is used by the sender if they are going to cancel and reclaim the MeritMoney link.

So, if you, as a user are creating a MeritMoney link without adding a secondary password, then the link is as good as the money!  This is, of course, the way that fiat works -- a dollar bill is spendable as soon as you pick it up off the street.  The ultimate design of this on-blockchain  escrow is to make it easy for people to send small amounts of money to eachother.  If you are sending a large amoutn of money to someone, then it's a good practice to add a secondary password.  This way, if the link is intercepted, the bad actor cannot actually access the funds.


To make these escrows portable, we simply create a standard URI structure that can be used via the Web (as we do in our Web Wallet) or via a desktop protocol handler.  The application just needs to know how to assemble the MeritMoney link's secrets together to attempt to claim the escrow on the blockchain.  Today, our mobile wallets (Android + iOS), our Desktop LightWallet, and the WebWallet all know how to do this.

You can find more detail in the BluePaper in section 6.1 - Frictionless Transactions.

I hope that helps!
2  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN]🚀🚀🚀Merit🚀🚀🚀[Proof-of-Growth][PoW][Vaults][Aliases][Escrow][No ICO] on: September 04, 2018, 06:29:24 PM

MERIT - A cryptocurrency focused on growth and ease-of-use.

Merit aims to be the world’s friendliest digital currency, making it effortless to pay friends, buy goods, and manage your wealth.
Website | Whitepaper | Bluepaper | GitHub | Market | Discord | Telegram | LinkedIn | Twitter | YouTube

Check out the 45-second Merit explainer video!

Merit is a new cryptocurrency that is purpose-built to be used daily by technical and non-technical users alike. Merit believes that a truly human-centered cryptocurrency must be built on three pillars: safety, simplicity, and community. Each of Merit’s innovative features is driven by one of these core principles.

What makes Merit different? Growth mining (through Proof-Of-Growth), a focus on community stewardship, and a much simpler user experience. Because Merit is invite-only, the blockchain keeps track of how impactful each member has been in growing the community.  In addition to rewarding classic security miners, Merit rewards users who increase the network’s reach, use, and diversity.  We believe that adoption is key to the longevity, viability, and security of any cryptocurrency, and made growth a core design-principle of Merit.  


Growth Mining:
Merit’s innovative approach to Proof-of-Growth makes mining a cryptocurrency drastically more approachable to the broader population.  Growth Mining rewards users based on their impact in growing the Merit community.  These rewards help democratize the distribution of Merit and reward activities that are just as valuable to the security and longevity of Merit as traditional security mining.

Cuckoo Cycle POW:
Merit splits block rewards 50/50 between classic PoW security mining and PoG growth mining.  Merit's PoW algorithm is the memory-bound, graph-theoretic, Cuckoo Cycle created by John Tromp.  The memory-bound approach has a number of interesting advantages, such as lower power-consumption, heat-dissipation, and deep ASIC-resistance.

Merit’s invite-dynamics allow users to create an alias that is stored on the blockchain.  Instead of sending to 34-character hexadecimal addresses, you can send Merit to @adil.  It’s as easy to send Merit as it is to send a DM.  

The robust MeritLink protocol allows users to send Merit via SMS or email to users who do not even have a Merit Wallet yet.  If the recipient doesn’t have a wallet, the MRT is stored in escrow on the blockchain for them to access once they are a member of the community.  Further, MeritMoney transactions can have expiration dates and an optional password to make them even more secure. This gives users the peace-of-mind of knowing that they send their Merit to the right person and that only that person will be able to unlock the money. And it is easily re-claimed when the expiration date is reached.

One-Click Mining:
Security mining shouldn’t be restricted to technically advanced users.  We built one-click mining directly into our lightwallets so that anyone who joins Merit can help secure the network.  The Merit desktop lightwallet even automatically detects the GPUs on your machine and lets you select which ones to mine with.

Merit is an invite-only network, which drives security and stewardship advantages.  This invite-only dynamic enforces referential integrity for Proof-of-Growth, and also helps to make Merit indestructible.  Merit does this without promoting spammy behavior because Merit Invite Tokens are scarce, so users are best served by being thoughtful about who they bring into the network.  Get An Invite

Cancellable Transactions:
The robust MeritMoney protocol also solves one of the most widespread problems in the history of commerce: human error. Accidentally send the wrong amount of Merit to someone?  Or accidentally key in the wrong address? These are everyday occurrences for most of us and, and are handled elegantly with Merit.  Merit’s escrow links can be cancelled up until the point where the transaction has been accepted by the recipient.

You cannot burn or destroy Merit by sending it to an address that does not belong to another user.  Because Proof-of-Growth Aliases, and Invite Tokens, an address must be beaconed to the network and must receive an invite token before becoming fully valid.  This empowers peers on the network to refuse any transaction that is sent to an address that does not actually belong to someone.

Merit vaults add multiple layers of protection without sacrificing decentralization or forcing a user to understand and use cold storage.  Vaults utilize purpose-specific keys, whitelists and rate-limiting to help keep your MRT safe.  These features are enforced at the protocol-level, not by a central party.  Soon, Vaults will even include decentralized key recovery through Merit’s upcoming Guardian feature.

Further advantages and features can be found on the Why Merit section of the website.

Technical Founders; 20-year Friendship; Successful Track Record!

Adil Wali is a successful serial entrepreneur who has started 3 venture-backed companies in eCommerce, including ModCloth, which was a $150M+ fashion retailer.  

Maxim Khailo led the machine learning team at HERE that took imagery and footage and turned it into metadata on maps.  He is also the creator of the powerfully decentralized FireStar project.

Core Team of 16; Everyone Writes Code

See the team and history here!



Merit has done no significant paid marketing to-date, nor has it done an airdrop.  Merit has grown entirely organically through community stewardship.  

This is a visualization snapshot of the Merit network today:

This is a graph of wallet growth on the Merit Network:

More details on the growth rate and PoG iteration can be found in this recent blog post.

Merit believes in software over hype.

There is a lot of great Merit Software you can check out:

  • Merit Web Wallet: An easy-to-use WebWallet that stores all secrets on the client-side!
  • Merit Desktop Lightwallet: An easy-to-use lightwallet that lets you interact fully with the Merit Protocol, and one-click mine with multiple CPUs/GPUs.
  • Merit Core Client: Full-node core client that syncs the entire blockchain and allows you to be a peer on the network.
  • Merit Android Wallet: A mobile lightwallet that makes it easy to take Merit on the go!
  • Merit iOS Wallet: A mobile lightwallet that makes it easy to take Merit on the go!
  • Merit Market: A simple decentralized market that allows you to trade MRT and BTC, with two-sided escrow.
  • Merit Mining Pool:Merit's first mining pool implementation, zero fees.
  • Merit CLI Miner: Merit command-line miner that is stratum-compatible.
  • Merit BlockStats: Merit stats summary, including blocktime, mining difficulty, and suplly. (Community-Made)
  • Merit Block Explorer: Merit block explorer. (Community-Made)

Blockchain Details:

Merit has never done an ICO.  There will be a total of 100M Merit distribution; with 4-year having intervals.  Merit has a genesis block, and the Merit Foundation currently has no near-term plans of selling MRT.

  • Total Supply: 100m MRT
  • Target Blocktime: 1 minute
  • Total Coinbase Per Block: 20 MRT
  • PoG Reward per Block: 10 MRT
  • PoW Reward per Block: 10 MRT
  • Genesis Block Size: 20m MRT
  • Genesis Block Status: Locked

More details can be found at the Merit BlockStats page above.  

The Community:

You can engage with the Merit Community in our public Discord Server, which is most active. We also have a public Telegram chat if you prefer.  

You can apply for an invite to the community directly on the website.  (This gets routed into Discord through our Discord Bot)

Pages: [1]
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!