[ANN]🚀🚀🚀Merit🚀🚀🚀[Proof-of-Growth][PoW][Vaults][Aliases][Escrow][No ICO]

[Crypto_Man1212]

Why haven't I heard of this before? Have you tried bringing it to any media outlets to get more exposure?

[disifi]

Why haven't I heard of this before? Have you tried bringing it to any media outlets to get more exposure?

There actually were some articles around the web, also Adil had some speaking, check jayk306's post on first page, he summarized some. But as far as I know it wasn't (and still not) pushed very hard, firstly the product should be great to use, then promote it.

[KAMO287]

This is a great plan, Is the platform open for testing, I would love to work with the API, What are the requirements I need to get started, also is there a bounty program for this idea?

This sounds like a copy/paste comment you might post everywhere , but if not.

The platform is LIVE - not in testnet or alpha etc. this is usable and functional

What specifically are you looking to help with with API etc? you can always visit the discord and offer to help!

[xfunk]

Hi, what functionality do you planning to implement next?

[saher]

If u need an invitation then pm me or u can register by yourself  https://wallet.merit.me/?invite=saher. GLHF

[moooner]

Interest in Merit is growing here too, and new folks are joining every day. Nice that some positivity is getting things done ^^

[Marlonis Brandonis]

What is the purpose of the invites? I'm assuming you're only handing them out freely because the project is still new and needs more users?

Purpose of invites is to improve your community growth score (apart from bringing more people into Merit  ). That increases your chances at getting more growth rewards in MRT (the Merit Coin) and INV (the Invite Token)

Is there a determined amount of growth rewards per invite?

There is a rank system. Every invite gives you some points. The more merit your invitee owns the more points you receive from this invite. More points give you a better position. The better the position the higher the reward.

[Imleabmeine]

Hi guys.
I read that 3 page whitepaper first before browsing through the posts here.
I got few question in the whitepaper but all got cleared up when I started browsing the forum post.

[KAMO287]

Hi guys.
I read that 3 page whitepaper first before browsing through the posts here.
I got few question in the whitepaper but all got cleared up when I started browsing the forum post.

Hey! Well that's great to hear. Let me know if any other questions come up, I'll be in and out for the next few hours 👍

[KAMO287]

Well, I think that the team needs to promote the project on various platforms including social media platform as well as the forum

Great. Idea. 🏆

[mempko]

Well, I think that the team needs to promote the project on various platforms including social media platform as well as the forum

Do you have any specific place you think would be great to promote on besides the standard twitter, facebook, and reddit?

[adilwali]

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!

[Newguy201]

MeritMoney links have so much potential. 

The implementations are almost endless.

Bet on sports with friends, pay a friend for half the bill at dinner, etc.

Can't wait to see what Merit has in store in terms of eCommerce and
the ease of use inherent in the way the Merit team does things.

What other ideas can you guys imagine in terms of MeritMoney links?

[Dtony]

Discovered the project early on (before Parachute )... Wish I could mine but hang out and follow the project because it’s pretty sweet.

I’d y’all need an invite link go to the following link and I’ll get you setup!! https://wallet.merit.me/invite=parachuteitst0ny Send me a PM on here with your merit address or else I won’t accept!

[shiggidy]

What is the purpose of the invites? I'm assuming you're only handing them out freely because the project is still new and needs more users?

Purpose of invites is to improve your community growth score (apart from bringing more people into Merit  ). That increases your chances at getting more growth rewards in MRT (the Merit Coin) and INV (the Invite Token)

Is there a determined amount of growth rewards per invite?

No, its highly dependent upon a variety of factors which all get bundled up into two different scores. 

1) Community Growth Score where each invite does help boost your score, but only if the account that you referred in has a non-zero balance.  Your score increases by 50% of the balance that is held by a direct referral.  This score is compared across the entire community and is used to determine whether your account is eligible for a lottery style drawing and if your account is picked, you will get paid a growth reward.  Typically the growth reward is under .6 MRT per time selected from the lottery. The frequency is actually what makes the difference in earning a little or a lot of growth rewards.

2) There is a staking side of the growth rewards as well, where the balance you hold is used to calculate a different score that basically acts like staking.  Coins mature 50% after 7 days and are at 100% weight after 30 days.  Your staking score is compared across all other community members as well.

Hope this sheds some light on the proof of growth rewards.

[littlehobo]

MeritMoney links have so much potential. 

The implementations are almost endless.

Bet on sports with friends, pay a friend for half the bill at dinner, etc.

Can't wait to see what Merit has in store in terms of eCommerce and
the ease of use inherent in the way the Merit team does things.

What other ideas can you guys imagine in terms of MeritMoney links?

E commerce is something that this team and especially Adil has a significant amount of experience with!

[littlehobo]

Well, I think that the team needs to promote the project on various platforms including social media platform as well as the forum

Do you have any specific place you think would be great to promote on besides the standard twitter, facebook, and reddit?

although from little acorns etc etc, those are the mediums that you have to sign up to and follow etc, there will be some traffic from twitter and facebook i guess as non cypto using people see people posting or retweeting.
but at some point there are all the other forums, ways to communicate, and targetting groups like gamers, online shoppers, youtubers etc might expand the use beyond cyrpto fans.

[@scambuster]

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!

Very thorough answer.  This is a really interesting implementation.  Quite simple in the essence, but quite powerful with what it can do.  

The addition of the password was the missing link for me.  My intuition was that the link itself could be intercepted, and then the money is stolen.  This is what I was worried about.  But, of course, any man-in-the-middle style attack can take money from people in a similar way.  (Eg, if I hack your email, I can hack your paypal just as easily.)

The additional password makes it so that someone can intercept the email, but gets no money.  Clever.  

[KAMO287]

Well, I think that the team needs to promote the project on various platforms including social media platform as well as the forum

Do you have any specific place you think would be great to promote on besides the standard twitter, facebook, and reddit?

although from little acorns etc etc, those are the mediums that you have to sign up to and follow etc, there will be some traffic from twitter and facebook i guess as non cypto using people see people posting or retweeting.
but at some point there are all the other forums, ways to communicate, and targetting groups like gamers, online shoppers, youtubers etc might expand the use beyond cyrpto fans.

Great suggestions. I'm sure the team has a lot in mind for some of these channels. They actually sponsored an esports team recently! Check this out:

https://www.ethnews.com/when-crypto-and-esports-collide

[xaker74]

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!

Very very interesting approach here.  I haven't seen anything like this yet.  

The thing I do not understand is how you can send this to a user without Merit.  Other posts have stated that a user cannot send or receive MRT until they have been invited and approved by another user.

So, how can they assemble the secrets and take the MRT from escrow in this case?  Is there some kind of special exemption for these EASYSEND escrows on the chain?  In other words, a user needs no invite to claim money from it?