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

[KAMO287]

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?

The feature is amazing to be honest. You can setup a MeritMoney link or MeritInvite link and the user who is brand new (not a current merit member) and it will include an invite in the process. So not only do they receive the Merit , but they also get unlocked.

I know this is going to sound cheesy , but if you (or anyone reading this) wants to literally try it PM me and I'll send MeritMoney to you.

So freaking cool.

[Newguy201]

Sharing wallet invites for free!
Use the following link to create a new Merit wallet:
https://wallet.merit.me/?invite=Alpha1

I will accept you if you PM me your alias (wallet name) -  do not send any sensitive information, just your public wallet name.

The spamming of invites needs to stop.  This thread should be for people to learn about Merit.

Put your invite link in your signature if you want.

[moooner]

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!

Super cool technical answer. I love the flexibility of merit, currency usage with blockchain strengths. MeritMoney could be a real underdog to spread usage, going to try it on some friends.

[BitCoinsForGold]

The answer about the detail of MeritMoney links is very helpful!

Is there a chance we can get a similarly detailed answer about vaults?  It seems like an even more complex feature than on-blockchain escrow.

I'm curious about the idea of reducing the reliance on cold storage.

[farting_shot]

I do not see anything in the ANN about being listed on an exchange.  I also saw on the website that it's not actively being done yet.

Merit Market looks cool, but I'm actually not holding much BTC right now.  Would rather trade in ETH. 

Also, would be nice to trade it on an exchange I already use.

[KAMO287]

The answer about the detail of MeritMoney links is very helpful!

Is there a chance we can get a similarly detailed answer about vaults?  It seems like an even more complex feature than on-blockchain escrow.

I'm curious about the idea of reducing the reliance on cold storage.

Ive been digging into that feature recently as well, since I do not believe it's finished yet (on all wallet UI's at least).

I found a lot helpful in the bluepaper: https://www.merit.me/uploads/2018/bluepaper.pdf

Page 22:

" Safety is a property that users have discovered they value greatly. Many thirdparty
services now provide vaulting a feature on top of existing currencies. Merit
provides a decentralized approach to vaulting by implementing a simplified form
of covenants. Merit extends the existing Bitcoin scripting system with new
opcodes which enable important safety features such as vaulting that doesn’t
require a trusted third-party. In addition to new scripting opcodes, Merit’s
unique beaconing system. "

" Merit builds upon the Bitcoin scripting system by introducing several new opcodes
which allow building decentralized vaults. The existing Bitcoin scripting
system is designed so that scripts have minimal context around their execution.
Merit chose to extend Bitcoin’s scripting system because it is well understood by
the broader community, well tested, and also not Turing complete. The latter
property significantly improves the safety of the overall system. Other cryptocurrencies
that have Turing complete virtual machines like Ethereum have
been shown to be too error-prone and easily exploitable. By building on Bitcoin’s
Forth-like stack-based virtual machine, the overall system is more natural
to reason about and control. "

" Bitcoin scripts have no insight into the outputs of a transaction. Merit improves
upon Bitcoin’s scripting system by providing OPCODES which give script context
about the transaction the script is executing in. We introduced three new
OPCODES which allow vaults to work and some additional OPCODES to reduce
the instruction count for vault scripts minimizing their cost.

These new opcodes can be used to construct a vault script that only allows
funds to be transferred to a whitelist of addresses at a specific rate limit. "


It continues to describe the scripts on page 23/24

and there is a great breakdown on page 26  of "Figure 8: Parameterized Script Validation State Machine"

Someday I'll be able to post images. but I hope that helps juice up your curiosity!

[KAMO287]

I do not see anything in the ANN about being listed on an exchange.  I also saw on the website that it's not actively being done yet.

Merit Market looks cool, but I'm actually not holding much BTC right now.  Would rather trade in ETH. 

Also, would be nice to trade it on an exchange I already use.

The Merit team has conceptually explained how they would approach external exchanges, and I can only assume they have technical work in progress. but yes- not actively being done yet.

The market is slick, but you're right BTC only right now. Some day they will add ETH and other alt options + Fiat.

If you are wanting over the counter options you can join the discord and find traders in the #trading channel.

Hope that helps!

[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?

The feature is amazing to be honest. You can setup a MeritMoney link or MeritInvite link and the user who is brand new (not a current merit member) and it will include an invite in the process. So not only do they receive the Merit , but they also get unlocked.

I know this is going to sound cheesy , but if you (or anyone reading this) wants to literally try it PM me and I'll send MeritMoney to you.

So freaking cool.

I'm not sure I totally understand this.  The MeritInvite link idea seems interesting -- so it must store the invite token itself on the blockchain. 

But how do MeritMoney links work if they just store the Merit in escrow?

[KAMO287]

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?

The feature is amazing to be honest. You can setup a MeritMoney link or MeritInvite link and the user who is brand new (not a current merit member) and it will include an invite in the process. So not only do they receive the Merit , but they also get unlocked.

I know this is going to sound cheesy , but if you (or anyone reading this) wants to literally try it PM me and I'll send MeritMoney to you.

So freaking cool.

I'm not sure I totally understand this.  The MeritInvite link idea seems interesting -- so it must store the invite token itself on the blockchain. 

But how do MeritMoney links work if they just store the Merit in escrow?

If I send you a MeritMoney link, i'll see the funds leave on my end. It's out there - kinda in a smart contract type setup (scripting).

I'll live out there until you claim it (by joining Merit and creating a wallet and BOOM it appears in your wallet) OR It'll stay out there until I cancel it on my end. It will return.

If you're looking for more technical, just let me know.

[Che454010]

I'm concerned about exchange listings here.  With the amount of software and the caliber of the team, I would have expected it to be listed on a higher-end exchange -- maybe something like Binance or HitBTC?

[Thompson.Evelyn]

Hi  This plan is really valuable. Serious goals, determinant team and clear plan
I'd like to join your team
If Arabic translation is needed, pm me

[KAMO287]

I'm concerned about exchange listings here.  With the amount of software and the caliber of the team, I would have expected it to be listed on a higher-end exchange -- maybe something like Binance or HitBTC?

I understand your concern. Getting on exchanges is on the backlog for the team. Right now they are fine tuning the user experience and developing a lot behind the scenes like the Proof of Growth rewards. They made some HUGE changes to the algorithm recently that benefited the community in a big way.

Check out the blog post: https://www.merit.me/blog/week-of-pog2/

They are working on ways to integrate exchange wallets and users wallets and I dont see any technical issues why merit couldnt be listed on the exchanges you listed. The invite aspect of this would get figured out- Just requires a bit of integration 

[EmTee]

I'm concerned about exchange listings here.  With the amount of software and the caliber of the team, I would have expected it to be listed on a higher-end exchange -- maybe something like Binance or HitBTC?

During one of the live video chat's with Adil he mentioned that their focus was going to be on ensuring that the Merit Market was fully operational before pursuing any exchange listings, not because of the technical aspect of the listing, but in a coin's early stages, it causes the team or in this case, the Merit Foundation to pay absurd prices for such a listing and generally new coins end up on third-rate exchanges.  However, with the expanding user base and use of the Merit Market, volume baselines and interest can be established and it will allow them to skip the lower end exchanges and actually be pursued by the higher end exchanges and usually when this happens, the exchanges reach out to the team and waive the listing fee, so in the long run, I believe in this strategy.

[@scambuster]

I'm concerned about exchange listings here.  With the amount of software and the caliber of the team, I would have expected it to be listed on a higher-end exchange -- maybe something like Binance or HitBTC?

During one of the live video chat's with Adil he mentioned that their focus was going to be on ensuring that the Merit Market was fully operational before pursuing any exchange listings, not because of the technical aspect of the listing, but in a coin's early stages, it causes the team or in this case, the Merit Foundation to pay absurd prices for such a listing and generally new coins end up on third-rate exchanges.  However, with the expanding user base and use of the Merit Market, volume baselines and interest can be established and it will allow them to skip the lower end exchanges and actually be pursued by the higher end exchanges and usually when this happens, the exchanges reach out to the team and waive the listing fee, so in the long run, I believe in this strategy.

This is actually a good reason to wait on exchange listings -- especially if they can pull it off.  I've heard that exchange listings are crazy.  Many cryptos do some kind of donation-drive for this. 

Saving the huge fee would allow them to put that money somewhere more productive, I'd hope.

[KAMO287]

I'm concerned about exchange listings here.  With the amount of software and the caliber of the team, I would have expected it to be listed on a higher-end exchange -- maybe something like Binance or HitBTC?

During one of the live video chat's with Adil he mentioned that their focus was going to be on ensuring that the Merit Market was fully operational before pursuing any exchange listings, not because of the technical aspect of the listing, but in a coin's early stages, it causes the team or in this case, the Merit Foundation to pay absurd prices for such a listing and generally new coins end up on third-rate exchanges.  However, with the expanding user base and use of the Merit Market, volume baselines and interest can be established and it will allow them to skip the lower end exchanges and actually be pursued by the higher end exchanges and usually when this happens, the exchanges reach out to the team and waive the listing fee, so in the long run, I believe in this strategy.

This is actually a good reason to wait on exchange listings -- especially if they can pull it off.  I've heard that exchange listings are crazy.  Many cryptos do some kind of donation-drive for this.  

Saving the huge fee would allow them to put that money somewhere more productive, I'd hope.

Totally , that explains how/why they can have an entire team all writting code (from ANN page).  When it comes to marketing and exchange etc. That comes easier when adoption is higher. They are focused on actual users and not just the quick buck investors.

And the market.merit.me is very user friendly as it is for now. With ETH and other ALTs in the future.  + eventually fiat. It's a great pre-exchange solution

[farting_shot]

I do not see anything in the ANN about being listed on an exchange.  I also saw on the website that it's not actively being done yet.

Merit Market looks cool, but I'm actually not holding much BTC right now.  Would rather trade in ETH. 

Also, would be nice to trade it on an exchange I already use.

The Merit team has conceptually explained how they would approach external exchanges, and I can only assume they have technical work in progress. but yes- not actively being done yet.

The market is slick, but you're right BTC only right now. Some day they will add ETH and other alt options + Fiat.

If you are wanting over the counter options you can join the discord and find traders in the #trading channel.

Hope that helps!

Thanks for the answer Kamo287!  Is there any specific date planned for ETH integration with the Market? 

[KAMO287]

I do not see anything in the ANN about being listed on an exchange.  I also saw on the website that it's not actively being done yet.

Merit Market looks cool, but I'm actually not holding much BTC right now.  Would rather trade in ETH. 

Also, would be nice to trade it on an exchange I already use.

The Merit team has conceptually explained how they would approach external exchanges, and I can only assume they have technical work in progress. but yes- not actively being done yet.

The market is slick, but you're right BTC only right now. Some day they will add ETH and other alt options + Fiat.

If you are wanting over the counter options you can join the discord and find traders in the #trading channel.

Hope that helps!

Thanks for the answer Kamo287!  Is there any specific date planned for ETH integration with the Market? 

I don't have insight to the timelines , but it's been heavily requested in discord so I am sure it's a feature that's ranked higher priority than some others. If a dev reads this maybe they can give some estimate.

At the speed they develop it might be sooner than I think 😉 or not. I don't have any clue as to how they prioritize , but they do it very well (as an agile team)

[duniakripto96]

Interested in operating a swimming pool for Merit miners? the merit project has opened our pool source code to help you get started!
or you can see here https://t.co/m312x47f3w?amp=1
Good luck

[upandtotheright96]

Has this project considers some kind of influencer arrangement?  I remember that some crypto used Dennis Rodman.  And another Steven Segal, I think.

This is the first time I have seen that an influencer approach might actually fit with the brand of the crypto.

[Che454010]

To be honest, I'm still concerned about the exchange situation.

I like the Merit Market, and I agree it looks nice and easy to use.  But, I think that most crypto people are traders and hold many coins.  (Especially if they are buying alts.)

Logging into just one more exchange is a LOT of work to do.