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

[shiggidy]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

1) Invites are generated like coins are mined on the blockchain.

2) Should join the discord server and ask Adil yourself He can give you a solid date of when he started coding it out.

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[SolanD]

How do Growth Rewards Work? Look in FAQ https://www.merit.me/faq/#how-do-growth-rewards-work
Merit has a lottery system for rewarding people for growing the network.
A score is calculated per address. It consists of your balance plus half of the balance of the people you invited and one-quarter of the balance of the people they invited and so on, halving each level.
When you receive Merit, you are entered into the lottery pool if your score is high enough multiplied by some random weight. The lottery pool has a maximum of ten thousand spots.
Five winners are selected each block from the lottery pool at random where the chance of winning depends on your score. The winners get a share proportional to their score.
Your score determines the probability of winning.
The root address in the genesis block does not receive Growth Rewards.
An address can be booted out of the lottery pool if an address not in the pool gets a better score x random weight.

for example my 1h wallet history:

Growth Reward
5th Sep, 2018 07:48am                             0.48042948 MRT

Growth Reward
5th Sep, 2018 07:46am                             0.48721275 MRT

Growth Reward
5th Sep, 2018 07:45am                             0.50312717 MRT

Growth Reward
5th Sep, 2018 07:22am                             0.47880942 MRT

Growth Reward
5th Sep, 2018 06:58am                             0.48644285 MRT

If you need an invite, use: SolanD or this link
https://wallet.merit.me/?invite=SolanD

[jadefalke]

if anyone need an invite, just hit me up, have some sitting around

[disifi]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

To clarify responses of others. Invite distribution is decentralized and how algorithm decides who will get one is lottery. Invites are distributed:

- 1 of 10 blocks for PoG miners
- from the rest:
      - 50% awarded based on your CGS (community growth score).
      - 40% awarded to new addresses (Max 1 per address).
      - 10% awarded to random addresses.
- Minimum of 144 invites airdropped per day. Grows as needed.
- Number Airdropped based on overall growth, more growth means more invites generated.


About a development, as someone mentioned it's from fall of 2017 as far as I know, those 30k commits are not all from dev team, there's accounted also commits from project it was based on. They are super fast but not as much I guess it's around 2k commits since then.

[littlehobo]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

1) Invites are generated like coins are mined on the blockchain.

2) Should join the discord server and ask Adil yourself He can give you a solid date of when he started coding it out.

Development has been ongoign for a long time, also if you google the head of the project you will find out a little more about his background and a fair bit of press as well.

THe exact date i dont know and shigg gave the best advice , but this has been going on for 8 months plus and unlike most of the new coins out there these guys make a product work before the hype jump in and try it is the best advice

[Newguy201]

The founder of Merit wrote this great article that shows the different
perspective this team has in terms of crypto adoption:

https://blocktribune.com/bitcoin-as-modern-money-why-is-it-so-easy-to-destroy/

This project speaks for itself.  The more you spend time in the community, the more
you see how active the core team is in developing day after day, you really see the
big picture.  Even if you didn't do any of those and simply used the product, you see
the hard work on display in the software.  This is only the beginning.

[Che454010]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

1. Invite tokens are randomly distributed and awarded for mining. Additionally, I think that when you first get an invite, they now give a free additional invite token.
Previously, the mining pool did not distribute invites that were mined using it, but they have changed that and now distribute them to members of the pool.

Yes, you do need an invite token to activate the wallet. I would suggest checking out the discord, its pretty active and a great place to check out if you are looking for invites or more information.

2. I'm not sure when the project started exactly, but I discovered them back in March. At that point the number of people mining on the pool and the community was pretty small, maybe 100 or so, since then it has increased a lot. You'll have to ask someone else for a more detailed answer, but December 2017 sounds about right, they are VERY active with their updates.


The ease of mining was really great for a relatively non-tech-savvy person like me, and I was even able to get my Crypto-Noob friends to start mining.

They also are really actively making updates and are pretty open about discussing all aspects of the project, even the current negatives.


Feel free to use my invite code if you are interested in joining: Crypto
https://wallet.merit.me/?invite=Crypto

I can send you a couple MRT to play around with

P.S. Grab the good Aliases while they are still available!

Thanks for these answers.  I didn't see anything about the free additional token on the website.  It would also be good if maybe the ANN was updated with the actual start date of the project. 

[tux82]

https://wallet.merit.me/?invite=gda            If you need invites:smiley:
My hash rate is 42.6 h/s   8  invites are availble

[mrtakens]

Some additional info about the Merit Market which was launched July 20, 2018

We have made it a priority to try and get this right (as evidenced by our countless facelifts and changes in direction for the Market).

In July:

• There was ~30,000 MRT in volume
• There were 198 orders placed to purchase MRT

In August:

• There was ~330,000 MRT in volume
• There were 563 orders placed to purchase MRT

Since our last big release for the Market on August 24, 2018 (which included simplifying buying multiple listings with BTC escrow), we've seen a significant spike in both volume and the price of MRT on the Market.

We're constantly looking to improve what we've created so far - as the community can attest. Stop by #ideas on our discord channel or create a Github issue in our new market-ideas repo.

Thanks!

[logictense]

Merit is a truly innovative project that brings a world first PoG system which further secures the network. I have been involved for around a month and have been very impressed by the community and team. Welcome to all the new members.

This is because it allows u to merit ursef and other merit givers. Being fond in accessing other peoples achievements is the prerequisite of having a balanced life meaning it greatly negates the possibility of being hit in the head. I have a lot in common with tokens as Im also digital, I can be transacted with an ease and dont take any money for that.

[KAMO287]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

1. Invite tokens are randomly distributed and awarded for mining. Additionally, I think that when you first get an invite, they now give a free additional invite token.
Previously, the mining pool did not distribute invites that were mined using it, but they have changed that and now distribute them to members of the pool.

Yes, you do need an invite token to activate the wallet. I would suggest checking out the discord, its pretty active and a great place to check out if you are looking for invites or more information.

2. I'm not sure when the project started exactly, but I discovered them back in March. At that point the number of people mining on the pool and the community was pretty small, maybe 100 or so, since then it has increased a lot. You'll have to ask someone else for a more detailed answer, but December 2017 sounds about right, they are VERY active with their updates.


The ease of mining was really great for a relatively non-tech-savvy person like me, and I was even able to get my Crypto-Noob friends to start mining.

They also are really actively making updates and are pretty open about discussing all aspects of the project, even the current negatives.


Feel free to use my invite code if you are interested in joining: Crypto
https://wallet.merit.me/?invite=Crypto

I can send you a couple MRT to play around with

P.S. Grab the good Aliases while they are still available!

Thanks for these answers.  I didn't see anything about the free additional token on the website.  It would also be good if maybe the ANN was updated with the actual start date of the project. 

The whole Proof of Growth concept, and Growth rewards, add such an interesting incentive! I think it's fair to say that (due to the fact I dont have a rig) I can get similar (or more) payouts via growth rewards than traditional mining.

It allows a user to focus on what they want.

Are you a miner? Great! It has POW

Are you a community driven person? Great! It has POG.

Very cool concept (obviously a fan)

[steener83]

The Escrow Links seem like a really good idea.  (This is what is called MeritMoney on the website, yes?  Or is that something different.)

Can I ask how those are implemented?  How do you keep an on-blockchain escrow secure from prying hands?

Yes. The MeritMoney link will hold the MRT and the Invite in escrow until it is claimed. It can be canceled if never used or accidently sent etc...

When it comes to how, I'll have to let someone more technical chime in 👍. I can say , it works very well so far!

Yeah, I'd love to see someone on the Core team answer this question too.  To be honest, this seems like it could be the most "killer feature" of this currency.

I see how the growth-mining thing can get people excited.  I'm not the biggest fan of this because I am not very comfortable sharing things with my friends. 

But, I think that the idea of sending crypto like Paypal/Venmo/AliPay seems very interesting.  This feels like a big feature, but it's not clear to me how it's implemented and how decentralized it is.

[farting_shot]

This vault concept is very interesting.  I'm not sure I've ever seen an altcoin with something like that before (someone please feel free to correct me on this.)

Is there a deeper explanation of vaults anywhere?  The website is kind of vague about this -- it says multiple keys, and talks about whitelists and resetting.  But no more details than that. 

I think cold storage is one of the least friendly things about crypto...

[Che454010]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

Where do invite tokens come from?

Invite tokens are dynamically created with every block mined.  That is, they are created and distributed by the mining algorithm among all active wallets on the network whether that wallet is a miner or not.  The Merit Foundation does not control the creation or distribution of invites.

Yes, you can generate keys before the wallet gets unlocked, but you won't be able to transact until the wallet is unlocked by receiving an invite token.  An unlocked wallet has valid keys, but no one can send MRT to it, you cannot receive MRT to it, and you cannot receive invite tokens to it either.

When did development begin?

Fall of 2017.  They move quickly. 

When you say "An unlocked wallet has valid keys, but no one can send MRT to it, you cannot receive MRT to it, and you cannot receive invite tokens to it either.", do you mean a "LOCKED" wallet? 

If you cannot send to an unlocked wallet, then who can you send to?

[Che454010]

Interesting concept.  I have a LOT of questions.  I am going to start with the most pressing ones.

Where do the invite tokens actually come from? It seems like I need an invite token to actually activate my wallet.  Though it seems like the key generation was actually done before receiving the token -- at least I got my seed already.  Are these tokens coming from the Merit foundation?  If so, isn't that a tad centralized?

How long has this project been in development? The roadmap says that the first release was December 2017, but I see 30k commits on Github.  When did you actually BEGIN development?

To clarify responses of others. Invite distribution is decentralized and how algorithm decides who will get one is lottery. Invites are distributed:

- 1 of 10 blocks for PoG miners
- from the rest:
      - 50% awarded based on your CGS (community growth score).
      - 40% awarded to new addresses (Max 1 per address).
      - 10% awarded to random addresses.
- Minimum of 144 invites airdropped per day. Grows as needed.
- Number Airdropped based on overall growth, more growth means more invites generated.


About a development, as someone mentioned it's from fall of 2017 as far as I know, those 30k commits are not all from dev team, there's accounted also commits from project it was based on. They are super fast but not as much I guess it's around 2k commits since then.

Thank you! 

This is a very thorough answer to my question, and was what I was looking for.  This is actually a lot more interesting than I thought.  It seems like the invitation distribution has some intelligence to it.  And, if I understand it correctly, this is actually built into Merit Core?  In other words, this is actually part of the consensus mechanism.

Quite interesting. 

How does the system prevent people with the highest CGS from effectively getting all the invite tokens?

[Sionadgeocon]

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

[intianoroby]

this project is indeed very interesting with all the advantages it offers and I am convinced that in the future there will be a lot of support for this project.

[@scambuster]

Was doing some research on this project and found some big press:

https://techcrunch.com/2018/05/09/a-modcloth-cofounder-just-launched-an-invite-only-cryptocurrency/
https://www.geekwire.com/2018/modcloth-co-founder-aims-create-worlds-used-cryptocurrency-new-startup-merit/
https://www.ethnews.com/when-crypto-and-esports-collide

All of the above seems to be legit -- which is surprising. With such big press, why not put that in the ANN itself?

Probably 50%, or more, of project ANNs are scams or semi-scams.  If you have something real, you should show that.

Just some advice...

[c3tr4]

I have an invite for someone who needs a Merit Wallet, PM me your name that matches your wallet name etc and I'll active it as soon as I can.

https://wallet.merit.me/?invite=Cetra

[xaker74]

Seems like the strongest project I have seen in a couple months. 

But why not do an ICO?  Team seems pretty strong, and has a real background.  This project could have probably raised a large ICO.

Why just go to livenet directly?  What was the purpose of this strategy?  The altcoin space is quite competitive -- having a large amount of funds seems important to drive required hype.  (Tron is a good example this..)