Finally, a digital currency that real people can use.

Merit was engineered from the ground-up to be usable day-to-day by technical and non-technical users alike.

How Merit is Different

Merit strives to be three things above all others: simple, safe, and a community. Each of these pillars is core to becoming the world’s most adopted digital currency.

It’s all about community

Merit is focused, first and foremost, on being a real community. While other currencies aim to be more faceless and anonymous, Merit strives to create great incentives and to make the lives of users easier. This guiding principle has driven the design and architecture choices of the Merit Core Team.

It’s all about community

Mining that does not only benefit the wealthy

Mining traditional digital currencies is a game that largely allows the rich to get richer. With application-specific hardware and large data centers, the elite are able to mine thousands to millions of times more than the average individual can. Merit has implemented the innovative Cuckoo cycle mining algorithm, which is much friendlier to normal consumer hardware (such as a PC or Laptop.) This algorithm can even be implemented on smartphones, so you can mine while your phone is charging too! This is something we plan to implement eventually.

Mining that does not only benefit the wealthy

Further, Merit’s innovative Growth Mining empowers people without any computers or phones to mine! Classic mining provides incentives for keeping the network more secure, and Merit does this too. But Merit goes one step further to provide incentives for another very important behavior: spreading the word and growing the Merit network. That’s because a digital currency is only as good as its reach.

Everyone is a steward of the network

Everyone is a steward of the network

Merit is the world’s first invite-only blockchain. The power of this approach lies in how it drives stewardship in the network. Invites are provided to users on a limited basis. They are mined, just like regular Merit is, and distributed a bit more randomly than Merit is.

Since each user in the network has to be thoughtful about how and when to “spend” their early invitations, they are likely to consider the most important factors in building a great foundation. This means that every early member of the Merit community will be screened personally by an existing member of the network. This makes it dramatically harder for bad actors to enter the community. And, best of all, the top stewards are able to get extra mining rewards as part of every block.

Safety first

Merit, aiming to be the world’s most adopted cryptocurrency, believes that safety is paramount. All members of the community, irrespective of technical and financial background, should have the peace-of-mind of knowing that their money is safe. This is decidedly not the case with traditional cryptocurrencies that leave users looking over their shoulders for hackers and not fully grasping the unforgiven terrain that they are in.

Vaults: The missing savings account on the blockchain

In the same way what we have savings accounts with traditional Banks, Merit empowers users to protect their money on the blockchain through vaults. In many ways, vaults are even safer. All without ever having to rely on a third-party to keep your money safe. Vaults have a number of powerful features that keep your money safe:

  • A separate, super-secret, password (key) that you can use to reset your vault.
  • A whitelist of send-to addresses for your vault.
  • Rate limits for how much your vault can spend.
  • Multi-signature vaulting, requiring two or more authorizers of any transaction.

Vaults: The missing savings account on the blockchain

Vaults: The missing savings account on the blockchain

Safe and easy escrow on the blockchain

Safe and easy escrow on the blockchain

Safe and easy escrow on the blockchain

Merit’s robust MeritMoney protocol allows users to send with peace-of-mind and ease. Users do not even need to know if their recipient has ever used Merit before or if they have a Merit wallet. If they don’t have a wallet, Merit will store the money on the blockchain on escrow for them to access once they are a member of the community.

Further, MeritMoney transactions have the ability for users to set an expiration date for them to be accepted and an optional password to make it 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.

Cancellable transactions

Merit’s 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, until now, the blockchain has ignored this reality of human nature. Not so with Merit. Merit’s MeritMoney transactions can be cancelled up until they have been accepted by the recipient. Further, Merit transactions can even have an expiration window.

Want to send transactions the classic way? To an anonymous address and almost instantly? Don’t worry, you can do that too.

Cancellable transactions

Cancellable transactions

Simple mnemonic-based recovery

Simple mnemonic-based recovery

Simple mnemonic-based recovery

Loss or theft of phones and computers is an unfortunate reality that users are faced with. Merit gives you the peace-of-mind associated with backing up wallets using a powerful mnemonic-based recovery. All you need to recover your wallet is to record your 10-word recovery phrase. You can even export your wallet recovery phrase to a QR code that can be scanned using the Merit Wallet import tool.

Indestructible

Merit, unlike other digital currencies, is indestructable. With other currencies, users can send to any address that conforms to a certain size and shape. If you accidentally enter a typo in the “to address,” you could permanently destroy your money. With Merit, all addresses on the network must belong to a real user. Because addresses are beaconed onto the network during the invite process, the network enforces that all Merit is sent to a real person; not into the void.

Indestructible

Indestructible

EASIER

To be the world’s most adopted cryptocurrency, Merit has to be dead simple. That principle has pervaded all elements of the design and implementation of the Merit protocol.

34-Digit Keys? No Thanks

One of the most challenging things about blockchain and digital currencies today is the notion of complex keys as addresses. These keys are a long series of letters and numbers that look like this: 1ECGUKEosEhaZnywCVxw6e1VUcPRqGkhvd. Imagine saying that to someone over the phone.

Merit has a powerful identity engine that lets users create an optional identity that makes it easy for others to send to, such as “max” or “adil.” It doesn’t get much easier.

34-Digit Keys? No Thanks

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No Headaches or Back-and-forths

No Headaches or Back-and-forths

No Headaches or Back-and-forths

Unlike other digital currencies, which require both parties to set up a wallet on the blockchain in advance of transacting with each other, Merit lets you transact with anyone you want to at any time. The powerful Merit sending protocol allows you to send money via a simple link via SMS, email, or chat. You do not need to know the recipients address or their Merit identity. Better still, they do not even need to be part of the Merit community yet. They can claim their Merit once they join. All without relying on a central party to hold their Merit for them.

No Headaches or Back-and-forths

Email

No Headaches or Back-and-forths

SMS

No Headaches or Back-and-forths

Chat

A BEAUTIFULLY SIMPLE MOBILE WALLET

You can take Merit with you wherever you go by using the easy Merit Wallet mobile app. It integrates with your contact list, so you can easily look up the recipient and send an MeritMoney link to them via email or SMS. Further, you’ll get push notifications when you receive Merit, earn a mining reward, or receive invite requests from new users.

A BEAUTIFULLY SIMPLE MOBILE WALLET

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A SIMPLE SCAN IS ALL YOU NEED

A SIMPLE SCAN IS ALL YOU NEED

A SIMPLE SCAN IS ALL YOU NEED

When you are nearby others, you can easily request money by showing them the QR Code on your receive screen. They can simply scan it, confirm the amount, and click send. That’s it! You can even request an amount of Merit in your generated QR code. It makes any kind of face-to-face transaction a snap.

A STRONGER TECHNICAL FOUNDATION

The easiest products to use are often the hardest products to build. Digital currency is no exception. Merit strives to harness the power and security of a decentralized blockchain, all while delivering the same simplicity that users have come to expect with the the apps that they use in their daily lives today.

Merit innovates at the protocol level in a variety of ways to bring this vision to life.

Taken to the next level.

Of all the major digital currencies, Bitcoin was the first, and decidedly the largest by market capitalization and trading volume. It has had an open-source code base for 10 years, with thousands of eyes on it and hundreds of contributors actively improving it. For this reason, Merit chose to use Bitcoin as it’s foundation. We’re proud to build on the shoulders of giants.

Improving the throughput by 50 times.

Improving the throughput by 50 times.

The first order of business in improving the protocol was throughput and transaction speed. Whereas Bitcoin issues blocks every 10 minutes, Merit issues blocks every minute. This empowers users to make and confirm transactions more quickly. Merit’s block size is also considerably larger, at 16mb versus Bitcoins 2mb.

Making it better for the planet.

Making it better for the planet.

Merit’s innovative approach to mining is better for the planet because it requires less CPU power and, as a result, requires less energy to function at a high speed. That’s not to mention that it makes the mining ecosystem more accessible to people without huge data centers or millions of dollars to invest in computing infrastructure.

Being inclusive from beginning.

Being inclusive from beginning.

Merit’s vision is to be inclusive of all types of users from the get-go. That’s why the Merit team focused on building both a mobile as well as a desktop wallet application. Further, one does not have to be a technical expert or a software engineer by training to succeed in the Merit ecosystem.

A world class team

Merit’s team goes a long way back. Max and Adil have known each other for 18 years. Tony, Eugene, and Josh worked with Max and Adil at FoxCommerce, and the whole team has gelled, working as a cohesive unit for almost three years before jumping into Merit together.

And members of the team are no stranger to building great things. Whether it’s it a $100m+ business or an epic open-source project, they are unified by passion and craftsmanship.

Adil Wali

CEO

Technical founder. Multiple 100+ person companies; one $100M+ company.

Maxim Khailo

CTO

Technical-leader with strong background in machine-learning and AI. Previously at Nokia and FoxCommerce. Author of Fire*

Tony Grebnev

Principal Engineer

Background in building distributed systems and eCommerce.

Eugene Sypachev

Senior Engineer

Background in building user-centric software and leading teams.

Josh Ferrerra

Engineer

Strong background in mathematics. Worked on distributed systems at FoxCommerce.

Fedor Avetisov

Engineer

Product-centric engineer with a strong focus on usability and UI.

Ibby Hadeed

Engineer

UI engineer with a deep expertise in JavaScript. Ioinic contributor.

Vladimir Gutorov

Engineer

Strong UI Engineer with a focus on user experience and awesome design.

Jason Givens

Product Lead

Technical and product leader. Strong focus on UX and flow.

Louis Koester

Senior Engineer

UI engineer with expertise in visualization of data and real-time systems.

Alex Brown

Senior Engineer

Full-stack engineer with a passion for modular, high-scale systems.

Andrew Zhuravchak

Engineer

Engineer with a passion for algorithms and machine-learning.

A controlled-growth model

Yes, there is such a thing as too fast. Anyone following the meteoric growth of digital currencies in recent years has seen intense volatility, unfortunate thefts, large-scale scams, and a community of users that are still trying to catch up to the technical concepts and limitations that they are working with.

A controlled-growth model

That’s why Merit has created a controlled-growth model that enables all members of the community to act as stewards, all while the community works together to harden the core technology and bring more users into the ecosystem. With Merit, every new user is screened and confirmed by an existing member of the Merit community before they join the community. Beyond that 6-month lift-off period, Merit will still require an invite code to join the community, but will not require the explicit screening step.

What are you waiting for?

Get the Merit wallet and and become a part of the global community.

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