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It introduces significant innovation to previous digital currencies. Namely, it is:. Merit Core is a distributed peer-to-peer server that maintains a ledger using a global blockchain. For the convenience of all users, especially non-technical ones, you can also use Merit Core to mine on your machine with a couple of clicks. Download the latest release from the releases section.
Merit aims to be present wherever users of the community are. To that end, you can find members of the core team on:. You can find the latest releases of Merit here. Before you can use Merit and mine, you must unlock your wallet by giving it a parent key. Merit is currently invite-only and typically the parent key is owned by someone who is willing to invite you to merit. Once you unlock the wallet you will have to wait for the other person to confirm the wallet before you can mine.
Note, whoever invites will get a boost in their Aggregate Network Value ANV via your mining efforts and therefore your mining efforts help them earn mining rewards. Meritd will then start up and automatically connect to the main network and start syncing the blockchain.
The wallet should be fully synched with the blockchain before unlocking because if the person inviting you is a more recent addition, the referral won't be found and you will get an error. You can monitor the block chain sync status by running:. This will setup your wallet and notify the network. It will return your wallet information including your primary address.
Share this address with others so they can help boost your ANV. You can pool mine merit using merit-minerd or directly from the Desktop Wallet. A free pool is provided for all users by the Merit Foundation. Merit Core is released under the terms of the MIT license. Skip to content. Star Merit aims to be the world's most adopted digital currency.
MIT License. This commit does not belong to any branch on this repository, and may belong to a fork outside of the repository. Branches Tags. Cryptocurrencies are focused more towards technology but not on simplifying user experiences and that is what Merit project is working on.
Merit is a new decentralized open source cryptocurrency that is build with not-technical users in mind. But, Wait!? Did we say new currency? Merit currency has been recently announced on Bitcointalk but it is not new.
The project started on December and the genesis block was launched on January There is a maximum supply of Million MRT coins and out of which 20 Million coins have been premined and is currently locked in genesis block.
More information on this can be found below along with the coin specifications. The reason why Merit team delayed the public announcement is to present the project to public with a working product rather than making just promises. But most cryptocurrencies recently come up with this statement saying that we are focused on growth and ease-of-use.
So how different is Merit from these projects? In order for a cryptocurrency to sustain in the long run it needs to focus on user adoption. To achieve user adoption the project must first have a strong foundation. To build this Merit coin uses an invite system with an incentive model in it. One of the unique aspect of Merit protocol is growth mining. The blockchain network of Merit uses two consensus mechanism namely Proof of Work and Proof of Growth. Proof of Work is commonly know which requires advanced mining hardware to secure the network.
But what about Proof of Growth consensus and how does it help grow the network. Before we see about PoG here is what you need to know about the invites mechanism. As we said Merit coin is an invite only cryptocurrency and is the first coin to build this system. Not anybody can join this project, you must be invited in order to join the network. This model is designed to promote a healthy community and this is what makes the project indestructible.
So how does this build the community strong and enables stable growth? No, not everybody can invite users. In order to invite your friends or family you need to have an invite token. You need to earn invite tokens first and these tokens are limited in supply. As a result these invite tokens become valuable and people even started selling these invite tokens recently. Due to this scarcity of invite tokens users who own them think about inviting users only who best serve the community.
Now your next question is how do I obtain these invite tokens? Okay, but what good does this invite system bring to users who invite other users to the network? This is where growth mining comes in. In Bitcoin and other Proof of Work coins the miners are rewarded for securing the network. Proof of Growth is an innovative approach that is designed to reward people for growing the network strong.
Okay, so what is Proof of Growth, how does this growth mining works and on what basis does it rewards people? Growth mining is a new form of mining created by Merit team to incentivize users for building the community. Just like Proof-of-Work system; growth mining also operates based on a lottery system. Consider Proof of Growth system as Proof of Stake. In PoS the longer you hold coins the more you have the chance to win stake reward.
Growth mining is focused on stewardship and the blockchain keeps track of how effective each member has been in growing the network. This whole idea of growth rewards is to not only help build the community strong but also to retain participants on the network.
It really sounds like a good approach to build the foundation strong? Since cryptocurrencies are asset class keeping them safe is the most important thing one must consider first. But think about all those wallet keys that an user have to deal in order to protect their funds. If the keys are lost then all their funds are gone as well.
So just like traditionally banking system Merit coin is working on creating blockchain based decentralized vaults Guardian protocol which will allow users to recover funds even if they lose their keys. This whole approach offers freedom to users while maintaining high security for their account. If it is lost then there is no way you can recover your funds.
Next comes MeritMoney which is another core feature of Merit coin. MeritMoney protocol enables features such as cancellable transactions and escrows on the blockchain. Using MeritMoney you can password protect your money, set an expiration date and send it to anyone you wish. This particular feature ensures safety.
You can just enter the username of the recipient, choose amount and hit send. The link will invite them to the network and once they are done with the setup your money is also send to their address. This makes the whole transaction process simpler. Now as you have a clear understanding of what this project is all about you might be interested in joining the Merit network. We have some invites tokens available and you can use the link below to join the network. Make sure to copy this seed word and do note that if you lose them you lose access to your funds.
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