Merit Foundation has unveiled a new digital currency that it says will help support its non-profit business. MRT will become the first invite-only cryptocurrency open to those outside of the global, technological and financial sphere.
How MRT Works
Merit will become the first cryptocurrency to feature decentralized vaults and escrows on a blockchain. The cryptocurrency will act similar to PayPal, Venmo, and Apple Cash in ease of use and security. Uses for the new cryptocurrency will include daily activities like splitting restaurant bills and buying clothing online.
According to the Merit Foundation, the cryptocurrency and wallet are easy to use and are extremely secure. Both will seek to address the security and usability concerns that have stifled widespread adoption of virtual currencies.
“At Merit, we strive to get back to the original ethos of cryptocurrency: to use the power of blockchain technology to actually make our lives easier. We want it to be so easy to use that our least tech-savvy friends and family,” said Merit Founder and CEO, Adil Wali.
Non-tech savvy users will not experience any hurdles while using the new digital currency. It removes all the barriers of entry to blockchain investments and payments. Just like sending a tweet, users will be able to create and send MRT in a link to users worldwide. This happens via a communication channel such as SMS, WhatsApp or email.
Downloadable wallets are not necessary to get start using MRT as it is claimable without any wallets. Senders of MRT will also be able to cancel transactions, which have password protection, if the need arises. MRT users will be able to create vaults that are more secure than regular wallets, thereby allowing for tracing and accountability. That should prevent people from losing Merit upon sending to a wrong address.
Merit employs a new kind of mining whereby cryptocurrency is awarded based not only on proof of work, but proof of growth as well. Given that the cryptocurrency can only be acquired through invitations, top referrers will be awarded with a part of every block that is mined. The incentive model will hopefully promote users to allow for network growth.