The team behind London Fintech Pynk announces the De-Fi project Meryt Protocol | By Capital | Capital | July 2021


Reputation-based DeFi method-Meryt protocol

The team behind Merritt Agreement Seeking to change the way decentralized digital organizations (DO) manage funds in the De-Fi field, and give value to users based on elite solutions. The protocol introduces a new reputation-based system to the market, which provides users with more voting weight based on users’ special efforts and skills, rather than the number of tokens held in their wallets. By doing so, Meryt will allow digital organizations and DAOs to manage on-chain funds in a truly decentralized manner, making the management of De-Fi opportunities easier and more efficient through low-code/no-code modules.

Meritocracy

As part of this new approach, the platform operates on merit. Meritocracies is a community-managed organization that enables users to gain greater influence by making more contributions to the well-being of the community. In elite management, the relevance of users depends on the value they bring to the platform. These networks provide a self-sustaining, self-managing organism, and decision-making power is in the hands of people based on their skills, time, and other contributions.

What problems does the Meryt protocol try to solve?

This method of entering the market helps alleviate many of the problems currently faced by decentralized DO. The current models for most of these agreements are based on financial weights. The more governance tokens you hold, the greater your voting weight. However, this approach has some limitations, which slows down the speed of adoption.

In addition, the decentralized digital community is organized around Web 2.0 tools (such as Discord, Slack, etc.). These platforms are mainly used for communication, but lack the functions that blockchain can provide and Web 3.0 organizations need. In order to solve these problems and accelerate adoption-the Meryt protocol provides low-code and no-code development solutions for the market, enabling digital organizations to better manage on-chain De-Fi investments.

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