The team behind London Fintech Pynk announces the De-Fi project Meryt Protocol | By Capital | Capital | July 2021
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.
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.
Wealth and contribution
The current structure of most decentralized networks values financial power rather than true resourcefulness. This method will cause many problems. On the one hand, it will only incentivize users to focus on holding more coins instead of contributing other valuable assets such as their skills and time. Finally, using wallet balance as the main determinant of personal network value is not enough.
The developer’s dilemma
The Meryt protocol provides developers with a new way to connect with the community. By providing more incentives for ordinary users to be creative in their contributions, it opens the door to unlimited possibilities. It also allows skill-intensive users to provide more value without having to invest more funds directly.
Meryt protocol features
Has many characteristics, Merritt Agreement Bring to the market. On the one hand, it is designed as a self-sustaining platform. The network introduces a very low cost structure and is more scalable than its predecessor. Due to its technical characteristics, users can enjoy almost instant transactions when using Meryt.
Digital Organization (DO)
The Digital Organization (DO) is a core part of the Meryt protocol ecosystem. These teams are influenced by groups of decision makers. The network allows developers to easily build and integrate tailor-made DOs using simple and intuitive drag-and-drop functions. This approach provides developers with an easy way to implement an autonomous organism in their work.
On top of the Meryt protocol is a no-code solution for non-technical DO leaders (see Thinker below). It includes a feature set that provides decentralized teams with the DeFi tools needed to manage their De-Fi assets. These include, but are not limited to, multi-signature wallets, voting mechanisms, mortgage mechanisms, and identity modules. By doing so, Meryt makes Web 3.0 technology accessible to everyone, accelerates the adoption of De-Fi, and enables digital organizations to better manage themselves.
Meryt protocol mechanism
The Meryt protocol introduces some proprietary protocols to enable the network to complete its tasks. The network brings together builders, thinkers, contributors and stakeholders in a unique way. The first step in becoming an online voting member is to provide value.
What is my value?
The Meryt protocol determines the value of your network based on many factors. The system will evaluate your past contributions, such as your participation in the project. Specifically, the network will check your level of consistency, time spent, and value added to past businesses. It also reviews the accuracy of your insights, predictions, preferences, and the overall impact of votes.
The system also considers the number of tokens you pledge, the number of people you bring into the network, and the level of financial reserves provided. Finally, the mechanism will review your past reward levels and participation. All these factors combine to create an overall value score for each participant.
The builders play a vital role in the Meryt protocol network. They are the users responsible for creating modules. Modules can be anything, from features to plug-ins suitable for DO use cases and requirements. It is worth noting that builders can define their salary levels for their jobs. They can also determine payment preferences for their services. You can choose a one-time payment or royalties from thinkers and contributors who use your solution.
Thinkers are also an important part of the Meryt Protocols network. Thinkers are users who create digital organizations to address gaps in existing market solutions. One of their main goals is to generate payments for builders. Thinkers are critical to creating an environment for contributors to use their professional skills and create value for each other.
Contributors are users who help identify areas for improvement in the digital organization. Contributors earn income by proactively providing their skills to further develop the digital organization. You can think of contributors as designers, business developers, growth hackers, researchers, marketers, and other skilled users. For their efforts, contributors will get reputation and financial rewards.It’s live, you can Join here.
The build layer is where developers can design and launch their custom creations. You can find building blocks, functions, and even the entire organization in this section. Other developers can also take advantage of these features.
The thinking layer plays an important role in the onboarding process. Users can easily enter the Meryt protocol through this low code layer. The goal of Think Layer is to simplify the creation and launch of new digital organizations.
The native governance and utility token of the network is $MRT. Users need to hold $MRT to interact with the services and functions of the network. You can also pledge $MRT for passive income.
The mortgage function provided by the Meryt agreement enables anyone to obtain passive income. Pledgers are mainly users who do not meet the reputation level requirements of becoming a decision maker. These users can choose to delegate their tokens to others. This operation helps to enhance the security of the network.
It is worth noting that stakers help reduce the circulation speed and price fluctuations of Meryt tokens. They accomplish this task by removing tokens from circulation. In return for their efforts, pledgers will receive rewards, the prospect of value appreciation, and so on. The overall goal of the platform is to transform pledgers into builders, thinkers, and contributors in a seamless manner.
Meryt Agreement-Get value based on your actions
The platform concept that enables decentralized communities to better manage on-chain investments in an elite management manner is both unique and exciting. Users can now be more creative to help develop decentralized groups. By simplifying their creation and use, the Meryt protocol provides valuable services to the entire market.
For more information about Meryt, follow them on Twitter and Telegram https://go.meryt.org/bio