Merit Launches Invite-Only Cryptocurrency

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Non-profit organization Merit Foundation introduced its digital currency, MRT, and wallet. It announced $1 million self-funding to support its non-profit business model.

A person with access to the Internet can use this cryptocurrency for daily activities such as splitting a restaurant bill or buying clothing online. Merit claims it created a cryptocurrency and wallet as easy to use as Venmo, Paypal or the Apple Cash app.

Merit's invitation-only blockchain is community-driven, grows with its users, and uses a mining model to reward them accordingly.

No one can join without having been referred by another member. The Merit protocol keeps track of the referral tree, and selects top ambassadors to participate in the mining reward in each block.

MRT features decentralized vaults and escrows on the blockchain. The company says vault can be recovered in a totally decentralized way through the use of trusted guardians even if password is lost, unlike other digital currency wallets.

MRT, can be sent as a tweet, SMS or Email, and is claimable without wallets.

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