Announcing Meryt Protocol — empowering Meritocratic Digital Organisations to make better investment decisions.
Humans are changing the way they organise themselves.
Since the beginnings of modern human history, we have worked in centralised units bound by a single physical location. In the age of the internet and smart technology, we’ve seen a continuous transition towards reliance on mobile devices, wearables and smart home products. And now with the addition of the latest blockchain technologies, we can work with individuals across the world whom we have never met, permission-less in nature and with trust inherent.
In the future, we will collaborate and work in decentralised teams. Meryt Protocol will ensure that collaboration is based on the most appropriate criteria for any given Digital Organisation (DO).
Welcome to Meryt Protocol
Meryt is building a blockchain agnostic architecture, with a drag-and-drop Digital Organisation builder on top, that brings blockchain technology and it’s applications in DeFi to everyone — accelerating adoption of decentralisation.
In most typical protocols, governance exclusively uses wallet balance as the measure for voting power within the ecosystem. We believe that while this may bring some benefits, the drawbacks are considerable, and not always conducive to an effective and/or productive environment over the long run.
We have found a considerable gap in the emerging decentralised space…a focus on meritocracy. Most traditional work environments are not meritocratic (fair) at heart. They tend to reward those who already have the most wealth and power, and extract value from those who do not. The Meryt Protocol allows value provided by people — whether through effort, skill, insight or judgment — to be fairly rewarded by projects, increasing their voting power and ability to influence investment decisions accordingly.
Secondly, Meryt will allow Digital Organisations and DAOs to manage on chain funds in a truly decentralised manner, making management of De-Fi opportunities easier and more efficient through low/no code modules.
Problems we are solving
Governing bodies across the globe have often failed to bring talent, hard work, proactiveness and altruism to the forefront, wrongfully steering the general public towards championing financial power over true resourcefulness. Existing models of collaboration do not do a good job of aligning incentives between investors and users, instead focusing on maximum value extraction.
The governing system at the heart of the Meryt Network aims to break this cycle, allowing decisions to be made differently; deciding upon the weight of each participant’s opinion based on their level of contribution and resources they provide to the ecosystem.
Today, decentralised digital groups organise themselves around Web 2.0 tools such as Discord, Slack and others. These platforms are designed primarily for communication but lack the features that blockchain can offer.
Firstly, they are not privacy-focused or compatible with Web 3.0. They require email addresses, identity, mobile phone numbers, and centralised approval processes. They do not properly align incentives amongst individuals within a group, resulting in labour inefficiencies. Voting and consensus methods are primitive, leading to imperfect decision making. Finally, renumeration and transfer of value is taken care of off platform.
The future will see us organise ourselves around decentralised, tokenised platforms, where incentives are properly aligned for network participants. In a truly meritocratic structure, financial power does not determine how humans interact. The goal of the Meryt Protocol is to enable economies of scale by removing geographical barriers, cultural differences, and socioeconomic criteria in the face of true value generation. In doing so, Meryt will give any group of individuals a better chance to shape their future — by incentivising network participants through ‘meritocracy by design’ and ultimately will better enable those groups to make on chain investment decisions.
Ecosystem and Network Participants
Builders are the network participants with the objective to remove the technical barriers that inhibit mass adoption of De-Fi technologies. As a nascent industry, blockchain infrastructure suffers from deep fragmentation and terrible UX/UI.
Builders create and assemble modules (i.e. features or plug-ins) that fit the use cases and needs of Decentralised Organisations on Meryt. On Meryt, Builders can define how they should be compensated for their work and receive one-time payments or royalties from the Thinkers and Contributors that use their solutions.
Thinkers are the visionaries that aim to leverage blockchain and De-Fi to disrupt traditional business models and reimagine human interaction. They create Decentralised Organisations to address gaps in existing market solutions, manage and deploy on chain funds and solve problems inherent to either traditional businesses or first generation Decentralised Organisations.
Contributors are nimble network participants who identify areas of improvement that Decentralised Organisations can benefit from and proactively offer their skills to further the development of the ecosystem. Be it business developers, capital funders, researchers, developers or marketeers, anyone can become a contributor and put their skills to good use to generate value from themselves and the parties they help out. Contributors are the most sought after network participants. With their specialist skills, they bring Decentralised Organisations to life.
Tokenomics
Both DO’s and individual users can become validators upon meeting a minimum reputation, dictated by the combination of: amount of $MRT owned by holders and amount of $MRT staked on them by other users.
This approach is guided by the principle of adding more value to the ecosystem, resulting in a better reputation. A truly meritocratic approach to an ecosystem, which does not favour any one user, or collection of users, due to their balance no matter how big or small.
Token Holders are incentivised to take tokens out of circulation by staking them on others. They are rewarded for remaining committed for the long haul, as opposed to making a quick buck. They understand the long term potential of a full-stack meritocratic society governed by the people for the people, and do not renounce their ownership in the face of short term market volatility. Furthermore, they readily understand the need and potential for a low code / no code solution that empowers Digital Organisations to manage on chain funds across chains, protocols and token formats using an intuitive interface ready to capitalise on the De-Fi opportunity.
Token Holders embrace the vision of the founding team, the objectives of the Meryt Foundation and the roadmap of the Meryt Network. They are cognisant about the limitations of Meryt’s competitors, as well as understand that blockchain mass adoption is hardly achievable without an intuitive UX/UI and token utility mechanics that nurture organic growth.
Token Holders help reduce the velocity and price volatility of Meryt tokens, keeping them out of circulation in exchange for the prospect of value appreciation and passive income.
Curators rewards are obtained from fee redistribution as $MRT tokens; released from the Teasury as well as from royalties that result from the purchase of Modules, Services and payments to DO’s.
Products and Features
Alongside the Meryt Protocol are two supporting core products, each designed to democratise the potential of de-fi to different user groups ;
Build makes it easy for non de-fi dev teams to build DO solutions. Builders create modules (i.e. plug-ins or features), and place them in a repository from where anyone, be it Thinkers, Contributors or other Builders, can drag-and-drop and utilise at a cost.
Think is a ‘dApp’ with best in class UI/UX for non-technical users, allowing anyone to build their Decentralised Organisation.
Using the Meryt protocol, ‘Thinkers’ can created create DO’s, effectively mini-DAO’s, in any such way that fits their needs.
USE CASE EXAMPLE
Let us start with one you will likely be familiar with; early stage De-fi and Blockchain projects. Typically organised around a communication platform such as Discord — users are there to curate, build and develop a new project, find out how they can get involved and support — all with a view to seeing a return over time.
Using the Think dApp, a Thinker would start a new Digital Organisation-selecting the de-fi tools they want to use to ensure longevity and best possible outcomes. The builder selects from voting mechanics, consensus mechanisms, token rewards, and multi-sig sign off processes. Early supporters of a project are then incentivised and rewarded according to their contribution — and as the project grows they use these tools to manage their funds across De-Fi platforms, enjoying the appropriate returns over time.
Other use cases within the broader de-fi category include syndicate investing groups, data aggregation (see Pynk dApp below) and digital asset management. And there are more outside of finance.
THE TEAM
Meryt is brought to you by the team behind Pynk, whose founders are strong supporters of blockchain and de-fi technologies, decentralised decision-making.
Pynk is a FCA regulated fintech app with 50,000+ users across 190 countries who invest better, together — and our Wisdom IN Crowds™️ (WiC) system is meritocratic by design. The more our users contribute the more they earn and the system pays more or less attention to them based on their accuracy and consistency which supports our vision to ‘empower people everywhere to collaborate and create a more sustainable financial future for all’.
When exploring how to make our WiC system more equitable for our global Crowd and now to bring the De-Fi opportunity to our users, we found there was not a suitable platform for our needs — and the idea for Meryt was born.
Pynk are also big believers in community first co-creation, and, hence, encourage and embrace the contribution of Builders and Contributors alike in bringing the first iterations of the platform to market with the help of rewards, grants and bounty hunts, among others.
In addition to Team Pynk, Meryt is backed by Outlier Ventures.
Forthcoming Medium blogs from Meryt:
- Primary Use Case
- Ecosystem and Network Participants
- Token utility and tokenomics
- Roadmap
Please follow Meryt below to ensure you never miss a beat:
Thank you for getting involved early in the Meryt journey. Our lives have become dedicated to helping all to create better financial futures. It’s our firm belief that by working together we can do this. As we like to say, ‘because none of us are as smart as all of us’.
