Rough timing to launch a new altcoin, but the project looks pretty interesting.
Can you explain a bit more about how this invite-only thing works? And how is it the foundation for proof-of-growth, as the ANN states?
I believe invite-only has some nice properties.
0. provides a system of identities on the blockchain. You can use an alias instead of an address to send/recieve MRT.
1. Fundamental to allow Proof-of-Growth to work. Merit essentially performs a decentralized tree based lottery typically called a Lottree. We use a variation of an algorithm called the Pachira Lottree, which provides a balance of rewarding staking/growing the network. We didn't want it to be a requirement to grow the network, so Pachira allows us to do that. It balances fairness and growth and defends the network against sybil attacks.
2. Make a valuable identity on the blockchain. We believe people will use Merit over other currencies for daily use because they have a valuable identity that allows them to transact really easily.
3. Prevent spamming.