Re: [ANN]🚀🚀🚀Merit🚀🚀🚀[Proof-of-Growth][PoW][Vaults][Aliases][Escrow][No ICO]
It's really exciting to see such a positive response here on BCT. And I also appreciate all of the thoughtful questions -- and the constructive feedback. I'm even more proud to see members of the Merit community chiming in and answering before a core team member has even had the chance to!
Anyway, I'll try to start knocking out a couple answers now.
How do MeritMoney Links Work? - From @scambuster and steener83
First, MeritMoney links are the same as the "Escrow" links that we put in the title and in the main announcement. We used the term "Escrow" because we thought that it would be clearer and easier to understand for a more advanced audience like the one here on BCT. (We are still working to build awareness around MeritMoney Links as a concept.)
MeritMoney Links have some interesting properties that enable people to easily send/receive MRT, even when the recipient does not have a wallet yet. The tricky part in doing this, of course, comes down to doing it without centralization.
We actually implemented this at the protocol level with the creation of a new OPCODE that we call EASYSEND. The idea here is that the user is able to use a decentralized (blockchain-based) escrow for any transaction they wish. These transactions are signed by the sender, like any normal transaction, and sent to an intermediary escrow address, where they wait to be claimed or cancelled (if cancelled, they will be reclaimed by the sender.)
When a MeritMoney link is being created, Merit is creating a SecretKey under the hood will be used as part of the payload to claim the Escrow from the blockchain. When creating the Escrow on the blockchain, the sender also has the option to add a timeout as well as a secondary password. These will be assembled together to create the Escrow on the blockchain.
The recipient simply must produce the relevant secrets needed to claim the Escrow from the blockchain. This will, at the very least, include the SecretKey and the expiration blocktime. This same mechanism is used by the sender if they are going to cancel and reclaim the MeritMoney link.
So, if you, as a user are creating a MeritMoney link without adding a secondary password, then the link is as good as the money! This is, of course, the way that fiat works -- a dollar bill is spendable as soon as you pick it up off the street. The ultimate design of this on-blockchain escrow is to make it easy for people to send small amounts of money to eachother. If you are sending a large amoutn of money to someone, then it's a good practice to add a secondary password. This way, if the link is intercepted, the bad actor cannot actually access the funds.
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To make these escrows portable, we simply create a standard URI structure that can be used via the Web (as we do in our Web Wallet) or via a desktop protocol handler. The application just needs to know how to assemble the MeritMoney link's secrets together to attempt to claim the escrow on the blockchain. Today, our mobile wallets (Android + iOS), our Desktop LightWallet, and the WebWallet all know how to do this.
You can find more detail in the BluePaper in section 6.1 - Frictionless Transactions.
I hope that helps!
Very very interesting approach here. I haven't seen anything like this yet. Anyway, I'll try to start knocking out a couple answers now.
How do MeritMoney Links Work? - From @scambuster and steener83
First, MeritMoney links are the same as the "Escrow" links that we put in the title and in the main announcement. We used the term "Escrow" because we thought that it would be clearer and easier to understand for a more advanced audience like the one here on BCT. (We are still working to build awareness around MeritMoney Links as a concept.)
MeritMoney Links have some interesting properties that enable people to easily send/receive MRT, even when the recipient does not have a wallet yet. The tricky part in doing this, of course, comes down to doing it without centralization.
We actually implemented this at the protocol level with the creation of a new OPCODE that we call EASYSEND. The idea here is that the user is able to use a decentralized (blockchain-based) escrow for any transaction they wish. These transactions are signed by the sender, like any normal transaction, and sent to an intermediary escrow address, where they wait to be claimed or cancelled (if cancelled, they will be reclaimed by the sender.)
When a MeritMoney link is being created, Merit is creating a SecretKey under the hood will be used as part of the payload to claim the Escrow from the blockchain. When creating the Escrow on the blockchain, the sender also has the option to add a timeout as well as a secondary password. These will be assembled together to create the Escrow on the blockchain.
The recipient simply must produce the relevant secrets needed to claim the Escrow from the blockchain. This will, at the very least, include the SecretKey and the expiration blocktime. This same mechanism is used by the sender if they are going to cancel and reclaim the MeritMoney link.
So, if you, as a user are creating a MeritMoney link without adding a secondary password, then the link is as good as the money! This is, of course, the way that fiat works -- a dollar bill is spendable as soon as you pick it up off the street. The ultimate design of this on-blockchain escrow is to make it easy for people to send small amounts of money to eachother. If you are sending a large amoutn of money to someone, then it's a good practice to add a secondary password. This way, if the link is intercepted, the bad actor cannot actually access the funds.
----
To make these escrows portable, we simply create a standard URI structure that can be used via the Web (as we do in our Web Wallet) or via a desktop protocol handler. The application just needs to know how to assemble the MeritMoney link's secrets together to attempt to claim the escrow on the blockchain. Today, our mobile wallets (Android + iOS), our Desktop LightWallet, and the WebWallet all know how to do this.
You can find more detail in the BluePaper in section 6.1 - Frictionless Transactions.
I hope that helps!
The thing I do not understand is how you can send this to a user without Merit. Other posts have stated that a user cannot send or receive MRT until they have been invited and approved by another user.
So, how can they assemble the secrets and take the MRT from escrow in this case? Is there some kind of special exemption for these EASYSEND escrows on the chain? In other words, a user needs no invite to claim money from it?
The feature is amazing to be honest. You can setup a MeritMoney link or MeritInvite link and the user who is brand new (not a current merit member) and it will include an invite in the process. So not only do they receive the Merit , but they also get unlocked.
I know this is going to sound cheesy , but if you (or anyone reading this) wants to literally try it PM me and I'll send MeritMoney to you.
So freaking cool.
But how do MeritMoney links work if they just store the Merit in escrow?
If I send you a MeritMoney link, i'll see the funds leave on my end. It's out there - kinda in a smart contract type setup (scripting).
I'll live out there until you claim it (by joining Merit and creating a wallet and BOOM it appears in your wallet) OR It'll stay out there until I cancel it on my end. It will return.
If you're looking for more technical, just let me know.