I like the fact that this project was base on POG and POW. In addition, I also like the concept behind it either i.e the three pillars which the project was meant to trigger but I don't know if you guys are planning to do an ICO in the future because I read through your site and road map nothing was said about ICO
Meanwhile, how are you planning to do the whole thing if theres no ICO now and in future?
dev dont want ico because he has 1mil usd to invest in his coin.
Here's an article that details Merit's USD 1M funding:
https://www.businesswire.com/news/home/20180509005407/en/Merit-Emerges-Stealth-Announces-1M-Funding-AvailabilityAn excerpt from it will explain why there will be no ICO: "the ICO model incentivizes behavior to increase the valuation of cryptocoins before useful blockchain applications are created. Such front-loading of capital into an organization limits opportunities for decentralized acquisition, such as mining. It also harkens comparisons to the cash-rich, hollow startups of the dot-com era. Designed to grow as a healthy, sustainable system, Merit is decentralized and widely applicable, course-correcting back to Satoshis mission."
Wow! This is so captivating because $1M seems to be small for the concept the project entails and if
Merit teams could use such amount of money to finance their project I wonder why other ICOs said the need to reach their hard cap before they could manage their project proper, Adil Wali does have much experience.
It's true, 1M doesn't seem like much considering the scope of the project. But they also have additional sources of revenue in the form of market fees (the Merit market takes 0.75% as fees for each trade). Moreover, 20M MRT is pre-mined which will also contribute towards the project.
Looking at the amount of planning and execution that has already gone into the entire Merit system, I don't think the Team has somehow overlooked future running costs and expansion costs which is one of the most vital aspects for any project looking to scale. I'm sure they have something awesome planned for that as well.
With what I have seen so far concerning the experience and wisdom of the team. I believe they already have some plan about the future running cost of the project cause they have already from bitcoin vulnerability. Mind you, this project is voluntary project and I think the 0.75% will be meant for doing the project necessary activities.