Pynk.io, an FCA-regulated fintech app creating a more equitable model for financial investment in the UK, is delighted to introduce the Meryt Protocol.
Meryt is a pioneering user-friendly, reputation-based protocol where the skill and effort of each participant are valued as much as the wallet size, thus empowering a meritocratic society.
The protocol aims to grow into a self-sustaining, self-governing organism that gives the decision-making power to the people contributing their skills, time, and money.
All participants help generate value for themselves and the broader network while earning a reputation. The higher an individual's reputation, the more decision-making power they possess in the network. To better their reputation, participants must add more value to the ecosystem.
This comes with a low and no code builder, that gives access to De-Fi tools and helps Digital Organizations better manage their on chain investments.
Users interact with one another in the network through the Meryt Token ($MRT). The Meryt token offering is coming soon, allowing early-bird investors to hold $MRT and participate in a truly fair ecosystem.
Why was the Meryt Protocol Developed?
The team at Pynk created Meryt to plug a gap in the emerging decentralized space, where inherent organizational flaws make traditional work environments autocratic and complication at the user level make managing De-Fi portfolios extremely challenging.
Autocratic governance models uplift financial capacities over fundamental skills and effort, taking the shape of altruism, hard work, or even proactiveness. These models focus solely on maximum value extraction, are discriminatory, biased, and completely lack transparency.
Unlike most typical protocols where governance relies on wallet size to convey voting rights to users, the Meryt Network focuses on creating a genuinely meritocratic structure; the platform is looking to break the cycle, allowing decisions to be made through a different governance system.
On Meryt, the voting power of each participant is based on their resources and level of contribution, be it skill, effort, insight, or judgment, they provide to the ecosystem.
The protocol, therefore, allows value provided by each person in the network to be fairly rewarded by projects. In this way, each participant can also increase their reputation and level of decision-making power over time.
Finally, it is built to facilitate better management of treasury funds using custom De-Fi tools that make it easier to develop and execute investment strategies. The project addresses the numerous challenges that come with De-Fi asset management and simply the process through plug and play modules.
An Era of Decentralised Investing and Decision Making
The team behind Meryt understands that human beings are finding ways to interact with each other. Since the advent of the internet, folks are working less in centralized units bound by a specific physical location; they are now collaborating in teams around decentralized, tokenized platforms.
Through its flexible modules that facilitate the creation of governance systems, the Meryt protocol will ensure that decentralized collaboration in the new digital era is based on the best criteria for each specific DO.
Currently, decentralized digital groups organize themselves around Discord, Slack, and other similar Web 2.0 tools that fail to align incentives for network participants properly. Furthermore, these platforms aren't privacy-focused, offer primitive voting and consensus models, and are incompatible with Web 3.0. Finally, transfer of value and payment is done off-platform.
Meryt seeks to solve these issues via its blockchain agonistic architecture. It offers the tools to enable economies of scale by removing geographical barriers, socio-economic criteria, and cultural differences. This approach allows for the alignment of incentives amongst individuals within a group through 'meritocracy by design' and it includes a feature set that powers decentralised teams with the DeFi tools needed to manage on chain portfolios. These include but are not limited to Multi-sig wallets, voting mechanisms, staking mechanism and identity modules. In doing so Meryt gives everyone access to Web 3.0 technologies, accelerating the adoption of De-Fi and empowering Digital Organisations to better manage themselves.
The Meryt Foundation understands that an intuitive UX/UI and a token utility system that fosters organic growth are vital for adopting the blockchain; they continually strive to integrate these features into its ecosystem.
Meryt Network Participants
Meryt deploys a unique resource allocation model to network participants, builders, thinkers, and Contributors. These groups work together to further the development of the ecosystem.
Builders are tasked with eliminating technical barriers that impede mass adoption of the nascent blockchain tech, such as fragmentation and terrible UX/UI. This group of participants develops and assembles flexible modules such as plug-ins or features that fit the use cases and needs of DOs on the Meryt Protocol.
The Builders' feature set drives decentralized groups on the platform with DeFi solutions. As compensation for their contribution, Builders get one-time payments/royalties from Thinkers and Contributors who use their innovative solutions.
Thinkers are the visionaries responsible for bringing market solutions, tools, and skills to benefit the entire Meryt ecosystem. These participants leverage blockchain tech to create DOs that disrupt conventional business models and bridge the gap in current market solutions.
Thinkers also seek to solve problems inherent to either conventional business models or first-generation DOs, facilitating seamless interaction between businesses and everyday people.
Contributors are the most sought-after network participants because they help breathe life into DOs. These network participants identify areas of improvement for projects on Meryt and put in the hard work and skills necessary to further the development of the ecosystem.
Therefore, any project on Meryt can tap into various skills from a massive pool of contributors from across the world and compensate them with $MRT.
Anyone can be a Contributor, be it marketers, business developers, researchers, capital funders, or code developers, and offer their specialist skills to generate value for themselves and the decentralized organizations they assist.
Besides the participants mentioned above, some Token Holders are incentivized to stake their $MRT holdings on others. This strategy reduces the velocity and price volatility of $MRT by taking the tokens out of circulation.
For their staking efforts and choosing to support the meritocratic society for the long-term, Token Holders are rewarded with passive income streams and the prospect of value appreciation for their holdings.
Meryt's Suite of Supporting Products
The Meryt protocol integrates two supporting core products that allow anybody to create their own DO easily.
The first product, dubbed "Build", facilitates users to design custom DO solutions, regardless of whether they have crypto expertise or not. Builders create plug-ins or features placed in a repository, from where Thinkers, Contributors, or other Builders can drag-and-drop and utilize them at a cost.
The second product, "Think", is a decentralized application ('dApp') and builder that offers top-of-the-range UX/UI to help non-technical folks with little coding experience create their own DO solutions. Thinkers can use this dApp to start a new Digital Organisation by selecting the DeFi tools that fit their needs, help them to better manage their treasury and make better decisions as a decentralised group.
What Next for Pynk?
So what does the introduction of the Meryt Protocol mean for Pynk? The 50,000+ Pynk users need not fret, as their favorite People-Powered Investment platform will continue to move forward in leaps and bounds.
The Pynk team plans to continue rewarding users for making predictions, challenging them with the Fantasy Fund Manager, and pushing on with their busy roadmap for 2021.
More so, the introduction of the Meryt Protocol will bring benefits to legacy users of the Pynk product despite Meryt and Pynk being run separately. Pynk will also leverage the Meryt Protocol to make better investment products for their platform.
For more information on Meryt, follow us on Twitter and Telegram at https://go.meryt.org/bio or join our contributor programme today.
