New invite-only cryptocurrency “Merit” owned by the Modcloth’s co-founder launches today
Nowadays, cryptocurrency is becoming popular amongst people not just for trading but for purchasing different things.
The new cryptocurrency called “Merit” implies payments to other persons, buy things and manage your own wealth easily. It is supposed to be as simple to use as PayPal and Venmo. Its official launch is today. The CEO of the company is Adil Wali who was an owner of ModCloth. ModCloth got sold off to Walmart last year.
Merit is being developed by Adil Wali and his nine colleagues working from Seattle.
The company has stated certain advantages about their usefulness to consumers. Firstly, it will eradicating any obstacles in the way of Blockchain investments and payments by enabling the new Merit cryptocurrency to send easily and smoothly. From user’s side also, its easy to send the cryptocurrency via SMS, WhatsApp or email.
It’s an invitation to reward users, with miners increasing potentially.
Merit is also creating its own vault that avoids any third party participation. According to the source, “A user could create a vault for his or her family, for example, one that only a family member could access through a passcode, and that has rate limits, so if anyone tries to hack into that account, that nefarious individual could only send, say, 100 Merit, before a family member was notified and able to reset the vault.”
Merit structure is very simple. It is a self funded company and Wali has invested $1 million into Merit.
Merit still needs to get listed on the cryptocurrency exchange. He stated, “Merit will work its way up that list, approaching the smaller exchanges first and, as the adoption of Merit grows, presenting a stronger case to go after bigger exchanges.”
Merit still requires retailer and corporate partners to gain significance. He stated, “Retailers’ first question is always, ‘How many people use this?’ In this case they’ll want to know, ‘If I accept this payment method, what does this open up to me?’”
He further added, “I want to have a good answer for that.”
Image via Medium