Meros is instant and feeless, with all transactions and verifications happening on our DAG, yet secured via a proof-of-work blockchain. This blockchain is mined to earn voting weight, while also distributing newly minted Meros. Anyone can step up and start producing blocks, thanks to our algorithm which denies ASICs, FPGAs, and GPUs, and has built-in pool resistance to ensure decentralization.
Merit Caching is what sets Meros apart from all other cryptocurrencies. It’s a completely original consensus mechanism developed to match proper security with instant transactions. By mining a blockchain, miners earn Merit, a tokenized form of their contribution to the network’s security. This Merit isn’t transferable, and isn’t convertible to Meros. That said, it can be used to vote on transactions.
By using Merit to vote on transactions, miners are putting their historical security contributions to work in that very moment, without needing to wait for the next block to come around. When a transaction reaches a supermajority of Merit, it’s confirmed. If enough time passes without a supermajority being reached, the transaction with the most Merit behind it is confirmed (notably, in the case of double spends).
Any malicious actor who tries to cheat the system instantly has all their Merit removed. This action is stored on the blockchain, and is completely verifiable. The entire network attests to the issue. To get 61% of Merit, which is the amount needed to trigger the supermajority for both transactions in a double spend if all other votes are perfectly split, the group trying to cheat the system would need to get 61% of blocks for an entire year.
By combining the distribution and classic security of proof of work, with the insurmountable challenge of gaining the majority of stake in a proof-of-stake system, we successfully achieve proper security while offering incredible functionality.
Meros Development Fund
The Meros Development Fund is a decentralized system which empowers Meros to support itself via its community. Anyone can submit a request for funds. Anyone with any amount of Meros is able to vote. There are no requirements on having thousands of dollars of Meros, or having locked your funds for months. Every user is considered worthy by a fair system.
The Meros Development Fund was created due to a strong distaste for premines, even ones which are timelocked, yet an acknowledgement that cryptocurrencies need people working on them to proliferate. This doesn’t mean a company, or even an organized team in the same building. It means people who care about the project and talk with each other. While some quality developers would work on Meros without any expectation in return, which is how Meros has reached its current height, this model is, unfortunately, not sustainable. The Meros Development Fund lets us create a truly decentralized network with the resources it needs to thrive.
ASMR stands for Atomic Swaps for Meros. Atomic swaps are nothing new, and they enable secure exchanges between cryptocurrencies, without any middleman, preserving their trustlessness and decentralization. That said, they aren’t currently supported by all coins, for a variety of reasons. ASMR is the first implementation of a new protocol by the Monero community, which adds support for several cryptocurrencies.
While we only initially supported Meros, ASMR has grown to support Monero and Nano. As we designed and built it, we made sure to keep other cryptocurrencies in mind to easily enable this. Now, anyone using ASMR can select which coin they want to swap with at runtime; there’s no need to do anything with the source code.
We built ASMR because we don’t support tribalism. Cryptocurrency is groundbreaking work towards a modern, functional financial system. Every cryptocurrency out there tries to offer exciting functionality but has its own drawbacks, Meros included. We believe in fostering positive relationships with other parties in the space to improve Meros and cryptocurrency as a whole.