Interesting! I perused the website and whitepaper and I love the idea of an adoption lottery to incentivize folks to invite their friends.
One of the things I noticed you mention is the idea of decentralized recovery of your account. Is there a URL you could point me to that talks more about how that’s implemented?
The lottery is not only to incentivize people to invite others. You can be part of the lottery without having to grow the network by staking. So you can also think of it as an “interest-bearing account” on the blockchain or a digital interest-bearing “bond”. The reason is your lottery score is based on the coin age of your wallet and your network. So if you don’t care about growing, you can still be part of the lottery.
In regards to decentralized recovery, unfortunately, I need to expand on that more in the bluepaper. I don’t have a url but can explain it here.
Merit has specialized opcodes (this is already implemented and live now) for building what we call Vaults. Vaults have two keys, a spend key, and a master key. The spend key is used to transfer funds out of the vault and is limited in certain ways like a whitelist of where it can spend and rate limiting. The master key can take the funds and change different parameters of the vault, including what the master key is.
The idea behind decentralized recovery is to use a multisig opcode for the reset part where the creator of the vault only knows who must sign the vault reset. The rest is mostly a UI problem, but basically, the person would pick 3-5 people who don’t know each other as the signatories. They can then only require N-of-M signatures to reset the vault.
If your master or spend key is lost or compromised, you can use your “guardians” to sign a reset transaction which allows you to change either or both keys.
So it’s a way to recover and protect the vault without requiring a central third party.