Neighborhood Currency

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Until recently, largely for reasons of accountability, it has been near-impossible to create a workable neighborhood currency. But with the development of blockchain technology, the prospect of a workable currency is possible and, if Colu (see below) is to be believed, imminent.

In considering the pursuit of this opportunity other advantages that might be derived from using a blockchain should be considered, for example identity and voting.

Advantages[edit]

Imagine if all of the users and contributors to JacksonHeights.nyc also had a direct, monetary interest in its success, one that reflected their own contributions as members. What impact would a local currency have on the neighborhood?

  • As per Colu, 66% of traditional money spent in a local business stays in the neighborhood, compared to 30% when spent in a chain or multinational. [1]
  • Voting on local issues might be more trustable.
  • We'd be able to identify one another.

Decentralized platforms often launch half-baked and without clear use cases. As a result, they need to go through two phases of product-market fit:

  • product-market fit between the platform and the developers/entrepreneurs who will finish the platform and build out the ecosystem, and
  • product-market fit between the platform/ecosystem and end users. [2]

References[edit]

External Links[edit]