The town of Hull, launches its own crypto-currency

Spotted by our editor-in-chief, Marc de Zordo, community workers and volunteers will soon be able to get discounts in local retailers and even reductions in their municipal taxes, through a technology that enhances the value of the tasks in a socially useful manner. The project, which was launched at Hull, a port city in the English in the east of Yorkshire, is an application based on the technology Blockchain. This project has received 240, 000 pounds of government funding.

If the results are favorable, the program could be rolled out on a national scale. It also attracts the interest of other european countries, the United States and Africa. Volunteers who earn Hullcoins will benefit from reductions in local stores.

Win Hullcoins by doing community work

A number of locations in the Uk, including Lewes and Bristol, have experienced this project with their own currency to stimulate local businesses. Unlike these currencies, the Hullcoins are crypto-currencies and can only be obtained by good works. A description of the work performed is recorded permanently in the currency.

 

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According to David Shepherdson, co-founder and chief executive officer of Kaini Industries, a non-profit corporation created to develop the technology, this initiative is a great thing. He sees these foreign currency as a loyalty card.

A project studied for 2014

The idea is born in 2014, when Mr. Shepherdson, then the chief financial officer to the board of directors of Hull, has been invited by Lisa Bovill, head of the social rights, to do research on the local currencies. They then decided to launch Kaini Industries.

Thanks to these crypto-currencies, the beneficiaries may take advantage of discounts generally ranging from 10% to 50%. The digital currencies are distributed in the form of QR codes on mobile phones. It is possible to gain from helping children to read, running youth clubs and organising activities for retirees.

Source : FinancialTimes