Digital Social Currency

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= EU research project

Description

The D-Cent "Digital Social Currency pilot projects will experiment and test a new notion of proof-of-work: the Social Proof-of-Work, which is roughly the proof that a member in the system is endowed with coins as a reward to an action in the real world while abiding to community rules and enhancing collective values,” states the NESTA website. “By linking democratic deliberation with currency creation through the Social Proof-of-Work, systems can be designed to enable a flexible currency supply set in real time at the light of users trust management dynamics. The basic tenet is to consider social currency as reputation management that can inform the money supply of a complementary currency in terms of tolerance to credit risk.” (https://bitcoinmagazine.com/20829/d-cent-launch-blockchain-based-digital-social-currencies-e1-9-million-funding-european-commission/)


Examples

– Social Kronas, a blockchain-enabled municipal currency and reward system for political participation in Reykjavik (Iceland); – The evolution and decentralization of Eurocat, a complementary currency launched in Barcelona (Spain) in 2014; – A decentralized social remuneration system that can reward the contributions that members of the Helsinki Urban-Cooperative Farm (Finland) perform to the common interest of the cooperative. This model will be also piloted at a cultural center in Milan (Italy).


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