Geo-Weighted or Geo-Fenced Proximity Currencies: Difference between revisions
(Created page with "=Discussion= Via ChatGPT: "There are local currencies designed to incentivize local transactions by making nearby exchanges more valuable than distant ones. These are sometimes called "geo-weighted" currencies or "proximity-based" currencies." The techniques used may be the following: * Geofencing / Acceptance Limits: The currency can only be used within a restricted region. *Bonus for Local Transactions: Discounts or added value for transactions within a certain d...") |
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* Geofencing / Acceptance Limits: The currency can only be used within a restricted region. | * Geofencing / Acceptance Limits: The currency can only be used within a restricted region. | ||
* Bonus for Local Transactions: Discounts or added value for transactions within a certain distance. | |||
* Blockchain Smart Contracts: Automatically taxing distant transactions or rewarding close ones. | * Blockchain Smart Contracts: Automatically taxing distant transactions or rewarding close ones. | ||
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Concept: HullCoin is a digital community currency designed to stimulate the local economy by rewarding positive social behaviors. | Concept: HullCoin is a digital community currency designed to stimulate the local economy by rewarding positive social behaviors. | ||
Geo-Weighted Incentives: Participants earn HullCoins through community service or healthy activities, which can then be spent at participating local businesses, ensuring that the currency circulates within the community. | Geo-Weighted Incentives: Participants earn HullCoins through community service or healthy activities, which can then be spent at participating local businesses, ensuring that the currency circulates within the community." | ||
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Latest revision as of 15:20, 26 March 2025
Discussion
Via ChatGPT:
"There are local currencies designed to incentivize local transactions by making nearby exchanges more valuable than distant ones. These are sometimes called "geo-weighted" currencies or "proximity-based" currencies."
The techniques used may be the following:
- Geofencing / Acceptance Limits: The currency can only be used within a restricted region.
- Bonus for Local Transactions: Discounts or added value for transactions within a certain distance.
- Blockchain Smart Contracts: Automatically taxing distant transactions or rewarding close ones.
Examples
- The digital version of the Bristol Pound allowed geo-fencing transactions, restricting them to Bristol-based businesses
- Some new crypto projects (like those inspired by Michel Bauwens’ commons economy models) propose using blockchain to track transaction distances and apply a tax or bonus based on how "local" a transaction is.
Encointer
Concept: Encointer enables communities to create their own digital local currencies to boost local economies.
URL = https://www.encointer.org
Geo-Weighted Incentives: The platform emphasizes local interactions by requiring participants to attend in-person key-signing ceremonies within their community. This physical presence ensures that the currency remains community-focused and supports local economic activities.
Blockchain Integration: Utilizes blockchain for secure and transparent transactions, ensuring that the local currency operates efficiently and with integrity.
HullCoin (UK)
– Blockchain-Based Community Currency
Concept: HullCoin is a digital community currency designed to stimulate the local economy by rewarding positive social behaviors.
Geo-Weighted Incentives: Participants earn HullCoins through community service or healthy activities, which can then be spent at participating local businesses, ensuring that the currency circulates within the community."