WAT System
= Japanese complementary currency system
URL = http://www.watsystems.net/
Description
"Since summer 2000 local currencies in all regions are mainly using an account system which is quite established in barter rings. The administration group which is necessary for its management and the costs that come along with it have continuously led to serious complaints. In trying to find a solution to this situation, Eiichi Morino, the leader of the Gesell Research Society Japan, investigated whether the bill of exchange which is widely used among merchants, could provide an appropriate measure. The challenge was to find a method for solving the question of organisation and - in case of issued tickets - how to avoid the necessity of controlling their amount. Thus the WAT-system had been developped. The difficulty in existing local currencies to carry out barter deals over a longer distance was overcome by building a smooth circle of trust, a relatively new way of creating value and by an equal level of relationships between participators in a smooth circle of solidarity and relative trust. The local currency is realized on a peer-to-peer basis. For this reason there is no superior administration group controlling the relationships between ordinary participants. Whoever is ready to accept WAT-tickets as payment simply becomes a member of the circle. Another peculiarity is the standard of value within the system. The value of 1 WAT is compared to 1 kWh of electrical current, generated in a citizen's co-operative, to an appropriate span of time of easy work and an approximate amount in Yen. Presently this means, that 1 kWh of electricity generated by natural forces (wind, water, sun etc.) equals to about 6 minutes of simple work or about 75-100 ¥. It is assumed that the costs for generating electrical current from natural sources will go down by the time. Since momentary costs for 1 kWh are equal to about 6 minutes of human working force, this had been set as basic value for the WAT-system. The system was implemented in August 2000 and began by distributing WAT-forms and the founding of an association of WAT-friends. In the beginning participants came from local currencies in all regions and about one month later the WAT-system began to spread among people who had not yet come in touch with local currencies." (http://www.watsystems.net/watsystems-translation/english.html)