About the research
This research is promoted by Yakko Majuri and Victor Silveira, two blockchain entrepreneurs with combined experience in Economics and Software Development. Greatly interested in the application of Distributed Ledger Technology as a way to power social impact solutions, we saw a natural fit between blockchain and the concept of complementary currencies. Our belief is that the local currency model is a sound approach to driving economic development which often fails to reach its potential due to the difficulties associated with its implementation. Thus, we propose the usage of blockchain as the underlying technology to power local currency systems, arguing that this approach would be more efficient, cost-effective and secure. We explore the advantages of a blockchain-based system as well as its current limitations, going as far as to propose a basic Ethereum implementation using Solidity smart contracts. Our hope is to incite interest for this new and understudied research space, as well as encourage new complementary currency systems to experiment with using blockchain technology.
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