British Town Tries its Own Crypto

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Schools out, nothing to do, how about volunteer and get some good boy’s points? Or, in this case Hullcoins.

Not Hulk, no, a British town that doesn’t have a great reputation, but perhaps that’s why they’re trying all they can.

In this case a cryptocurrency supported by Hull City Council, the NHS, the local University, Hull College group, the Department of Work & Pensions and 140 participating retailers.

In effect, everyone within this local community is backing the experiment which has a somewhat interesting twist from other projects we have seen as it has a social aim.

The idea is to provide local community groups with “bundles” of coins at 500 per instance. Then, they can give them out to volunteers or if there’s a particular need or if a person shows particular improvement.

Individuals that are rewarded with the coins can then receive offers from local businesses in the way of discounts from 5%-50% by advertising say 25% discount for 10 Hullcoins.

To keep the coin-economy running, businesses can allocate them as a bonus for their own employees, give them as reward for certain customers, or simply donate it back to local community groups.

Hullcoin in a nutshell

The project has been in development for some time, arising form a research fund by the local council, with the coins pre-mined.

If successful, they might expand to other cities, making it very much a novel experiment due to the use of blockchain technology.

The idea itself has probably been tried before, but it would have been tried with paper coupons which are very easy to lose and even easier to forget. Therefore it might have prevented an economic cycle.

While here, as the reward tokens are digitized and can potentially be incorporated even in popular crypto-wallets, the only thing you’d need to remember is that you have Hullcoins because of course no one dreams of going out without their smart phone nowadays.

Thus making it far easier to use, so giving it a lot more potential to work, but whether it will or otherwise remains to be seen at this stage.

Source: trustnodes.com

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