Currencies for communities.
Millions of online communities want to monetize their user bases, and grow by attracting members.
Millions of online communities want to monetize their user bases, and grow by attracting members.
YouTube Channels
Reddit Forums
They want to properly incentivize contributions,
reward helpful behavior with more resources,
while making disruptive behavior truly costly.
Open Source Projects Collaborative Projects
(even to those with massive outside resources)
Step 1: They issue their own currency.
This lets them get things done without raising outside capital. It will circulate within the community, which can never run out of its own currency.
Step 2: They distribute it to consumers.
Grow Virally Reward members for inviting new guests. Reward guests for joining and on-boarding.
Increase Engagement Reward members once a day for logging in, sharing content and discussing with others. (Universal Basic Income)
Step 3: They set up payouts to vendors.
Pay employees and contractors hourly or for specific products and services. Attract teams of contributors to compete solving problems and creating assets the community needs, reward the best ones.
Contests
Step 4: They start to create liquidity.
Allow members and visitors to purchase the local currency for a 5% discount. Allow vendors and importers to sell the local currency at a 10% loss.
members Cashing into the currency results in a visitors
discount on everything in the community. 5% discount
Cashing out vendors to pay outside vendors results in a importers loss to those who buy outside the community. 10% loss
As a result, everyone tries to recruit outsiders to accept the currency, thus expanding its network effect.
Step 5: They join the Intercoin network.
It acts as a decentralized exchange between all networks and coins, and a gateway to outside fiat and crypto currencies.
The community gains access to the network effect of the growing Intercoin network. Members are now able to seamlessly make payments across currencies.
Many communities in the real world have their own local economies.
Businesses Organizations Schools Cities
Step 1: They issue their own currency. Step 2: They distribute it to consumers.
to potential tourists as a promotion to their own students as a stipend to their own citizens as Universal Basic Income.
Step 3: They set up payouts to vendors.
Consumers begin to prefer paying local vendors. Vendors begin prefer to pay local workers. The local economy is strengthened, as opposed to running out of currencies issued by outside forces.
Step 4: They start to create liquidity. Step 5: They join the Intercoin network.
Online Universities Companies
Towns Venues
Limited supply of at most 1 billion Intercoins held on reserve by more & more communities.
Step 6: Publish economic statistics.
Merchant addresses are tagged with categories such as “food". The local network calculates the average amount per time period spent on each category and generates a report.
New Coins Issued to all Community members for “food”. Members are continuously polled as to how much Basic Income should be issued to subsidize each category.
Step 7: Make decisions democratically.
Roles and Permissions Set up and enforce rules about community governance, and which roles can do what.
Provably Random Polling Let members vote in a continuous poll to adjust community’s monetary & fiscal policy.
Step 8: Learn from others and improve.
Economic Laboratories Each community can set its own policies.
Align Public Incentives Funding Universal Basic Income through taxes on pollution, plastic, etc. gets public support solving collective action problems.