HullCoin

Impact data and claims within this report are provided by the project creator and have not been independently verified by Spacehive.

HullCoin

Kaini Industries By Kaini Industries

HullCoin is a new kind of local currency. People in Hull can earn HullCoin by undertaking activities that benefit the community and can then exchange them for discounts at local goods and services.

Hull Idea stage

This project is preparing for fundraising. Click Like to show your support, or Follow for updates on this project's journey.

HullCoin is a worlds first. Utilising the technology behind the cryptocurrency Bitcoin, Charities, Local Community Groups and Institutions can issue HullCoin to people who are doing great things in their community. Local businesses offer discounts for HullCoin in recognition of this great work. Every HullCoin has a time stamped copy of the positive social activity imprinted into it. This means that that everyone who earns a HullCoin retains a copy of the good deed they have done, the issuing organisation has a copy of the activity that they have helped stimulate in Hull's community and businesses receive a copy of the good news story they have provided a discount for. To enable this Kaini Industries has developed it's own cyrptocurrency, a web platform to facilitate activities and offers, including the opportunity to create individual user profiles and a smartphone app to to facilitate transactions in HullCoin. HullCoin is free to use for everyone in the city.

What we'll deliver:

  • Stimulate and reward community action by providing HullCoin to people helping to improve their local area
  • Encourage parental engagement in schools by rewarding them with HullCoin in return for discounted school uniforms
  • Promote healthy lifestyles by providing HullCoin for health related activities e.g. quitting smoking
  • Provide an incentive for more people to volunteer within the city
  • Supporting local businesses by linking great activities with increased footfall. Keeping money in the local economy

Why it's a great idea:

HullCoin was established as a piece of social policy research undertaken by Hull City Council. This concluded that by using the technology behing the cryptocurrency Bitcoin it was possible to create a new kind of economic system that rewarded the great often unrecognised acts of kindness that take place in Hull's communities every day. By issuing credits through a network of charities, the Local Authority and local community organisations it is possible to create a new way of people to contribute to Hull's communities through being rewarded by discounts at local businesses. This model has never been developed anywhere else in the world and represents a world's first for Hull. Alongside provide new ways for people, often unemployed or underemployed to contribute towards their community it also puts cutting edge technology into the hands of people and organisations that would rarely use such technology.

Steps to get it done:

  • 4,000 people registered to use HullCoin by August 2018
  • 140 retailers registered to accept HullCoin as a form of discount by August 2018
  • 76 community organisation registered to issue HullCoin by August 2018
  • At least one other city/locality adopting the HullCoin model by October 2018
  • 10% of total users using HullCoin on a peer to basis by October 2018

HullCoin has generated worldwide attention both in terms of the press coverage it has received but also in other towns and cities wanting to adopt the system. The press coverage has included features in The Guardian, The Financial Times, BBC News, The Big Issue and Tech North. We are also working collaboratively with organisations based in Endhoven, Cardiff, Leeds, Pittsburgh, Barcelona, London, Milan, Abuja and Memphis all presenting a desire to adopt the system we have developed in Hull.

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Location Hull

Hull has 31 other projects and £345,000 in potential grant funding

About the space

Custom Location

Council

Hull City Council

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How will the money be spent?Total £36,079

Reasearch & Development Tax Credits - £12,000 (33%)
Business Development - £10,000 (28%)
Technology Development - £6,000 (17%)
Project Co-ordinator - £5,000 (14%)
Office/Rent - £840 (2%)
Other - £2,239 (6%)

Costs Breakdown

This shows how money raised for the project will be spent. Before entering fundraising these costs will be confirmed by the project's Delivery Manager and verified by the verifier.

33%
Reasearch & Development Tax Credits
£12,000
28%
Business Development
£10,000
17%
Technology Development
£6,000
14%
Project Co-ordinator
£5,000
2%
Office/Rent
£840
6%
Other
£2,239
  • Spacehive fees
    £1,050
  • Transaction Fees
    £979
  • VAT
    £210

Total £36,079

Our Wish List

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