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. It is a unique currency to be used by the people and businesses of Hull, which will reward people who are doing great things for their community by offering discounts in local businesses. To enable this we have developed Hull’s own cryptocurrency which uses the technology behind bitcoin. A web platform to facilitate activities and offers, and a smartphone app for making transactions, will be free to use for everyone in the city. We want to get the people of Hull using HullCoin, experiencing its benefits and setting an example for innovation and community action for the rest of the world. We are raising money to further develop HullCoin and put it into practice. This cannot happen without your support, so make a pledge today and help give your community the credit it deserves! How does it work? 1. Volunteer… 2. Reward… 3. Charities and public bodies dispense coin… 4. …

What we'll deliver:

  • Completion of a bespoke website for the facilitation of HullCoin transactions
  • Release of IOS and Android smartphone app providing digital wallets
  • On-boarding of 4000 people onto the platform and using HullCoin
  • 52 organisations registered onto the platform issuing HullCoin
  • 144 local businesses registered onto the platform and accepting HullCoin

Why it's a great idea:

HullCoin has the potential to transform the lives of people in Hull. Through harnessing the energy and commitment that organisations and individuals employ everyday to make their communities a better place to live. Here is a short list of how HullCoin will impact upon the lives of the people in the city of Hull: - Economic Benefit Everyone who undertakes an activity that has a positive effect on the lives of others or improves their own circumstances can be issued with a credit that can be exchanged as a form of discount on local goods and services. This provides a unique way of people being able to subsidise their incomes by creating access to affordable products e.g 20% of their weekly shopping bill. - Capturing of outcomes using blockchain technology - Supporting local businesses - Education – A school can encourage and reward parental engagement within school services by recognising participation by issuing HullCoin creating a bala - Environment - Health - Volunteering

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 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 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

We're currently looking for people to offer skills and stuff to develop our project! Check out the list of what we need below and then use the 'Offer Something' button to the right to get involved.

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