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:
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:
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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