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Liverpool launches own digital currency based on blockchain

A previously announced launch of Liverpool’s pound was successful. And a new digital currency that uses technology from Israeli-based blockchain startup Colu has more than three thousand users at the moment. It is reported by The Telegraph.

Liverpool Local Pound (LLP) is a service for the local economy that uses a specially designed application. All transactions with LLP are recorded in the Bitcoin’s blockchain.

The launch of LLP was sponsored by Independent Liverpool, a small business support organization, which is located in one of the largest cities in the UK.

Users need to download a special application to join the initiative. New users receive five free coins as a starting bonus and further replenishment of the digital wallet is done through the traditional bank card. All transactions between merchants are instantaneous and a variety of discounts and offers are an additional incentive to use LLP.

ʺUsers get more for their money than at traditional calculations. In addition, they build stronger connections with the local community,ʺ CEO of Colu Amos Meiri said.

The service’s monetization has £25 fee per month and, moreover, Colu plans to levy a 5 per cent fee on users when they take money out of circulation.

ʺWe want to encourage users to spend money with other local suppliers,ʺ CEO of Colu explained.

According to company’s calculations, a maximum number of users of LLP can reach half a million eventually.

Additionally, collects data on its users – such as name and favorite hot drink – which can be used by merchants to provide a more personalized service. Also, given the international presence of Colu, it means that an Israeli barista would know what kind of coffee or cocktail his English customer prefers.

Priviously, Colu has released two coloured coins in Israel: digital shekel in Jaffa and Florentine neighborhood in Tel Aviv, a quarter known for its entertainment facilities.

It is also expected that a similar local currency will be launched in the near future in Camden, a north-western part of London.

A technology of coloured coins, which was developed by Coul last year, has been used by a Bitt start-up in order to create a digital version of Barbadian dollar based on Bitcoin’s blockchain. Also, the Israeli startup has also launched a separate project in Brazil, where it is planned to launch Bitreal in partnership with a number of local banks.

Source: forklog

  • February 2, 2017 5:43 PM MSK