Challenge and Goal
We envisage the LocalPay powered systems as a day-to-day experience for millions of people worldwide. Connecting and paying with self-generated currencies will be easy, free, and secure. The general public will understand and prefer their own monetary power, trusting themselves and their neighbours rather than a corrupted banking sector or volatile cryptocurrencies.
Localpay.Tech Proposal Oct2018
Local currencies have been held back by a lack of cutting edge technology, standards, information and training. The goal of the LocalPay Technology Project is to support infrastructure development, build the IT systems that will allow us to significantly grow our current user base and ensure an open-source future for the non-money payments system of the post-industrial, abundance economy.
With this major upgrade, we are determined to continue supporting local currency initiatives, with free software based on open standards so they cannot be captured by monopoly-seeking commercial platforms. If you are a donor or investor, then this principle is key. We frequently see speculative investment going into tiny, nascent systems seeking to make unfair profits by establishing monopolies. If that continues, then donors and investors in this field could be damaging the future scaling of community exchange. As the largest providers of free software for grassroots community currency systems, led by UN-published internationally-recognised experts, we suggest donors and investors to talk to us as part of their due diligence before funding activities in this field.
After mapping technical trends against our user needs, we have develop a 21 month project proposal with 4 workstreams. The full plan and provisional budget is available upon request. The plan covers the following:
- Software development: Build the next generation of open source community management tools in coordination with other social movements and publish them open source. We will specialise in accounting and offers/wants. Create a migration path from the current systems to the new ones.
- Member engagement: Build a vibrant volunteer community from our current base. Reach out to group members with articles and training materials to grow our volunteer base. We aim to triple volunteer engagement and quintuple annual revenue from groups to the Collective from EUR 5000 per year to EUR 25,000 by the end of the grant period – with systems in place for continued growth.
- Public outreach: Conduct original research and make the case to adjacent networks why they should consider using the new protocols and new software to become part of a global movement. We’ll communicate through media articles, conferences, educational materials & workshops.
- Making the case with research: The vast majority of research done so far on local currencies is based on qualitative data from individual projects, many of which demonstrated very little impact. We will commission new research assessing the viability specifically of exchange networks, based on our trove of more quantitative data.
The LocalPay Technology project is very familiar with distributed ledger technologies such as Ethereum, Ripple, Stellar, Bancor Protocol and Holochain and also hopes to deploy a system enabling exchange between currency groups.