The rise of the merge between technology and societal improvements has been somewhat of a theme throughout a lot of my blogs in regards to blockchain and finance. This blog certainly fits in that category. Only this time, I will be exploring an actual digital currency, known as Neco, and explain its goals as a non-profit organisation.
What is it?
It is an eco-friendly digital currency which seeks to serve as a stable financial system. Similar to many local currencies, Neco places emphasis not only on community involvement but also community self-management.
Neco is exchangeable into all major fiat currencies (money that isn’t backed by gold). This includes the US Dollar and British Pound Sterling. This essentially means that it is accessible, especially considering that using Neco currency includes a free transfer.
Just like Bristol Pay, the free transfer aims to encourage more people to use the digital currency platform. With Neco, you can send money just by having someone’s email without any fees; in turn, this can also then be exchanged back into most fiat currencies. The use of email illustrates the relative accessibility of the currency; many people who have access to emails will be able to participate in the use of Neco Coin with ease.
A particularly interesting aspect of Neco is the emphasis on social improvements and the different ways it incentivises its members to carry out positive actions. Part of their goal is to reduce poverty and inequality.
All members are offered monthly Universal Basic Income (UBI). However, the amount that you earn is dependent on your ‘Karma Level’. Karma is a token earned for positive actions such as volunteering or even referring others to join Neco Coin. These tokens cannot be purchased, sold or transferred, which is important in making sure only those who carry out specific actions are rewarded.
It seems that, as with any new currency, whether local or digital, there is an increased focus on encouraging people to carry out valuable acts in exchange for goods. This is similar to SamenDoen, a Holland-based initiative that carries out similar schemes in the sense of rewarding participants with tangible tokens and vouchers.
As stated earlier, it seems that Neco Coin lays its foundations in similar values as many local currencies in terms of being community-centred and also eco-friendly. The main difference this time is that it is purely in digital form instead of the traditional paper format.
Whilst it is definitely important to keep up with the technological advancements in finance, it is equally as vital to make sure that everyone has access to these new systems. This is an exciting alternative to the other digital currencies and it will be interesting to see how this will impact communities both in the short-term and long-term future.
Our vision is to build a recognition system that transcends the value of money.
Learn more about Neco here.