Circular exchange of tokenized assets
BUIDL a community system fed by material and social assets (such as mobility, data, energy) to create a richer and more inclusive community (founded on community-based business models). In this new hybrid payment system people can manage and exchange assets other than money, do it peer-to-peer and against the right exchange rates.
Winning Solution: Socialtec
Including people without money into the economy
There is an economic incentive to maximize profitability in any exchange. This impacts us at the social level. The economy is not inclusive: people without money are excluded from the economy.
Traditional bartering systems (i.e. LETS) are suspect to an unbalanced flow of value, where value builds up at the people that give more than they can take from the system. Bartering systems are inefficient, allow only exchanging between 2 people at the same time, are centralized and restricted to the community in which the database resides”
Socialtec’s solution, Givo, is a smart economy platform that unleashes the untapped potential of goods and services within the local community. It allows access to anyone by downloading the app and can exchange even the smallest items or services.
The platform uses an algorithm to solve the problem of “coincidence of wants and needs”, by matching participants’ preferred offers and closing the loop of participants with the smallest loop possible. If a loop cannot be closed, people can earn reputation by closing it.”
By using distributed ledger technology and designing for WEB3, the platform has a global view of all the offers that are available to the network, as opposed to peer to peer mesh networks, where a node can never be sure it has a complete overview of the network.
This “database” is not owned by anyone nor can it be taken down. Allowing for an unstoppable commons platform.