D-CENT (Decentralized People ENgagement Technologies) is a Europe-wide project to develop digital devices for direct democracy and financial empowerment. The task, which got EUR1.9 million financing from the European Union under FP7, wishes to produce a decentralized social networking platform for large-scale partnership and decision-making.
The project group includes companies, universities and high-profile companies such as the European Research study Consortium for Informatics and Mathematics (ERCIM), the French CNRS, and NESTA, a U.K. charity devoted to cultivate socially appropriate development with activities ranging from early stage investment to comprehensive research and practical programs.
D-CENT revealed that it will certainly design structurally sustainable cash systems by means of the development of a digital ecosystem of blockchain-enabled complementary currencies to make use of in parallel with standard ones. This “Monetary Ecology” will certainly advance property development in two domains of social innovation: complementary currencies governance systems and decentralized trust management systems.
The job will consist of Digital Social Currency pilot jobs in communities that are currently actively developing tools for collective decision-making in regional economies:
- – – Social Kronas, a blockchain-enabled community currency and reward system for political participation in Reykjavik (Iceland);
- – – The advancement and decentralization of Eurocat, a complementary currency establisheded in Barcelona (Spain) in 2014;
- – – A decentralized social reimbursement system that can reward the contributions that members of the Helsinki Urban-Cooperative Farm (Finland) carry out to the typical interest of the cooperative. This model will certainly be likewise piloted at a cultural center in Milan (Italy).
See the D-CENT file “Design of Social Digital Currency” for a summary of the Digital Social Currency pilot projects.
“The Digital Social Currency pilot jobs will experiment and test a brand-new notion of proof-of-work: the Social Proof-of-Work, which is about the evidence that a member in the system is endowed with coins as a reward to an action in the genuine world while abiding to community rules and enhancing collective values,” specifies the NESTA website. “By connecting democratic consideration with currency development through the Social Proof-of-Work, systems can be created to make it possible for a versatile currency supply set in actual time at the light of users trust management characteristics. The standard tenet is to think about social currency as track record management that can inform the cash supply of a complementary currency in terms of tolerance to credit threat.”
According to the job team, a lot of cryptocurrency design approaches have the tendency to benefit the role of software application and marginalize human contribution. D-CENT, instead, puts people back at the center of the currency production phase.
The project seems related to the principle of blockchain-enabled Regional Exchange Trade System (LETS). A LETS develops a complementary currency for regional exchanges where offers, requests and IOUs are logged in a public accounting system visible to all members. In case of a default, the loss is absorbed equally by all members of a LETS, which makes it a mutual credit exchange.
D-CENT is likewise related to current propositions of Greece’s Finance Minister Yanis Varoufakis, who composed an article in February proposing a similar IOU-based currency, which he referred to Future Tax Coin (FT-Coin). Varoufakis is persuaded that blockchain technology might be put to efficient use in troubled economies like Greece’s.
D-CENT will develop and record a Freecoin Toolchain software kit based on Bitcoin Core 0.10 and efficient in bootstrapping the genesis of new ad-hoc blockchains, integrating the work performed in the e-democracy D-CENT pilots and the Social Proof-of-Work principle.
The post D-CENT to Established Blockchain-Based Digital Social Currencies with EUR1.9 Million in Funding from the European Commission appeared initially on Bitcoin Publication.