A tangible currency

Vécoin™ serves as the community’s supplementary currency.

When introducing a local currency, the first thing you need to do is to fence it off from speculation. Otherwise, it can end up hurting the local economy it was meant to support. We do this by making sure that Vécoins can only be used within the community and never exchanged to any other currency.

Second, you need a practical use for the currency. This is known as a sink. A sink is a product or service that everyone in the community needs access to and is willing and able to pay for. This can include utilities, food stables, or perhaps transportation. Any basic need will do. On Véhub™, the sink is your local power or water service.

A sink creates confidence in the supplementary currency, with community members knowing that they will always have a meaningful way of spending the money they have in their wallet.

Having a closed system with one-way exchange and a viable sink allows for the local economy to begin blossoming. With no transaction fee between community members, people prefer to spend their money locally and offer their services to fellow community members.

This way, money can circulate in the local economy instead of draining out. And every time a community member deposits new Vécoins in their wallet, more local wealth is created.