What is HullCoin?
HullCoin was created with the goal of being the very 1st community loyalty point reward system in the world. You are able to earn these coins as a result of partaking in different activities within your community and you will be able to use them to get access to discounts that have been provided by retailers in your local area.
With so many new cryptocurrencies being released that are focusing on private businesses and individuals, it is good to see that there is some attention being placed on certain community aspects.
HullCoin will cater for good doers in your local areas, whether it is receiving these coins when they partake in a community rubbish pick-up or they help to cut the grass or tidy communal green areas etc.
It is a great way of rewarding those people who have put their blood, sweat and tears into their community without wanting much in return. Without these people, the community would not be able to thrive.
It is also a great way to encourage members of the local community to support retail stores that are in their area, rather than spending their money on global giants online or elsewhere, as they will have access to certain discounts that are well worth availing of.
The city of Hull is not the first place to have gotten its new digital currency, but thankfully their focus is not o speculators of currency, but on rewarding its local volunteers.
Hull is a city that has experienced many hardships in the past decade, with the onset of the global recession creating large levels of unemployment and as well as having many vital services cut off.
The process of signing up for a HullCoin wallet is free and very straightforward to do. There are many ideas as to how these coins can be awarded, such as providing incentives for local school children to read books in the library to helping tidy up after Christmas shows etc.
What HullCoin Can Achieve on a Global Scale
Incentivisation is always a powerful way to get people involved in a movement and contributing their time towards helping the collective.
At a time when the world of currency is being shaken up by bitcoin and other digital currencies, there has been a lot of debate about the merits of the current financial system. HullCoin has brought together the value creation of social credit alongside a digital currency for the betterment of their local community.
Of course, this coin has not been developed with the intention of completely recovering the economy in Hull, but it is a great stepping stone towards doing so, as well as providing a great example to those across the world involved with digital currencies as to how these items can be used for good.
You can see the likes of charities in the future having their own digital currencies whereby volunteers will be rewarded when they partake in different charitable actions.
HullCoin is certainly a space that is well worth keeping an eye on to see how it works in practice and to see what sort of engagement and adoption levels it gets.