Boosting local economies through innovative cooperation
- Digital payment wallet system launched in Seville, Spain.
- Decentralized distribution of donations in disadvantaged neighborhoods.
- With your donation, Wikibank creates a prepayment of fresh products in local shops.
- Improves the local economy by incentivizing local commerce.
- The most efficient way to donate fresh food to those who need it most.
We are happy to announce the launch of a pilot version of our early adopters and validators of the Fuse chain, Wikibank!
Wikibank is a local organization in Seville, Spain, changing the way we are used to making donations. Wikibank allows local merchants to accept payments via the “voucher” payment system, or an app, which behaves just like the regular digital money we send through our banks but instead, is backed by charitable foundations. Wikibank plans to add thousands of merchants and offer a local payment alternative that focuses on SMB’s and low-income neighborhoods. Wikibank’s sustainable business model gives an incentive for users to come back and use the app again, updating account balance, and making the majority of daily purchases through it.
Here is a video showcasing the app in action:
By using the Wikibank app, users can easily purchase at a selected local business and purchase with their mobiles, without a need to open a bank account!
Due to the numerous benefits, many small and local businesses worldwide began adopting alternative methods of payment, and with its ease of usability, business integration, and low transaction cost, Wikibank is set to create a breakthrough in how our local community economics work.
How does Wikibank work?
Imagine a local shop accepting Wikibank which you would like to donate to. You make the donation (in fiat currency with a card or wire transfer), which is then recorded and converted into ‘tokens’. These tokens are then sent directly to the NGO of your choice and distributed among those that need the donation the most. The idea is based on the Neapolitan custom “Chi può metta, chi non può prenda“, translating into “Those who can, put something in, those who can’t, help yourself”. The idea is similar to “Suspended shopping” popular in Italy but uses Fuse’s technology to increase efficiency, reduce cost, and increase control.
Wikibank application gets rid of the intermediary steps of online transactions like having a bank account and the need to have a credit card or cash to make a donation, where a secure DPoS open-source blockchain is able to trace and secure every transaction meets its destination. Those who received the tokens will be able to purchase fresh food (not available in food banks) in the designated local grocery shop. Finally, the money re-circulates in the economically disadvantaged neighborhoods aiding their recovery!
How does it link with Fuse?
Using the Fuse network protocol, Wikibank becomes a cheaper and more viable substitute for credit/debit cards. The transparency feature of the Fuse chain allows the token holders to not only program their donations but to ensure their donation reaches its destination. We believe that by making financial tools more accessible and by innovating upon the primary features of money, we can make a positive impact on the community.
The next step for Wikibank will be the introduction of the new deposit feature via bank account/credit card, where your deposits can be donated to local charities and distributed to people in need, who can then use these ‘voucher’ tokens to purchase whatever they need at corresponding local shops, allowing for inertial circulation of tokens. Furthermore, the Fuse network price model of 1 cent per transaction is another advantage over the commonplace systems of payment, encouraging circulation and higher velocity for the currency exchange.
Wikibank plans to expand across the entire city of Seville, and other low-income neighborhoods around Spain.
Wikibank plans to incentivize other citizens who don’t necessarily need help but are consciously looking for ways to improve their communities. These citizens could buy Wikibank tokens with a discount provided by the City Council and the local shops, so the app can avoid having limitations related to the purchasing power of the user. The city council of Sevilla is aiding the project by extending the reach of Wikibank’s solution to assure access to fresh food for everyone while boosting local economies through incentivized commerce. Effectively, Wikibank is becoming a tool to make neighbors return to their traditional stores in their neighborhoods, improving the prosperity of their local economy for everyone.
Would you like to know more about the Fuse community? Click here to learn more.
