Introduction
When it comes to cryptocurrencies, it is common that many people believe in two things – cryptocurrency is used by criminals and/or benefits the rich. Such myths about cryptocurrencies are common because many people around the world are still unaware of how cryptocurrencies are functioning and why they were created from the beginning. One can say that cryptocurrencies are still “sub”, meaning subcultural, rather than a “mainstream” thing.
The social reality regarding cryptocurrencies is, of course, far more complex and different from popular myths. Partly, because cryptocurrencies make a real-life difference in many places across the world. For example, in Venezuela, many individuals use crypto such as Bitcoin for their daily payments and business. This is because the government in Venezuela has been applying a monetary policy that results in its national currency–Bolivar–becoming one of the weakest and most worthless currencies globally.
One can say that crypto as Bitcoin is, despite their problems regarding energy consumption, also making a difference regarding human rights as the right to personal life, work, and income. Another example of how cryptocurrencies can make a difference for humans is Afghanistan’s current dangerous and violent situation. Due to the recent collapse of the Afghan central government, there are reports that more individuals are simply searching for and using crypto as an alternative to government money.
Sarafu in Kenya
Cryptocurrencies that humans use in order to improve their lives and societies do not always have to be more famous or major ones like Bitcoin. There are also more local initiatives and community-oriented currencies being used around the world. Thereby, such cryptocurrencies are geographically limited but often very efficient in achieving certain aims such as poverty reduction and community building.
Kenya-based Sarafu (a Kiswahili word for “currency”), is an example of CIC or “community inclusion currency” that operates in cooperation with government/FIAT money Kenyan shilling for transactions at local and community levels. One of the main ideas with the usage of Sarafu is that individuals can use it for buying basic needs like food and during interactions with small businesses. Sarafu’s ecosystem is, for example, cooperating with organizations such as the Red Cross and other aid organizations in Kenya. In Sarafu’s case, one can really see the potential of how a decentralized economy and tech can promote human and social progress.
Brixton Pound – a response to 2008 financial crisis
People are generally familiar with the British Pound, as the United Kingdom’s official money used for centuries. A less known pound is the Brixton Pound that started already in 2008 before becoming blockchain-based in a later stage. One of the main ideas behind the Brixton Pound was to create a new currency and financial tool as a response to the very negative effects and consequences of the 2007-08 global financial crises that started in the USA. Therefore, the focus became to make it easier for residents and businesses to operate locally in the Brixton area of London.
During the later parts of the 2010s, Brixton Pound became a digital Complimentary Local Currency or CLT through tokenization via blockchain technology in order to make the Brixton Pound into digital money functioning in a secure and trusted way. For facilitating its operations, the Algorand Permissionless Pure Proof-of-Stake system was chosen. Similarly to Sarafu, Brixton Pound is designed to circulate locally alongside the governed issued British pound. Also, a very special feature of Brixton Pound is that its paper money versions are designed with images of famous individuals born in Brixton, such as David Bowie.
Seeds to the rescue around the world
Similarly, SEEDS is aspiring to assist humans worldwide, especially those living in societies considered to be among the poorest ones globally, as in larger parts of Africa, Asia, and South America. Values as equality, solidarity and inclusion are among the main reasons Seeds are being used to finance and enable food production projects as in Guatemala. Such projects and activities are also an example of social decentralization enabling humans to co-create solutions and improve their local environments and communities.
For SEEDS, it is vital that Seeds are being used locally as for trade, projects and everyday life. And Seeds are also used to promote decentralized democracy and global connections between humans. After all, we are still living in a world divided by conflicts, borders and a lack of global trust and empathy. Therefore, Seeds is a currency and a tool to contribute to creating “glocal” democratic governance taking place globally and locally on different topics and solving various problems and challenges.
One has to keep in mind that all technology is more or less neutral from the start. A car can be used by healthcare workers and by criminal gang members. Money functions in a similar way since different humans will use it for different purposes. What is important with Seeds is that the currency can only be used for developments that contribute to a regenerative planet and human well-being.
