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Carlo Vercellone, Francesca Bria, Andrea Fumagalli, Eleonora Gentilucci, Alfonso Giuliani, Giorgio Griziotti, Pierluigi Vattimo.

D-CENT: Managing the commons in the knowledge economy. 30/06/2015






–– The pilot with the richest potential in terms of experimentation on Digital Social Currency is currently the Icelandic one. The Icelandic pilot can be seen as experimentation in distributed reward mechanisms for political engagement, within the prioritization of best political proposals by citizens.

Indeed, Your Priorities is a platform that already contains a reputation system that distributes ‘social credits’. A member earns rewards called ‘social credits’ in the form of digital tokens by other members who vote for that proposal during Reykjavik Participatory Budgeting event.

Since social credits are assigned to those that deliver the best political proposals in the participatory budgeting events, it became clear that those credits could be spent in the local economy, turning them into Social Kronas recognized by the Reykjavik City Council.

The basic idea is to translate the civic action and citizen active political participation in the city policies into a social credit that can be spent to access real local public goods/facilities and services. In this way citizens serve the community and are served back by the community in a decentralized and self-managed digital network recognized by the city’s democratic institutions.

–– The second application of the Digital Social Currency pilots is the Eurocat, a regional complementary currency for Catalunya. The Micro-Endorsement and Mutual Credit System proposed by Eurocat “is both a method of allocating credit and a method of guaranteeing against credit default” within the members of the regional currency system for Catalunya.

Essentially Eurocat’s proposal is to engage in decentralized trust management for the social control of credit. This possibility is a way to overcome the structural deficiency of the conventional money system that is currently incapable to exercise its very basic role of intermediary for credit access and circulation in the regional economy.