This is a simple website to function as a placeholder until we get a proper site developed
https://dorahacks.io/buidl/14336
This Toronto Coin hack represents a pioneering initiative by the newly formed Toronto DAO in partnership with GreenPill.TO to establish a local currency for Toronto. Inspired largely by the economic theories of Silvio Gesell, the historical Wörgl Experiment, and the more recent Chiemgauer model in Bavaria, T-Coin aims to bolster the local economy, enhance community engagement, and promote sustainable economic practices. Utilizing blockchain technology, T-Coin is designed to ensure security, transparency, and ease of access, offering a modern take on traditional paper-based local currency concepts.
Economic Enhancement: T-Coin will encourage local spending and support local businesses, thereby strengthening the Toronto economy. Sustainability and Inclusion: By promoting environmentally and socially responsible practices, T-Coin aims to support sustainable development and financial inclusion across diverse community segments. Innovative Technology: Leveraging blockchain for T-Coin transactions will enhance transparency, reduce potential fraud, and make the currency accessible to a broader audience.
Blockchain and Digital Wallets: T-Coin will operate on a blockchain ledger, with transactions managed through digital wallets. This approach will facilitate secure and transparent handling of T-Coins.
Paper tBills with RFID Technology: In addition to digital transactions, T-Coin will be available as physical paper “tBills” in denominations of 5, 10, 20 or 40 T-Coins, each embedded with a unique RFID chip for easy authentication and transaction tracking.
Market Making and Price Stability: Various mechanisms will be employed to ensure the minting, circulation, and burning of T-Coins, maintaining its value and stability. A focus on no maximum cap for T-Coin supply and the use of three different incarnations (cCoin, eCoin and tBills) will underpin the currency's economic model.
Value Pegging and Exchange: T-Coin's value will be pegged to the value of a Full Fare with TTC (formerly known as a “TTC Token”), ensuring a stable and practical reference value. This pegging strategy aims to maintain T-Coin's value over time, contrasting it from typical fiat.
Treasury Management: A dedicated Council, elected by Toronto DAO members, will oversee T-Coin's treasury operations, ensuring the currency's integrity, stability, and responsiveness to the community's needs.
The T-Coin initiative seeks to create a resilient, inclusive, and sustainable economic ecosystem in Toronto, leveraging innovative blockchain technology to modernise the concept of local currencies. By addressing potential challenges with proactive solutions and community-focused strategies, T-Coin aims to become a model for local currencies worldwide.