Israel has created a blockchain protocol to make two urban currencies work together, promoting economic and social prosperity.

It is an Israeli initiative. Urban Change is a not-for-profit protocol that will be run by a foundation that creates a consortium of leaders from cities, academic institutions, and cryptocurrency organizations that will contribute to solutions implemented by the protocol for a better city life.

The Urban Change Protocol is the world’s first decentralized blockchain protocol that allows any urban community to create its own coins, in order to promote economic and social prosperity. It encourages civic engagement and enables city leaders to inspire residents to act in ways that benefit their community: shop locally, support minority or women-owned businesses, and make sustainable choices to protect the environment. A decentralized cryptocurrency system allows cities to shape their local economy and enhance community ownership, while maintaining openness to the global economy.

The Urban Change protocol works with a unique model of two types: local coins and antique coins. Local coins are stable, serve as daily currency in local businesses, and can be earned through various community-promoted initiatives (eg, recycling). Impact coins, on the other hand, are demand driven. It reflects the level of local prosperity and civic participation, and encourages residents to become active players in society by offering them various incentives. These include higher rates for local currency, voting rights on new initiatives, and direct benefits to the city, such as discounts on parking or access to cultural events.

With generous support from Alf, Nod.Capital, DCG, Borderless, The Algorand Foundation, Alumni Ventures, and Benson Oak, $5.5 million has been raised to develop the Urban Change Protocol. Funds will be allocated to create the consortium and develop the protocol.

A major contributor to urban change is Colu, an innovative city central currency platform, developed to make cities more dynamic, connected and inclusive. This platform has proven to drive behavioral change: 86% of mobile app survey respondents said they were more motivated to shop at local businesses, due to their high level of social awareness and community engagement.

“After years of experience working with cities and local currencies, the Colu team has learned that a true sense of ownership is vital when it comes to engaging people in urban areas. As key contributors to the Urban Change Protocol, we channel our knowledge and experience into developing long-term incentives that encourage people to Participate in community initiatives and support local businesses, said Ortal Tevel, CEO and co-founder of Colu, who entered the blockchain industry after 20 years of experience developing fintech products.

The first contributors to the Urban Change Protocol have already joined the union. They include the Algorand Foundation, the Jerusalem Green Fund (Israel), Micah Runner – Deputy City Director of Rancho Cordova (USA), Jason Cooley – Chief Innovation Officer at Frisco (USA) and Michael Pegues – Director of Aurora IT ( United States of America). “I am excited to contribute to the Urban Change Protocol and shape the future of cities,” said Michael Bigis. “This is an opportunity to educate citizens about blockchain and cryptocurrency, as well as support community engagement, property rights, and local businesses.”

Source: Minavin and the Valley of Israel

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