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Issues in Designing a Bitcoin-like Community Currency

  • David VandervortEmail author
  • Dale Gaucas
  • Robert St Jacques
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 8976)

Abstract

The invention of the Bitcoin protocol has opened the door to new forms of financial interaction. One such form may be to adapt Bitcoin technology for use as a community currency. A community currency is a form of money issued by a non-government entity to serve the economic or social interests of a group of people, often in a small geographic area. We propose a model of a community cryptocurrency that includes a community fund from which community members may take out loans if the community votes to approve them. We consider possible vulnerabilities and mitigations to issues that would affect this community fund, including issues of identity, voting protocols and funds management. We conclude that these vulnerabilities are, in most cases, amenable to technological mitigations that must be adaptable to both community values and changing conditions, emphasizing the need for careful currency design.

Keywords

Community Currency Mining Node Loan Fund Community Fund Digital Currency 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© International Financial Cryptography Association 2015

Authors and Affiliations

  • David Vandervort
    • 1
    Email author
  • Dale Gaucas
    • 1
  • Robert St Jacques
    • 1
  1. 1.PARCWebsterUSA

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