January 31, 20182min799

Decentralized local economy COLU

Colu has been an active player in blockchain space since 2012. They launched their digital wallet app in early 2017. It is now operating in 4 cities in UK and Israel with 100K active users and 70K monthly transactions.

Their goal is to bridge the gap between the cryptocurrency market and everyday consumer, by removing the barriers  and help people to trust and understand cryptocurrencies, by connecting everyday purchases through their digital wallet app.

They are all about supporting and stimulating the local economy, the community will be able to issue their own currency as erc20 tokens on Etherium platform. This will remove the current need for users to have blind trust in issuers of the currency. Any deviation, supply or governance is visible and verifiable by the public.

Stakeholders within the community will issue community currencies. These stakeholders will have a vested interest in the success of the community. Organizations like community banks, credit unions, merchants’ associations and the like are potential issuers.

The project seems very promising and well established already with 100 000 active users, their effort to bring communities back together with local networking and empowering them with their own currency.

However, their token distribution is unfriendly to the potential investors. The investors get only 35% of the tokens distributed, and their social channels don’t have a lot of followers. They didn’t even announce the thread on Bitcointalk.com which is a must in crypto space.

 

 

 

 

 

 

 

 

 


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