Vite Labs & the City of Syracuse, launch a first-of-its-kind municipal token economy - SyraCoin
Krystal last edited by Allen
Vite Labs has announced a partnership with the City of Syracuse, New York, to create a first-of-its-kind municipal token economy called SyraCoin. Our project is a government contract under Startup-In-Residence, which is a federal grant program that matches startups and cities in order to solve social use cases.
The Syracuse Token Economy is a mechanism for cities to raise self-sufficient and self-directed funds for their own programs and infrastructure, without relying on state or federal budgets and availability of nonprofit grants, to improve housing stability and reduce resident transiency.
The motto of Syracuse Token Economy is “Syracuse Helping Syracuse” because this ecosystem encourages people to donate charitable funds locally, redeem utility tokens for local value and to keep funds flowing within city limits instead of leaking into unnecessary third parties, transaction fees and administrative costs. SyraCoins enable peer-to-peer transactions so that the helping hand can be extended between neighbor to neighbor.
"We are excited to partner with a new startup company, Vite Labs, to develop, build, and deploy the first ever blockchain-based economy to address housing stability.", according to Adria Finch, Director of Innovation of Syracuse Office.
Vite Labs CMO Luke Kim shares his insights in the video interview.
Individuals (“Coin Purchasers”) may purchase SyraCoins (“Coins”) with US Dollars (“Fiat Capital”), which will contribute to a capital pool for the low-income assistance program (“the Fund”). Initially, the Coins will be purchased at a fixed price, to be determined. The Coins will be sold on an ongoing basis, with no cap on their supply.
There needs to be a central entity (“Issuing Authority”) responsible for accepting said purchases, transferring Fiat Capital into the Fund, and distributing SyraCoins to Coin Purchasers.
Merchants can offer discount programs (“Offers”) in relation to purchases with Coins. Merchants may determine the nature of, and numerical values associated with Offers associated with the use of one Coin. For instance, a hairdresser may decide to offer 10% off women’s haircut for one Coin; a carwash may provide $15 off any carwash package for one Coin; a cafe may give a free donut for each purchase of coffee when presented one Coin. At time of payment for taking advantage of these Offers, the customer remits one Coin, along with his fiat amount.
There will be a mobile app (“App”) that can be used by both Merchants and Coin holders. The App comes with the following functions:
- Handling of Coin purchases from Issuing Authority, and the corresponding Coin issuance
- Transfer of Coins to another address (an address represents the location of a Coin. Each Coin holder has at least one address)
- Display of current balance of Coins
- Reporting of past transactions
- Uploading of Offers by Merchants
- Review of Offers by Coin holders
- Sharing of promotions, redemptions and donations through social media and other popular channels
At present, Vite Labs is working closely with governments or non-governmental organizations such as UNICEF, the European Union, the Reserve Bank of South Africa, the Economic Community of West African States, the Seychelles Stock Exchange, the City of Berkeley, Rhode Island, etc., to expand the usage of blockchain to currency, bonds, exchanges, social welfare and other fields.
Our vision is to prove the model in one city, for all cities.
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