The Vancouver Island Dollar (vi$)
TransaXiom is pleased to announce its Digital Cash solution will be a key feature of the Vancouver Island $ network, a community currencies initiative designed to ensure the communities of the island have their own money to meet their own needs.
The opening vi$ will apply the “community way” program, introducing community currencies through locally based fund-raising and economic development. Donations in vi$ connect non-profits and businesses in a mutually beneficial support cycle. Any individual or group can readily initiate this fund-raising program, which is designed to recover all start-up costs.
How it works
- Businesses donate Victoria Island dollars (vi$), not cash or products, to schools, organizations, and projects of their choice, undertaking to accept vi$ in part payment of a sale.
- Organizations spend the vi$ at participating businesses, increase staff wages and pay for unpaid overtime, reward volunteers, and hire local contractors.
- People fund the projects they want to support by “xchanging” with them, buying their vi$ with $ 1:1, which they then spend in any of the participating shops, restaurants, etc.
- Businesses then spend the earned (redeemed) vi$ with other participating businesses, pay staff bonuses, hire local contractors, and so on. They get tax credits on donations, and they collect taxes on the whole amount of the sale, just like normal money.
Good for business, good for community
For business, this is a simple and cash-free way to increase sales, strengthen the local economy, and secure customer recognition and loyalty. Since the vi$ is as good as cash at participating businesses, people can help without losing purchasing power, and by shopping locally, they vote for the community they want.
What is new about vi$ is that it is an entirely electronic version of an open participation model. Gone are the days of having to print money on special paper using colour presses, vi$ are loaded onto colourfully printed contactless smart cards using low cost NFC Android phones as digital ATMs. These same phones also act as inexpensive mobile Point of Sale (mPOS) terminals so merchants have an easy way to process transactions and redeem the funds.
TransaXiom – a UK company dedicated to reinventing payment, supplies the entire vi$ stored value trading platform, from payment cards to the cloud-based host system. Their interoperable payment infrastructure is allowing Victoria to build and operate its own digital currency network which will be compatible with the many other systems they hope will spring up in neighbouring regions. TransaXiom is also deploying the same technology in other challenging areas like aid distribution.
Michael Linton, one of the developers of vi$, says of TransaXiom’s digital cash platform “I have been involved in community currencies for over 25 years and this is far and away the most disruptive advance in payments technology we have ever seen. It allows us to rapidly deploy a secure and inexpensive infrastructure, for point of sale and more, without scaling problems, either technical or financial. Three months from order to full deployment, and after that it can expand as fast as cards can be made available – now that’s what I call a rapid deployment.”