Brixton Pound Chooses Algorand Blockchain to Launch Its Tokenized Version
Brixton pound, the world's first local currency launched in 2008 in London's Brixton district, has selected the blockchain platform Algorand to launch the blockchain version of its innovative complementary local currency, called Brixton Pound.
In a Press release Thursday, January 21, the Algorand Foundation, the company behind the development of the Algorand blockchain protocol, announced that it has signed a grant partnership with Brixton Pound to support the development of the tokenized version of Brixton Pound.
The Brixton pound is a local currency used by local communities and businesses in the Brixton district of South London. The Brixton pound created this local currency in 2008 in response to the global economic crisis. This coin is used by local Brixton businesses and, since its launch, the equivalent of more than £ 500,000 in Brixton pounds has entered circulation.
The Brixton pound is still paper money, and as the financial industry moves rapidly towards digitization, the project team feels a growing need for a digital version of its currency. Furthermore, due to the COVID-19 pandemic, the utility of paper money has started to decline globally and it is time for the project to introduce a complementary digital local currency.
According to the Foundation Algorand, there is no better way than blockchain technology to bring this 'change to digital money in a safe and reliable way'. Brixton Pound has chosen the Algorand protocol "Due to the global scale, speed and security of the Algorand Permissionless Pure Proof-of-Stake protocol."
Guy Davies, Brixton Pound project leader, commented:
“This project provides the Brixton community with the keys to powering their own local economy at a time when there has never been a greater need to move away from outdated centralized economic models. Our partnership will be based on a trustless and secure local currency platform, which will bring a sustainable and distributed economy, of, for and by people. Brixton Pound is delighted to be working with Algorand to develop the next chapter in the history of the local currency. "
Sean Lee, Executive Director of the Algorand Foundation, said:
“We are delighted to support the innovative Brixton Pound project. The Algorand blockchain is the perfect platform to enable the next stage in the development of the amazing success story that is Brixton Pound.
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