Transition Transaction Banking

Transition Transactions @fredgarnettTransition Town Stoke Newington 9th Feb 2013

Transition Transactions

Introduction

1. What is P2P money & banking? 2. What is Reconomy & Transition Banking? 3. How might this work in Stoke Newington?

Question & Answers


Introduction;“Money is the most-environmentally damagingtechnology” (see NeXT 2021)The next generation of money needs to be;“ecologically balanced”Discussion with Oliver Ashton & the Goose Club – a working class salon December 8th 2010Can we create ecologically-balanced money w/ P2P technologies?


1. What is P2P money & banking?a) P2P is Peer2Peer; a network architectureb) P2P is not a hierarchy it is how the Net is builtc) P2P can also be person-to-persond) Social networks are just large-scale P2Pe) P2P banking is person-to-person bankingf) But can also be group to groupg) Or network to network; it is an architectureh) Architectures have protocols, or rules.


1. What is P2P money & banking (2)i) Some people say we have network learningj) Some people say network society is nextk) Network learning, society, banking needs rulesNetwork Money is what you define it as;*Gold coin, promissory note, digital transactionQ. In 1992 “What is the Internet?”A. “It’s where your money is” John Perry Barlow Money is a metaphor for real world transactions


2. What is Reconomy & Transition Banking?REconomy Project; & Shane Hughes“help build the capacity of Transition Initiatives & other community orgs to grow a new kind of local economy”LETS; Local Exchange & Transfer SchemeLocal Pounds – Brixton, Stroud, LewesProblem with LETS is in the L word – Local Local is good for shops but limits currency use


2. What is Reconomy & Transition Banking?

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3 How might this work in Stoke Newington?a) Adopt an existing LETS scheme, Brixton Pound


3 How might this work in Stoke Newington?b) Support the PeerPayMe project & start withLocal shopsAsk Transition Network to support PeerPayMePeerPayMe is a digital wallet solution to;digital identityA wallet, a bank, a passport“We all need a bank but we don’t need banks”


b) What is PeerPayMe? “You are your own bank”Mobile-based banking (legal April 1st 2012Uses NFC technology for transfers100% mobile phones NFC-based 2015Digital Credit Union, everyone banksFor themselves, (mob as wallet)For their work (laptop as iBank)For their community (mobile as passport)

Transition Transactionsb2) Is PeerPayMe a Transition Bank? 1. Credit-Union StructurePeerPayMe is a digital P2P tool & it’s operating principles are those of a P2P Credit Union; can be defined more precisely. 2. Transition PrinciplesThese would be designed into the P2P operating procedures, using lessons learnt from existing Transition projects, e.g. LETS3. Regular Bank ServicesBecause of changes in the law PeerPayMe can integrate directly into regular banking services through a CHAPS banking partner.4. New Financial and Exchange ToolsBeing a digital service then any financial and exchange tools can be programmed in as new functionality, or layers, as users require


3 How might this work in Stoke Newington?c) Join the Reconomy project and go for a mixedBanking solution starting with LETS


We also need “Transformative creativity”Which results ‘when a group thinks of a new way to frame a problem” Keith Sawyer (from Group Genius)We need new metaphors like;“you are your own bank”“Debt is over if you want it”“Accounting is an extractive industry”


Recommendations;1) Join the Reconomy project2) Adopt an existing LETS Currency3) Recommend Transition Network set up aTransition Banking Foundation4) Create a Transition Council using the Create-A-Council initiative & raise a precept

MEETING adopted these recommendations in principle.Many thanks to organiser Raymond Lyons


Question and Answer sessionah


Resources;Transition Transaction blog postReconomy projectWhat is a Transition Bank? Shane HughesBrixton Pound resourcesDigital Identity Bank & PassportTransition Council; Create a Council toolkit@fredgarnett & NeXT2021

http://www.oliverashton.com/2012/06/transaction-network-society.html

http://www.reconomy.org/about/

http://www.reconomy.org/a-definition-of-a-transition-bank/

http://brixtonpound.org/

http://www.oliverashton.com/2012/06/digital-identity-bank.html

http://www.createacouncil.nalc.gov.uk/

http://twitter.com/fredgarnett

http://heutagogicarchive.wordpress.com/next-2021/

Transition Transaction Banking

Economy & Finance

Transcript of Transition Transaction Banking