Although the idea of local currencies might seem old-fashioned, it’s actually a concept that has been around for centuries. In the Middle Ages, local currencies were common throughout Europe, and many cities had their own coins. With the rise of digital technology, this concept has been revived in the form of digital city currencies like “EulachGold”. And it’s not just in Winterthur – many cities and regions around the world are now developing their own digital currencies as a way to promote economic growth and support their communities.
EulachGold Pilot
Winterthur is the sixth largest city in Switzerland and is located in the county of Zurich. Winterthur has launched pilot for EulachGold, a Tezos-based token, that can be used to purchase goods in a selection of shops participating in the pilot project.
1 EulachGold is worth 1 Swiss Franc.
The project is launched on the successful Tezos-based application Ecoo App, which was also used by the Swiss insurance group CSS to launch their CSS Coins.
With Ecoo, digital vouchers or tokens can be made available as credit in a smartphone app. The tokens are registered on the Tezos blockchain.
This voucher system can have multiple use cases in different sectors such as:
– Tourism: guests can pay with «Tourism Coins» at selected shops, railways, and businesses
– Events or festivals: where visitors pay with coins, while the partners, e.g. a catering stand, collect the event currency via the app
– Companies: that want to give their employees meal vouchers not only for the canteen, but also for the nearby bakery or the pop-up restaurant on the corner
– Health insurance organizations: that credit the insured with “Health Points” that can be redeemed at selected partners. This simplifies the organization of partnerships in the health sector, for example in the area of health promotion.
The EulachGold project is managed by Digital Winterthur and the City-Vereinigung Junge Altstadt.
The Junge Altstadt has been responsible for location marketing and representing the common interests of its around 250 entrepreneurs in Winterthur’s old town.
A central task is to network with members, customers, businesses, politics, authorities, culture, and the media.
“With services such as the gift card and events, we strengthen the old town as a shopping and meeting place”.
The new Retail 4.0 department, which is headed by Vice President Lukas Wachter, wants to specifically support such projects:
“There are many shops that enrich the old town as a shopping and meeting place with fresh ideas. A modern, uncomplicated means of payment for customers is one such option.”
After the pilot phase of the EulachGold project, the experiences of all those involved will be collected and a decision will be made as to whether and how a digital means of payment can be launched in the old town of Winterthur.
Read Also: Lugh Announces The Creation Of The First French Digital Asset Pegged To The Euro
This article first appeared on XTZ.news. Source Link here.
