Colu has introduced new decentralized monetary system, allowing individuals and business owners to transact in their local economies without any friction. We believe in producing sustainable local growth by providing an added value and reduce fees for businesses. Enabling participants to create active local financial ecosystems empowers local entrepreneurship and creates a business-enabling environment at the local level.
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An Ecosystem of Community Currencies
Members of the community will be able to own community currencies as a new source of wealth, helping communities bootstrap their local economies. This incentivizes community members to buy locally and reinvest money back into their community – while helping local business owners reduce unnecessary fees, increase cash flow and receive financial services via the CLN.
CLN token will empower local economies by connecting them to a global network of value. The CLN token represents an index value of the community currencies issued on the network. This enables communities to bootstrap and provides new currencies in local markets with instant liquidity. The CLN token will be issued on the Ethereum network as an ERC-20 token.
Colu Local Network consists of multiple stakeholders, each playing a fundamental role in establishing and maintaining the network. The roles in the ecosystem are designed to incentivize the circulation of community currency through the distribution of custodial rights, and the introduction of an open source toolbox for integration of value added financial services.