Summary:
Toronto Coin, or T-Coin, is a groundbreaking local currency initiative designed to strengthen Toronto's economy, enhance community engagement, and promote sustainable practices. T-Coin is a modern, blockchain-based currency that combines the benefits of digital and physical money to keep value circulating within our local community. By using T-Coin, you're not just making a transaction—you're supporting local businesses, contributing to local charities, and participating in a more equitable and sustainable economic system.
This is a temporary website until we find the time to build a proper one.
Supporting local businesses, fostering community engagement, and building a sustainable Toronto economy.
Digital Wallets and Blockchain: T-Coin operates on a secure blockchain ledger, ensuring transparency and security for all transactions. Users manage their T-Coins through a user-friendly digital wallet app, making payments as simple as a tap on your smartphone.
Physical tBills: For those who prefer physical currency, T-Coin also offers tBills—plastic bills embedded with RFID technology. These tBills are available in various denominations and can be used just like cash, with the added benefit of easy verification through the T-Coin app.
Community and Charity: Each time you purchase T-Coins, 3% of your transaction is directly donated to a local charity of your choice. This makes every transaction not just a personal benefit but a contribution to the community.
QR-based payments: Paying someone is easy. Panhandlers will have a personal QR code you can scan and send any amount to. Waitresses will have a QR code to which you select a percentage as a tip. Stores can easily create a QR code with a specific amount for you to scan and pay.
Real Price Stability, Value Pegged to TTC: T-Coin's value is pegged to the cost of a full fare on the Toronto Transit Commission (TTC), ensuring stability and practical value in everyday transactions. Currently priced at $3.30, but when Metrolinx increases the price to $3.40 or $3.50 (?) then the value of your T-Coin will also increase. This provides price stability better than the Canadian Dollar, and ensures it remains relevant and good for practical use in everyday transactions.
3% Transaction Fees: You already pay 3% to credit cards like Visa and Mastercard. Well, the store pays the 3% and keep 97%. T-Coin will also charge the same 3% fee from stores, but in this case the money goes directly to a local charity instead of an anonymous financial behemoth. And it's a charity of your own choice. Just set it up once in the T-Coin app and then 3% will be routed to them for every transaction you make.
Demurrage: "Coins are round because they should roll." Velocity of money is good for society. Our way of contributing is by introducing a 1% "demurrage" per month, which is another name for "negative interest rate". At the end of each month you'll see the amount of T-Coin in your wallet reduced by 1%. This acts as an inventive for you to spend your T-Coin, to the benefit of your local community, rather than hoarding them.
Re-democratizing the Monetary System with T-Coin
T-Coin's versatility allows it to be used in a wide range of scenarios, making it an integral part of Toronto's local economy:
Support Local Businesses: T-Coin is designed to keep money circulating within Toronto, helping local businesses thrive in the face of competition from large corporations and online retailers.
Promote Sustainability: T-Coin encourages environmentally and socially responsible practices by incentivizing local spending and supporting sustainable community projects.
Financial Inclusion: T-Coin offers an accessible alternative to traditional financial systems, especially for those who may be underserved by conventional banking.
Strengthen the Community: By using T-Coin, you’re helping to build a more resilient and connected Toronto, where every transaction benefits your neighbors and local causes.
DoraHack BUDIL: Find out more about the details of the project by checking out this hackathon submission. Link
Whitepaper: The background to this project can be found in this Whitepaper, authored by N Lindqvist. Note: We keep adding to the whitepaper appendices during the hackathon. Link
Presentation: We presented the project to a Toronto audience on Aug 15. Check out the presentation here: Link
Source Code: The source code for this project is of course fully open and auditable. Link
Get in Touch? Help out? We want to hear from you. We're a small and friendly team and we would love your input, insights and any help you can offer. WhatsApp
Toronto DAO (TDAO): The driving force behind T-Coin, inspired by the economic theories of Silvio Gesell and the successful Wörgl Experiment. TDAO aims to create a resilient and inclusive economic ecosystem in Toronto by leveraging innovative blockchain technology and community-focused strategies. Link
GreenPill.TO: A co-sponsor of the T-Coin project, focusing on sustainable economic practices and social responsibility. GreenPill TO works to ensure that every aspect of T-Coin contributes positively to the environment and society, aligning with broader goals of sustainability and ethical economic growth. Link
Join the Movement: Be part of a more equitable, vibrant, and sustainable Toronto.
Buy T-Coin: (Coming soon.)
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