Colu Local Network enables growing communities from the bottom-up using a public, decentralized financial ecosystem powered by community currencies.
Community currencies aim to use money as a tool to achieve social objectives. Blockchain technology allows to create a more inclusive monetary system that could bring a new level of transparency to community currency issuers, and provide the distribution platform for financial service providers.
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The CLN allows a new type of collaboration between stakeholders. Aligning interests for the on going open-source development of the platform, and allows to govern and coordinate a large group of users and service providers.
The fee that was previously collected by credit card companies will now be instantly exchanged to community currency and will be put in a community reserve for the use of the community.
Moving the world to push payments vs pull payments will require a set of tools like recurring payments, refunds, invoicing and more capabilities that are enabled by smart contract technology.
By introducing 3rd party service providers that can act as mediators and improving data-flow, consumer protection could be provided without incurring heavy costs on merchants.
Credit providers that access the CLN network can provide ad-hoc financing solutions at the Point-of-Sale. Consumers will enjoy fast credit with reduced friction.
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