This paper reflects findings of a Proof of Concept project in the period 2017/2019 in the Netherlands on a concept called ‘Ziny currency’. The idea is to use the ‘mining’ concept which has set foot in the world due to the crypotcurrencies family, combined with social workflow and council. Primary drivers for a society to explore are: A. Climate crisis, B. Bank crisis robustness and C. To develop a more humane, healthy, stable and fair (global) economy. D. Rising prices due to aggregated interest dynamics in value chain. Primary findings are that the concept still seems to be viable, as well as the used ICT platform Cyclos, provided by Social Trade Organisation. This type of currency is classified as ‘money’ because it is not created via the issuance of debt.  

Findings and advices more detailed

  1. To create a platform the local citizen council should empower it.
  2. Tax: In the pilot purchases and services delivered in Ziny were included in Dutch tax files, by calculate the commercial value in euro’s. This works, however it will make tax declaration too complex for most people. It is adviced to follow a different strategy: The local citizen council arranges a tax free statement for mining and spending in a certain area. Like an ‘environmental zone’ (not allowing certain vehicles), a ‘monetary reform zone’ can be defined. Climate crisis and money crisis seem to have many parallels. A policy could be that mining of 20 hours a week is free of tax (mining of bitcoins is mostly free of income tax as well), and allow people to 500 hour-currents to spent or received per year (turnover) without paying. Realise that those 20 hours ‘civil duty’ work can reduce the same amount in tax-usage, or even more, if the workflow is directed properly.
  3. Dual pricing: In the experiment we tried to work with a dual currency pricing model: Of the normal price in euro’s, 20% could be paid in Ziny, in which 1 Ziny was assumed to have the value of 20 euro’s. This idea works, regarding invoices, administration, etcetera. But here as well: The ‘transaction cost’ (effort) seems to be too high for the average people: You pay a part with euro’s, than you have to pay a part with your Cyclos app. Better maybe organize that certain products and services can be obtained totally via the time-mine currency. Like obtaining food from the ‘food banks’.
  4. Avoid currency accumulation: Adviced is to implement a policy that after some time of mining a ‘equilibrium’ is maintained in the sense that eg. 300 currents per participant are in the system as an average. Remember that the requirement is to create a workflow currency, and not an accumulation currency. Accumulating for eg. eldery care later is not needed nor wanted: People will be taken care of as part of the social workflow. This currency equilibrium can be achieved by multiplying all account balances by [[average balances]/300], once the average exceeds 300. No one will benefit or have a negative consequence of this, and price stability will be a consequence.
  5. Upscaling and inter-area usage: This is probably the most important part of future laboratory work and experiment centers. Read this paper on this subject.
  6. Ubuntu contributionism: The concept seems to have significant parallels -and might be able to help to implement- with the ‘Ubuntu contributionsm’ concept. Interested readers are invited to Google on that concept.
  7. Global implementation possibilities: It is felt that zones which have the highest degree of money ‘infection’ in their economy, and especially the amount of debt, will have the most difficulties to migrate. In other words; The most poor countries seem to be the best equipped to move forward. As an example: In many ‘civilized’ countries a lot of money is stored in retirement funds. Actually, that is a debt for the future generations. To migrate to time-mine / social workflow currency like systems this debt needs to go. And it is expected that people will not do this voluntary, so this might take decades. From another perspective the vision is that money (debt based currency family) will break down anyways, the sooner or later. If we would make a computer model on the dynamics (interest, aggregating interest, the need for growth of the money system), we probably can proof that with about 100% certainty these systems will break in time. And like the frogs being boiled... hopefully we can jump in time. And change in time. The same goes for the climate crisis.

More information

With the following information you will be able to set up your own implemtation of a ‘time mine - social workflow currency’.

  1. Xxx short presentation 7 minutes, given by Iwanjka Geerdink at a monetary reform mini summit in Amersfoort Holland. English subtitles.
  2. Xxx a longer presentation about 40 minutes, given by Iwanjka Geerdink in Amersfoort in Holland in 2018, on the reason of further exploring the time mine currencies family. This for example emcompasses items as the trend of work automation - interest/debt conflict, local autonomous zones, the North-South issue in Europe (and why local economies should be able to work at their own pace). The slides are self explanatory in English, the spoken words are Dutch.
  3. Xxx the slides in Google Presentation format of the above mentioned presentation.
  4. Xxx an FAQ document for the setup of the Ziny Proof of Concept (In Dutch) - note that some concepts have changed, which you can read about in this findings & recommendations document.
  5. Xxx a link to an archive of the blog posts of the Proof of Concept portal (www.ziny-currency.org), this portal will become obsolete during 2019, the landing page will be www.transitieporaal.nl/ziny-social-workflow
  6. Facebook page: xxx time mine currency famies
  7. Questions / contact: Iwanjka Geerdink, iwanjka@gmail.com