A network of decentralized economic hubs
WABA is a decentralized open platform that hosts and connects economic hubs in which money and market are governed by the communities
What is WABA?
WABA is the first blockchain based platform that hosts, interconnects and scales up a wide variety of self-governed complementary economic systems -hubs-.
The WABA network is designed as an open and extendable modular platform that allows communities to rapidly prototype, test and implement their own money and governing system.
The economic, social and environmental implications brought about by the fourth industrial revolution confront us with unprecedented challenges that require creative solutions.
Blockchain platforms have proven capable of creating sustainable and flourishing economies and markets, where participants are encouraged to participate active and cooperatively.
Complementary currencies have shown that it is possible to build alternative monetary systems, enabling money to become a facilitator – and not an obstacle – in the pursuit of the goals set by the community.
The WABA platform allows communities to shape their own money in such a way that its goals become easier to achieve.
Community driven money
Money at the service of the communities’ goals
Connect needs with resources, monetize activities that the real world does not allow
Allow economic activity even when legal tender money is scarce
What is an economic hub?
Hubs are a new way of meeting and interacting economic actors: it is represented by a market with its own currency and with operations, agreements and conditions that are agreed upon by economic actors.
Each center can take advantage of the pre-existing trust resources of its actors to give them greater speed of operation and incorporation in the technological environment, or can create and build that confidence from scratch based on the operating environment that enables the hub.
Moneda PAR is a social currency program which is based on the mutual credit systemphilosophy and materialized under the form of LETS. Thus, the issuances of PAR are neither made out of thin air nor they are backed by a certain asset like gold or the legal tender. Every PAR that is issued is backed by the transactions that take place within the community. Tokens are like a voucher for an existing product, service, or future ones. One PAR is worth for one Argentinean Peso.
The program was launched in January 2017. So far the following features of the monetary and governing system are already operative. First, there are three types of overdraft margins, each of them given by the different types of users that constitute the community: self-employed, small producers and companies. The levels of these overdrafts are currently predetermined. The existence of the overdraft implies that in order to purchase goods and services within the community users do not need to have previously accumulated a positive stock of PAR.
Second, overdrafts are acquired by means of invitation/endorsement. The existing members of the community are allowed to invite new members upon agreement of the executive committee of PAR. The distribution of these invitations/endorsements are all made through the electronic wallet developed by WABA (the same that is used for making transactions). Thus, it is always possible to verify the distribution chains of endorsements and the economic performance of the clusters that these invitations gave rise to.
Third, the transactions within the community are made on a P2P basis through an electronic wallet that works on smartphones. No intermediaries are required. All the transactions carried out in PAR are registered on the Blockchain, making them public, transparent and secure. In order to facilitate the meeting of producers and consumers a digital marketplace has been developed.
Currently, a promoting team is working on the development of the nodes of the network. Thus far, it has been welcomed in municipalities, the industrial sector, in the cooperative sector, MSMEs and social organizations. According to the information collected by the promoters of PAR its potential utilization if it were adopted only within the whole cooperative sector of the economy would add up to 10% of GDP.
Social Economy Zone
Social currencies can be used to boost the actors and the activities of the social economy with the aim of attaining basic needs satisfaction avoiding the exploitation of man by man and/or unhealthy work. Moreover, volunteer work can be rewarded to create an alternative economy based on reciprocal help.
Local Economy Zone
Local currencies are powerful tools to encourage consumers to buy ‘local’, thereby helping communities to strengthen their economies, become more resilient and increase the purchasing power of their members. When correctly designed and implemented, local currencies contribute to increase the size of the economy. As a result, both local shops and citizens are benefited from higher and more sustainable levels of activity.
Sustainable Economy Zone
Green currencies promote the transition to a more sustainable economy, making the sustainable consumption an attractive, easy and convenient solution. By encouraging people to buy locally produced food, or to opt for renewable energy suppliers, the currency enables them to do their part for the environment while benefiting from the various economic advantages.
Renewable Energy Zone
Driving green energy creates economic incentives through market-based energy pricing, encouraging the adoption of distributed generation (solar panels) and distributed energy storage (batteries). These communities encourage the adoption of distributed energy resources (DERs), allowing more efficient utilization of existing grid infrastructure.