Community Token Exchange

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  Community Token Exchange

Inspiration

Cryptocurrency for HOA community/association to access services and to provide a seamless mechanism for residents to help each other.

What it does

Provide a "CommunityCoin" that can be used for payments of services, for example access to shared facilities such as gym, swing pool, guest house, etc. The tokens (using POA Network) can also be used by residents to reward each other for personal services they might receive like collecting mail when on vacation, shared rides.

The HOA might establish agreements with local service providers (food, gardening, maid service, etc) where the residents can pay for the services or receive tokens as the rewards from the vendors (like receive a certain number of tokens for every so many dollars spent). The HOA might also establish relationships with healthcare providers (via Well) for the residents and their regular needs (medication, doctor visits) and/or for their guests (for example in case of emergencies).

The HOA is responsible for managing the Tokens. They distribute a certain number of tokens each month when the HOA fee is paid, and reuse the collected token as the residents use them for the services. The HOA can receive cash payments (and also the Tokens spent by the residents) from vendors and outside service providers, in exchange for promoting their businesses.

Additionally the residents can spent the tokens amongst themselves for helping each other and as a fair rewards (for example walking the dog, etc.) The HOA might even create a larger eco-system with allowing tokens to be used at other communities and help with buying/selling/renting the properties via Propy.

How we built it

Lots of hard work and pizza for breakfast, lunch, and dinner for 2 days!

Challenges we ran into

The short time duration didn't allow us to finish a completely working product so we just focused on the idea and demo of the vision and proof of concept.

Accomplishments that we're proud of

We had lots of fun implementing an easy to use demo of how a Samsung Galaxy Gear Watch can simplify the usage of the Tokens.

What we learned

It is a lot of fun, especially if you can help your community.

What's next for Community Token Exchange

• Make a fully functional end-to-end product/service.
• Go beyond HOA and make it available to neighborhoods and eventually nationally.
• The same can be used at SMB (or even enterprise) for services (food, other perks) and rewards (project based, or for community outreach activities by employees, for example.)

Built With

• ethereum
• poa
• propy
• well