During the year 2000, I came to Sydney and learned about the LETS (Local Exchange Trading System) concept and how people can barter with with each other using goods and services. In 2001, there was the Argentinian ‘Corralito’ (set of economic measures) which happened, where all bank accounts froze and no one could take any more out. The community started trading using LETS and by doing so, goods and services were kept flowing even though there was no official money during the crisis.
What it does
We present GETS (Global Exchange Trading System), a way to exchange goods and services globally without official money. Keeping the community in a spirit of reciprocity and with talents flowing as well as freeing themselves from (artificial) scarcity mindsets. We call this GETS model/application ‘PingoPongo’, after the concept of a ping and pong, which is alikened to requesting and replying/gifting (or giving and receiving, if you wish).
How I built it
We got in contact with LETS experts in Europe, that have worked on community-level exchange marketplaces and identified the need to digitize the workflow of the system using mobile devices and the BSV blockchain as an accessible and transparent way of managing the system. Based on hundreds of hours of prior research, we determined Bitcoin SV as the only platform to build upon for long term success.
Challenges I ran into
Each LETS (Local Exchange Trading System) group is unique, they all follow a recipe but each community has different needs, so coming up with an app that showed the necessary information easily for most members is a big challenge. Also, the technical implementation of unknown technologies like BSV, was a challenge for the developers.
Accomplishments that I'm proud of
How we broke the problem to become a microservice approach, leveraging the power of BSV to gradually to build the solution. Also, the application of Bitcoin SV to solve problems with using barter globally.
What I learned
How a piece of technology can have such deep social implications for equality of opportunity, by allowing transparency and immutability.
What's next for PingoPongo
Start joining more LETS communities on the digital platform and grow to become a real GETS (Global Exchange Trading System)