HullCoin users get different benefits

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As reported by the Financial Times this week, HullCoin, which has existed for several years, has grown its user base and attracted government funding.

Ј 240,000 is now intended to distribute this scheme, which rewards users who perform socially significant tasks in the local community. Then, users benefit from the immutable evidence of their work and its impact, recorded on the blockchain.

Now, additional benefits could even see that local authorities reduce municipal tax payments - a monthly fee that citizens pay for public services - for valuable HullCoin holders.

"Using Blockchain technology, we insert data that indicates a positive social result of any activity has been undertaken into the coin itself," said David Shepherdson, CEO of developer Kaini Industries.

"This creates a distributed ledger of all the socially good things happening in the community, and gives people a social CV that they can show to a potential employer."

HullCoin is one of several existing local crypto schemes operating in the cities of the UK, among other examples, the Liverpool Local Pound and the Local Pound East London.

Meanwhile, retailers in Hull can already use their moral compass to offer various discounts to HullCoiners based on the alleged reliability of their Blockchain social record.