21st January 2021
The Algorand Foundation is delighted to announce that it has entered into a grant partnership with the Brixton Pound to support the development of a tokenized version of their innovative Complimentary Local Currency, called the Brixton Pound. The team at the Brixton Project chose the Algorand blockchain due to its unmatched speed, scale, security and, critically, finality.
The Brixton Pound was created in 2008, in response to the global economic crisis, as a way for local communities and businesses in the Brixton area of London to build a sustainable local economy. This ensured that money spent in local Brixton businesses, stayed in Brixton and contributed to the sustainability and development of Brixton’s unique community and heritage. Since 2008, the equivalent of over £500,000 in Brixton Pounds has entered circulation, with the unique and striking design of the Brixton Pound notes themselves being highly regarded internationally.
Entering the third decade of the 21st century, the usefulness of paper money has started to recede globally and the Brixton Pound now needs to become a digital Complimentary Local Currency. Tokenization via blockchain technology is the only platform to deliver this shift to “digital money” in a secure and trusted way. Brixton Pound chose to create their Brixton Pound token on the Algorand blockchain due to the global scale, speed and security of the Algorand Permissionless Pure Proof-of-Stake protocol. In addition, the guaranteed finality of all transactions on the Algorand blockchain ensures that any payment made using a digital Brixton Pound will be fully complete and settled immediately (in under 4.5 secs to be specific).
Guy Davies, Brixton Pound project lead said: “This project hands the Brixton community the keys to drive its own local economy at a time when there has never been more need to move away from outdated centralised economic models. Our partnership will build towards a secure and trustless local currency platform, bringing a sustainable and distributed economy – of, for, and by the people. The Brixton Pound is delighted to be working with Algorand to develop the next chapter in the story of local currency.”
“We are delighted to support the innovative Brixton Pound project” said Algorand Foundation CEO Sean Lee. “The Algorand blockchain is the perfect platform to enable the next stage in the development in the amazing success story that is the Brixton Pound.”
For more information about the Brixton Pound and to follow the development of the digital Brixton Pound please visit https://brixtonpound.org/ .
About Brixton Pound
The Brixton Pound was created in 2008 – the world’s first local currency in a major urban area. Accepted by 250+ independent businesses, it is “money that sticks to Brixton”. The bold design of its paper money, featuring figures from Brixton’s rich history have made it internationally famous, thanks largely to David Bowie, who features on the B£10 note. To celebrate its 5th Anniversary the Turner Prize-winning Jeremy Deller designed a commemorative B£5 note – a limited edition designed to question the meaning of value. Over a decade on the Brixton Pound remains a compelling invitation for users to step into a more caring and sustainable future.