NewsLocal Money Foundation Receives Grant Award to Develop Algorand-based Local Money Protocol

Local Money Foundation Receives Grant Award to Develop Algorand-based Local Money Protocol

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Algorand Foundation

February, 24th, 2022 - The Algorand Foundation today welcomes the Local Money Foundation to the Algorand ecosystem. The Local Money Foundation is the latest Foundation grant recipient and has been awarded funding to develop an open source distributed currency protocol designed to spur and keep wealth local within communities.

Local Money is a community-systems development initiative, using monetary innovation to facilitate economic activity in under-capitalised communities. Using smart contracts on the Algorand blockchain, Local Money is a programmable currency that autonomously maintains local currency supply sufficiency without affecting global total supply, compels local trade pairing, increases trade velocity, and enables trustless zero-interest borrowing.

The protocol is made possible by the unique capacities and affordances of the Algorand blockchain, and is bolstered by the work of a growing developer ecosystem on the platform.

“How money works affects everything. Building on decades of social and economic research, the Local Money Protocol marries emerging technological affordances with tested local development practices, to create an accessible, sustainable and impactful financial tool.

We chose Algorand for our programmable money after a lot of time reviewing other options. We needed contract self-sufficiency on a proven distributed network that was low-cost at scale with fast transaction finality, and we found that with Algorand.” - Alexander Blanchard, Project Lead, Local Money Foundation

“Algorand provides Local Money Protocol with the necessary infrastructure to build and develop their open source distributed currency protocol. The speed, scale and security of Algorand supports the project's needs to run a borderless currency of millions of daily active users, providing new opportunities for economic inclusion and participation. By acting as a medium of exchange that programmatically ensures local currency supply, the project is able to help drive active localised trade and wealth building for its communities. We welcome Local Money Protocol to the Algorand ecosystem as our latest grant recipient.” - Jason Lee, COO, Algorand Foundation

For more information on Local Money Protocol, please visit https://www.localmoney.org/. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.

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