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Belfast Launches A Cryptocurrency For Rewarding Residents

The Belfast City Council and Colu-a British-Israeli tech platform from Tel Aviv- have partnered to develop a Crypto.

Codenamed as Belfast Coin, the Digital currency is set to be used as a reward Token to incentivize the residents for playing their part in developing the City’s socio-economic space.

Incentive-Based Digital Currency

Belfast Coin will run on a Blockchain platform that will allow the residents to acquire Tokens as a reward for a wide range of civic duties such as shopping at local businesses, participating in “green” environmental initiatives, engaging in civic activities, and volunteering.

The Belfast residents will then be able to redeem their accrued Belfast Coins at selected restaurants, cafes, shops, and other local businesses at the Belfast Cathedral Quarter whose success is pivotal in the development of the Northern Ireland capital.

The City Is Participating In The Rockefeller Foundation’s 100 Resilient Cities Program

Belfast is one of the cities that are taking part in the Rockefeller Foundation’s 100 Resilient Cities initiative. The goal of the project is to foster habits, among city residents, that encourage activities that are positive from city residents. Further, the project aims to develop local businesses using approaches such as encouraging spending at local enterprises.

The short-term outlook of the Rockefeller Foundation’s 100 Resilient Cities project is to grow economies of cities. On the other hand, the long-term aim is to create a sense of community among city residents.

Belfast Coin Will Bring The City Together

According to the co-founder and CEO of Colu- Amos Meiri, Belfast Coin is due to revolutionize the city by transforming the economic, social, environmental, and political spheres radically.

Additionally, different segments of the city such as community groups, educational institutions, NGOs, resident associations, corporate institutions, as well as other enterprises will be brought together by the new Token according to the Colu CEO.

Healing The Divide

According to the Managing Director for European Region and the Middle East at 100 Resilient Cities, Lina Liakou, the Belfast Coin incentive project will go a long way in reducing Belfast challenges such as economic and social inequalities while maximizing the strengths such as the high quality of life in the City.

Looking at the wider perspective, the Belfast Coin may help to heal the divided City that has a long history of chaos and conflicts. Recently, the Brexit Vote reignited what had been “swept under the carpet” by the Good Friday peace agreement that ended the war between the Irish Catholics and Protestants.

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How Residents Can Participate

Residents can get started by downloading an application that can sync with their banking cards.

The Belfast Coin is being launched in the course of the year and the City Council, led by the Belfast Lord Mayor Deirdre Hargey is signing up City-based partners such as higher educational institutions, large corporations, and businesses.

This project sets a new precedence in the administration of Cities as Belfast will serve as an example of how City authorities can engage their residents at a personalized level to improve the livability of urban areas.

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