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Social time currency v5
The document proposes a social time currency system that rewards individuals for good deeds with social time credits. These credits can be used, traded or redeemed for goods and services from social enterprises. Social enterprises act like banks by issuing credits to individuals and buying them back with redemption. This system aims to create demand for social enterprises by gamifying social contribution tracking and allowing social wealth display through time credit balances. Examples show how donations, volunteering and sharing can be rewarded with credits to incentivize positive social behaviors.
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Social time currency v5
- 1. Social Time Currency “Thecurrency for doing Good, Blessing for Hong Kong”
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- 4. Time Currency Time Banking'sCore Values: Everyone is an asset Some work is beyond a monetary price Reciprocity in helping Social networks are necessary A respect for all human beings A true blessing
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- 7. Tremendous Civic Resources The2001 study issued by the Independent Sector found that 83.9 million Americans volunteer roughly US$239 billion of time. “collective efficacy” stems from a “shared vision, if you will, a fusion of shared willingness of residents to intervene and social trust, a sense of engagement and ownership of public space.” Co-Production takes the idea of building on strengths and embeds it in the ideas of the core economy, the need for partnering between professionals and clients, and the new role of clients as co- producers of outcomes. Co-Production
- 8. Good Deeds Charity andPhilanthropy Volunteer Work Responsible Consumerism Social Activism
- 9. What is aSocial Time Credit ? • We do good deeds because our natural kindness like to helps others • We also believe doing good it brings us intangible rewards • West – A good deeds brings BLESSINGS • India - Positive actions bring KARMA • Islam - NIYYAH means that a good deed is rewarded with untapped treasure and reward • Chinese - Good deeds contributions bring FU QHI (福气) which brings good prosperity for yourself and family doing good (,祝福 ) • We create a a tangible social value called Time Credits to reward individuals for doing good deeds • Social Time Credits is firstly used as a display of an individual’s Social Wealth – a measure of your contribution to society • Social Time Credits can be used as currency of transaction for goods and services made by Social Enterprises, so stimulating demand • Social Enterprises act like banks that can buy issue and redeem social credits, thus creating a demand and supply for Social Credits Good Deeds Social Time Credits as a reward
- 10. Circulation of SocialCredits Social Enterprises Individuals Social Enterprises Social Time Credit Bank REDEEM Social Enterprises can sell excess SC back to the Social Time Credit Bank for 5c per 1Sc REWARD Social Time Credits to individuals based on their contribution level to a good deed TRADE Individuals can choose to display, trade or spend their SC (as groupon discount) on goods sold by other Social Enterprises ISSUE Social Enterprise can buy Social Time Credits at 10c per 1 SC 1. 2. 3.4.
- 11. 1. Issuing SocialTime Credits Social Time Credit Bank (SCB) Social Enterprise (SE) Social Time Credit Bank can issue Social Time Credits only to a Social Enterprise Social Enterprise pays SCB USD0.10 per Social Credit (nominal issue value)
- 12. 2. Reward SocialTime Credits Social Enterprise Investors Donators Organizers Individual Promoters Advocator Partners Consumers Suppliers Social Enterprises use Social Time Credits as a reward system for Individuals that participate in their business Each Social Enterprise sets its own reward system at their own market value
- 13. 3. Trading SocialCredits SAVE • Show social wealth on their facebook or social profile CONSUME • Use SC to buy goods and services SELL • Transfer social credits to other individuals INDIVIDUALS Social Time Credits acts as a measure of Social Wealth in society Social Time Credits acts as groupon / air miles for consumption of goods Social Time Credits acts as currency of value and transfer of wealth
- 14. 4. REDEEM SocialCredits Social Enterprise Social Time Credit Bank Can redeem (sell back) social credits Redemption price is USD0.05 per SC (always have the nominal issue price)
- 15. Mining Social Credits Organizing fundraising Meetup events Contributing donation consumption Socializing Article contribution Campaign awareness SocialTime Credits are created (mined) when individuals do good deeds
- 16. Examples of SocialTime Credits at work Donation Charity offers donators 1SC per USD donated Volunteer Work Social Enterprise offers 10SC per hour for volunteer work Social Sharing Organizer offers 1SC per blog mention to each person who tweets or likes their campaign Social Wealth An individual displays his social time credit wallet value on facebook or other social media sites Buying Individual uses his social credits to get a discount off goods offered by a Social Enterprise
- 17. Social Wealth enablesincrease demand GAMIFICATION of Social Time Credits Leader Boards Achievements and Awards Social Time Credits stores social wealth and measures status Leads to demand and speculation of Social Time Credits
- 18. Individual Individual IndividualIndividual Individual can provide theirexperts and services to others. Tutorship, teaching piano, cooking, etc
- 19. SME Companies All win-win collaborationfor the donors, volunteers, beneficiary. This model saves a lot of administrative works for SME SME Fill in SME Services Requirement Social Credit Currency Social Credit Bank will the driver for all activities and coordination Individual Volunteers Volunteers will obtain positive social credit Good and Services Sponsorship Beneficiary
- 20. A Banking systemfor Good ? Social Time Credit Bank Social Enterprise Individual Consumers Investors Social Enterprise Organizers Social Enterprise acts like a bank, distributing social time credit currency to individuals (organizers, donators) Individuals use Social Time Credits for saving, display, consuming and transacting social goods and services Social Time Credit Bank acts like the treasury for issuing and redeeming social credits
- 21. Social Time Currency SocialTime Credits Funding Direct Impact Consumption Goods and Services Demand for Social Time Credits Awareness Activists Volunteers Evangelists Social Time Currency is a new currency for social enterprise. The benefits is that good deeds by individuals are rewarded with social wealth and recognition
- 22. Formation Plan Scopes • Identifyservices scopes • Identify stakeholders • Invite partners like NGO and associations to join Phases • Define different implementation phases • Invite advocators for different services • Prepare marketing plan and promote Social Time Currency Founders and Funding • Invite limited amount of founders and financial and manpower commitment • Define the sponsorship packages • Arrange CSR leadership meeting with prominent chamber/NGO/Association
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- 24. References • THE NON-MONETARYECONOMY by Edgar S. Cahn http://timebanks.org/wp-content/uploads/2014/01/Non-MonetaryEconomy.pdf • The Co-Production Principle and Time Dollars by David Boyle http://timebanks.org/wp-content/uploads/2014/01/Co-ProductionPrinciple.pdf • The New Philanthropy by David Boyle http://timebanks.org/wp-content/uploads/2014/01/NewPhilanthropywcover.pdf • Equity crowdfunding in Europe http://www.crowdsourcing.org/editorial/a-cloudy-forecast-equity-crowdfunding-in-europe-part-1/20692 • Building a Virtual Economy http://www.slideshare.net/mattmcallister/building-a-virtual-economy • Social Gold http://www.slideshare.net/socialgold/social-gold-how-to-launch-your-own-currency
Editor's Notes
- #2 Good afternoon My name is.. Introduce Social Credits…
- #3 We ALL wish to make a social impact We want to solve the big problem in society Here are 4 big problems…there are many more… Improve our world
- #4 We ALL wish to make a social impact We want to solve the big problem in society Here are 4 big problems…there are many more… Improve our world
- #5 We ALL wish to make a social impact We want to solve the big problem in society Here are 4 big problems…there are many more… Improve our world
- #6 This is a economic and social impact diagram to illustrate positive change to the society
- #7 A philosophical question - Why do we do good deeds ? ( different good deeds) YOUNGER a former investment banker - good deeds are not natural for me OLDER - good deeds become more natural 2 examples of good deeds I have done….. BUT why do I do good deeds ? 4 reasons why we pursue good deeds ?
- #8 A philosophical question - Why do we do good deeds ? ( different good deeds) YOUNGER a former investment banker - good deeds are not natural for me OLDER - good deeds become more natural 2 examples of good deeds I have done….. BUT why do I do good deeds ? 4 reasons why we pursue good deeds ?
- #9 A philosophical question - Why do we do good deeds ? ( different good deeds) YOUNGER a former investment banker - good deeds are not natural for me OLDER - good deeds become more natural 2 examples of good deeds I have done….. BUT why do I do good deeds ? 4 reasons why we pursue good deeds ?
- #16 Issues – how much credits are issued ?
- #18 We want to Make social credits desirable We use social Gamification techniques ( a whole new area of study) Achievements and Awards Leads to SC measure of social wealth and status COULD lead to hoarding of social credits - increasing the value
- #19 We want to Make social credits desirable We use social Gamification techniques ( a whole new area of study) Achievements and Awards Leads to SC measure of social wealth and status COULD lead to hoarding of social credits - increasing the value
- #20 We want to Make social credits desirable We use social Gamification techniques ( a whole new area of study) Achievements and Awards Leads to SC measure of social wealth and status COULD lead to hoarding of social credits - increasing the value
- #21 Social Credit Bank issues and redeems social credits It issues only to accredited Social Enterprises at USD10c per social Credit It redeems from Social Enterprises at USD5c per social Credit Social Credits are used by Social Enterprises to incentive FUNDING, CONSUMPTION and ACTIVISIM Social Credit Bank offers to redeem social credits at 50c per social credit We prefer owners to hoard social credits for wealth and prestige