Back in 2016, before EOS and EOS Argentina, Matias Romeo (aka elmato) founded a social project to implement a complementary currency that ran on the Bitshares platform, this initiative was called Moneda PAR and it still lives on to this day.
The idea was simple but powerful: users could exchange goods and services through mutual loans that have 0% interest and this was all done in a blockchain public ledger, adding transparency and efficiency to the system.
The creation of this eco-system gives the members of Moneda PAR the opportunity to finance each other so that they can then acquire their products and services. In this way, both individuals and small companies can grow their businesses without having to resort to a bank or a private financier.
The project has had particularly success in Argentina, a country that finds itself in a turmoil of inflation and high interest rates, a scenery that has small companies paying up to 80% annual apr on their loans.
The Blockchain side
The current system is up and running on Bitshares, over 1,600 accounts have been created and an android mobile wallet serves as the bridge to the blockchain.
Today, we want to continue to add value to the project and have decided to port all of the MonedaPar accounts to EOSio, create the smart contract for the mutual credits, build the wallet and make all these software open source. We believe that this initiative will add decentralization and help propagate the project to other parts of the world.
The main goal is to provide communities with the technology to build their own money and we want to do it on the best platform available: EOSio.
References:
https://medium.com/waba-network/moneda-par-a-new-economy-system-built-on-bitshares-ab125d797649
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