In thev above video, Daveed Benjamin explains a Regen Tulum cornerstone: the community currency - TulumCOin (TLM) that anchors the project. Spanish and English subtltulos and bookmarks available.
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Quintana Roo, Mexico.
The main purpose of the community currency, TulumCoin, is to circulate money in the community and create a stream of funding for regenerative projects in Tulum and nearby areas by collecting 3% of every transaction in the RPF.
The TulumCoin website is TulumCoin.mx. The symbol is TLM. The TulumCoin is positioned to be the community currency for all of Tulum. It is for any legal transaction in the Tulum municipality and surrounding regions. A portion of each sale, starting at 3%, goes to Regen Tulum Regenerative Projects Fund (RPF). The TulumCoin can be used for transactions with a TulumCoin Network Partner that are in-person, on websites, and within the Digital Nation. The TulumCoin will also be tradable on selected DEXs.
Since the late 1980s, over a thousand community currencies have been started around the world. Some grew from necessity in economically depressed areas while others arose as direct challenges to the predominant economy. Their transformative potential is demonstrated by the history of being stamped out by governments and their corporate patrons where they have become most successful, thereby threatening predominant economic models. Alternative currency systems can lead to vast political economic transformation including the relocalization of economies, decentralization of power, establishment of strong community bonds and potentially to the more just and sustainable use of natural resources.
For example, Tepoztlán, a popular tourist destination near Mexico City, has been developing a community currency called Círculo Ollines since 2013. The town and municipality of Tepoztlán have populations of 14 thousand and 40 thousand, respectively. The town is famous for the remains of El Tepozteco temple built on top of the nearby Tepozteco Mountain, as well as for exotic ice cream flavors. Círculo Ollines is a mutual credit-type exchange system based on LETS (Local Exchange Trading System). LETS networks use local credit to go beyond barter or direct exchanges. Ollines are digital with transactions recorded in a central accounting system, accessible to all members. Currently Círculo Ollines has around 190 players who have made around 12,000 exchanges.
Community currencies have network effects by virtue of the number of people who use the currency, the number of establishments accepting the currency, and the number of transactions.
TulumCoin Network Partners are enterprises, organizations, and agencies that accept TLM as a currency for selected or all transactions within their purview. TulumCoin Network Partners must agree to the standard TulumCoin Network agreement, which specifies their fee schedule. We are in the process of signing up TulumCoin Network Partners with a simple letter of intent (LOI) to be a partner now and accept TulumCoin when it is functional.
The RegenTulum.com site is the website for the Regen Tulum Governance (RTG) governance coin. RTG is staked for voting and will trade on selected decentralized exchanges.
TLM and RTG will be stored in mobile app wallets with social recovery that enable in-person and online transactions. The wallet may support other aligned currencies such as SEEDS as well as selected stable coins. More details below.
The minimum fee for TLM transactions is 3%, which is about the same as credit card percentage fee but without a per-transaction fee. This 3% goes to the Regen Tulum Regenerative Projects Fund for regenerative projects. Sellers can choose to send an additional percent to the regenerative project fund, the TLM fund, their favorite in-network projects and charities, or Regen Tulum. This can be attributed or anonymous. Sellers can also choose to tithe portions of out-of-network transactions to their choice. Buyers can choose to regenify their purchases by adding a specified percent to their bill for the RPF. These can be attributed or anonymous.
In-person transactions with TLM can be initiated either by the customer or the vendor. The customer selects the product or service. The customer scans the vendor’s TLM QR code. The customer specifies the amount of the purchase in dollars, pesos, or TLM, selects the currency, and submits. The transaction is sent to the vendor for approval. The vendor can attach a transaction number and approve the transaction to complete.
Alternatively the vendor scans the customer’s TLM QR code. The vendor specifies the amount of the purchase in dollars, pesos, or TLM and optionally a transaction code. The transaction is sent to the customer for approval. The customer selects the currency account from which to pay, and approves the transaction to complete.
Qualified vendors can set up their accounts to accept only stable coins or immediately convert transactions to stable coins.
TulumCoin and RTG can be earned as well as purchased using cryptocurrencies or a credit card and hopefully by ACH. Any credit card or other transaction fees will apply. Converting to a stable coin or cryptocurrency will be free or inexpensive (less than 1%).
To encourage person-to-person transactions, member profiles enable others to find about them and their services, and to contact them about their services. Profiles include a photo, bio, contact info, links to blogs, website, etc. Profiles also include product and service offerings as well as needs. Service offerings include what it consists of, how long it will last, who is the service for, etc. Product offerings include the materials or ingredients it contains, who the product is for, basic characteristics, benefits it provides, method of preparation, size, etc. Offerings include the form of exchange and percentage required of TulumCoin and/or fiat currency (for example, 100% TulumCoin, or 50% TulumCoin-50% pesos).
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