The British Hull city launches its own coins

New cryptocurrency will be used for pay to volunteers and active citizens
24 November 2017   820

The Hull, an English port city in east Yorkshire, uses an blockchain technology application. The HullCoins are digital and people can take them by “good works”, rather than bought or sold with hard cash. A description of the work done is permanently attached to the “coin”. With this technology volunteers and community workers would be able to obtain discounts at local retailers and even reductions in their council tax.

People receiving HullCoins have discounts between 10 and 50 per cent from local companies. This concept attracts customers and simultaneously increases social responsibility. People can earn coins by helping children to read, running youth clubs and arranging activities for pensioners. In addition, they can be obtained by giving up smoking count, because they reduce the burden on the medical sphere. Then the coins are given out as QR codes on mobile phones.

To release HullCoin will be able to community groups, charities, schools, public health bodies, jobcentres and prisons. HullCoins retain their value indefinitely. They can be passed between people and reused. HullCoins cannot be used for cigarettes or alcohol.

Now HullCoin is in the beta testing stage and has 800 volunteer users, 73 issuing organizations and 140 retailers offering discounts. The plan is to launch the currency in January 2018.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.