Distributed database that is used to maintain a continuously growing list of records, called blocks.
Colu, enthuisiasts of a Blockchain, developers of a platform for creating digital, localized currencies, announced today the launch of its second currency in the UK – the Local Pound, East London.
Using the Blockchain technology, Colu develops digital currencies for territorial communities. By the mobile app-based platform, peer-to-peer and cutomer-to-business transactions are being held in safe environment. It supports local economies, independent bussines and trade, creates social capital.
Colu has offices in London and Tel Aviv, gains funding from Aleph and Spark Capital.
Digital wallet app by Colu supports local economics by creating an easy and safe way for instant payments from a phone. Local Pound, East London provides local citizens with a digital currency to create stronger local economy and community.
Digital payments provide more safe and seamless transactions. Due to this fact, digital currencies and local payments are growing trends in the UK. The company creates a closed-loop economy that bolsters both the economic well-being and social fabric of the community.
Colu used an open-source and blockchain infrastructure to create digital version of "cash". It can perform large amount of safe transactions in real-time As a final result, Colu creates a true peer-to-peer economy.
When a customer supports local business, he supports his own neighborhood. Colu gives local businesses a digital toolbox to help them better compete with large retailers, including a business dashboard that replaces the need for point-of-sale systems.
Since the start of Local Pound, Liverpool in 2016, over 16000 locals begun to use Colu app daily, making purchases at small local businesses such as bars, fitness clubs, etc.
Colu has an experience in creating digital, local currencies in Israel and Barbados. It has around 50000 worldwide users that spends almost 1000000$ at local business thru the app.