LETS

Services > Finance
2011-03-28 21:53:17
Local Exchange Trading Systems (LETS) are locally initiated, democratically organised, not-for-profit community enterprises that provide a community information service and record transactions of members exchanging goods and services by using the currency of locally created LETS Credits. LETS networks use interest-free local credit so direct swaps do not need to be made. In LETS, unlike other local currencies, no scrip is issued, but rather transactions are recorded in a central location open to all members. As credit is issued by the network members, for the benefit of the members themselves, LETS are considered mutual credit systems.
Alternative currencies, monetary systems
LETS
Website
Like 1
Details
Status of the projectLocal exchange trading systems now exist in many countries.
Peer-to-peer topologyNo
Single central authorityYes
Uses cryptographyNo
APINo
Languages
License
Founded1983
Founder(s)Michael Linton
Origin
Wikipediahttp://en.wikipedia.org/wiki/LETS
History
Social Networks
Twitter
Facebook
Video tour
  • 2011-03-28 18:51:19
    2011-03-28 21:53:17
  • Finance
    English
  • Public
    Public
  • Creative Commons License CC-BY-SA 3.0 / GNU FDL

Comments

  • voted for this Item (Like)
    The great thing about the LETSystem is that it treats money as a unit of measure or a type of score-keeping system rather than a scarce commodity. As such, LETS credits are not articificially scarce, but always sufficient to the needs of the transacting parties.
    Posted 2012-09-25 02:52:04 by Jordan Bober

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