LETS

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.

See the reference side-by-side comparison Alternative currencies, monetary systems

	LETS
Website
Like	1 Likes
Details
Status of the project	Local exchange trading systems now exist in many countries.
Peer-to-peer topology	No
Single central authority	Yes
Uses cryptography	No
API	No
Languages
License
Founded	1983
Founder(s)	Michael Linton
Origin
Wikipedia	http://en.wikipedia.org/wiki/LETS
History
Social Networks
Twitter
Facebook
Video tour