LETS
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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.
User reviews and comments
The "LETS" is a ready made system for recording transactions? Could an "outside" currency based alternative money system use this system for keeping accurate records of the transactions?
Lets seems promising as a medium of exchange if it is decided that a new currency is too hard to develop.
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.