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LETS

2
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
Name
LETS
Sito web
Details
Status of the projectLocal exchange trading systems now exist in many countries.
Peer-to-peer topologyNo
Single central authority
Uses cryptographyNo
APINo
Lingue
License
Founded1983
Founder(s)Michael Linton
Origine
Wikipediawikipedia.org/...
History
Social Networks
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Video
Finance
English
Public
Public
2011-03-28 21:53:17
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User reviews and comments

  • Dan 1 on 2016-07-15 06:56:34

    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?

  • Dan 1 on 2016-07-15 06:47:45
    like this

    Lets seems promising as a medium of exchange if it is decided that a new currency is too hard to develop.

  • Jordan Bober on 2012-09-25 02:52:04
    like this

    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.