According to an announcement from D-CENT or Decentralized Citizens ENgagement Technologies, it has received €1.9 million funding from the European Union under FP7 which it is going to utilize funding its blockchain based digital currency project. The Europe-wide project aims to create digital tools for direct democracy and economic empowerment.
Nonetheless, the project is being funded from the European Union under FP7; it will have companies, universities and high-profile organizations such as the European Research Consortium for Informatics and Mathematics (ERCIM), the French CNRS, and NESTA, a U.K. charity dedicated to foster socially relevant innovation, etc.
The funds will be used for activities ranging from early stage investment to in-depth research and practical programs. D-CENT also says that it will design structurally sustainable money systems via the creation of a digital ecosystem of blockchain-enabled complementary currencies to use in parallel with conventional ones.
According to the announcement this “Monetary Ecology” will advance development in two domains of social innovation e.g. complementary currencies governance systems and decentralized trust management systems. Nonetheless, the project will include Digital Social Currency pilot projects in communities engaged in collective decision-making.
Moreover, as the project team, most cryptocurrency design approaches tend to privilege the role of software and marginalize human contribution, D-CENT puts humans back at the center of the currency creation stage. Nevertheless, the Digital Social Currency pilot projects will experiment and test a new notion of proof-of-work.
D-CENT is organizing a Round Table discussion with citizens’ activists
Interestingly, D-CENT is organizing a Round Table discussion with citizens’ activists, social movements, and the developers of the new open source democracy tools. To be called, ‘the Round Table discussion’ it is a part of CAPS 2015 – the second International event on Collective Awareness Platforms for Sustainability and Social Innovation taking place on 7-8 July,
At the same time it has come to notice that D-CENT is also related to recent proposals of Greece’s Finance Minister Yanis Varoufakis. The Greek minister wrote a blog post in February proposing a similar IOU-based currency, which he dubbed Future Tax Coin (FT-Coin). He persuaded blockchain technology could be put to effective use in their troubled economy.
Nonetheless, D-CENT promises that will develop and document a Freecoin Toolchain software kit based on Bitcoin Core 0.10 and capable of bootstrapping the genesis of new ad-hoc blockchain, integrating the work done in the e-democracy D-CENT pilots and the Social Proof-of-Work concept.
To contact the reporter of this story: Deepak Tiwari at email@example.com