The rules
A town's money, in plain words.
Every local currency before this one died on the cost of moving it. A currency that costs cents to move cannot carry a forty peso payment, and a town runs on forty peso payments. On Arc a payment costs a fraction of a cent, so a town can have money of its own that goes around instead of away.
1. Backing
- Anyone can turn USDC into town money, one for one. The contract holds the USDC. Anyone can turn it back, one for one, any time.
- Town money is only ever a claim on that USDC. The town does not print it.
2. Circulation
- Pay anyone in town. Every payment is final in under a second and costs a fraction of a cent.
- Money that sits still shrinks one percent a month into the barangay fund. Money that moves does not shrink. The shrink is settled whenever a balance is touched, so it costs nothing to keep running.
- Velocity, the headline number, is how many times each peso changes hands in a month, from today's pace.
3. The fund
- The council spends the fund on the town. Every peso it spends is a transaction with a memo that anyone can read.
- The fund is part of the supply and is backed like everything else.
4. The example town
Without signing in, the map shows San Roque, an example town with a market, a mill, a port and the people who live there, paying each other at a plausible pace. It is labelled example wherever you act on it. With a town deployed, your balance, the supply and the fund come from chain, and the merchants the council has registered take real payments.
5. Why Arc
Local circulation is made of very small, very frequent payments: forty pesos for bread, two hundred for a jeepney, a sack of rice on Saturday. Every local currency before this one died because settling that traffic cost more than the traffic. On Arc a payment costs a fraction of a cent and is final in under a second, so a two dollar payment can go around town as many times as it likes.
- Network
- Arc
- A payment is final in
- under 0.5 seconds
- A payment costs about
- $0.001