2Local, a budding decentralized project aimed at helping local businesses and MSMEs has partnered with popular blockchain project Agora. Agora links international companies to the Arab and African markets and 2Local aims to use Agora’s expertise in these markets to expand its services.
Core problems in our present time, such as inequality in the world, ever-increasing damage to the environment and nature, energy and climate crises (EU Commissioner Frans Timmermans speaks of a ‘jumble of crisis’), are very closely related to the current financial-economic system of the western neoliberal world. These dangerous global trends, perpetuated by multinationals and large internationally operating banks, often in collaboration with governments, can and must be broken. A completely different economic, financial and social system is needed with a fundamental shift to a local orientation. Such a turnaround is within reach due to innovative applications based on blockchain technology. 2local wants to stimulate the production and consumption of local and sustainable products and services by working with crypto coins (the 2-LoCal, 2LC), based on blockchain technology, several crypto-related products, and a cashback system. Paying with 2LC digital coins is easy and the cashback system guarantees accessibility for everyone, even for people who have little to spend. The 2local initiative is unique in that it combines the values of local cultures with advanced blockchain technology and shares its wealth.
In the new 2local system, economic transactions no longer take place indirectly via the long global chains of today’s multinationals, but directly via sustainable and local transactions between producers and consumers. Multinationals, internet companies, webshops, and shops that deliver at home operate in long international chains based on lean production methods, global sourcing, minimal stocks, no buffers, and only the short-term counts. These large companies have no local roots and are mainly focused on efficiency to reduce costs. The interests of employees and customers come second. The Covid-19 crisis has incisively demonstrated the enormous vulnerability of these long international chains. The result is an increase in inequality, poverty, and hunger in the world, depletion of natural resources in poor countries, attacks on nature and the environment and global warming with all its harmful consequences.
By selling and buying locally we avoid these negative global economic consequences for people and the planet. We can only make a better world, with more prosperity and sustainability, if we start at the local level. 2local wants to facilitate local cooperation between producers and consumers, and existing initiatives in the regional field. It is important that all regional parties join forces to get local and sustainable initiatives off the ground. Otherwise, local communities will have to deal with a bad economic situation, reduced social cohesion and reduced sustainability, with all the consequences that entail. Buying locally has many benefits: the small businesses that bring dynamism and innovation to the region, become more viable. Local initiatives can ensure healthy, vital and liveable communities in regions. Local production implies less transport, more emphasis on services using local labour. The money does not disappear to the large companies and banks, or abroad, but continues to circulate in the regions. This ‘multiplier effect’ ensures that local spending has an extra effect on the resilience of the local economy, because the money in the region is earned and spent more often. Everyone in the region benefits, including people with less purchasing power, who can fully benefit from the increased prosperity thanks to the cashback system. By using the same coin system, 2LC, in all regions of the world global connections are also created, which benefits the solidarity of humanity. This stimulates the social cohesion of local communities and gives substance and meaning to the connections between regions in the world.
In the new 2local system financial transactions no longer take place centrally via the current international banking system, but via a decentralized financial system (DeFi). The financial sector is increasingly dominating the economy. Large international banks are private companies that create money out of thin air thanks to the debts of companies and citizens, while money creation is a public task. This constantly leads to tensions, which regularly lead to crises. The debts are taxed with interest. Debt and interest must both be repaid. This system can only survive in an economy of growth with a continuous depreciation of money. However, in a finite world, continuous economic growth cannot exist without crashes. It appears that these practices and mechanisms regularly lead to scandals and greenwashing.
By working with 2LC crypto coins, we avoid these unnecessary and undesirable centralized financial developments for people and the planet. 2local works with its own decentralized cryptocurrency, based on blockchain technology, with which mutual payments can be made easily, inexpensively, digitally and quickly, also internationally. The new cryptocurrency, 2LC, will in practice act as a local currency that support local systems. With the new system, local activities are connected to the whole world and benefit from the advantages of proximity, sustainable local transport and better control options in short chains. Working with the 2LC crypto coins we remove the ease with which major international banks exercise their monopoly position and we reduce their power. In fact, they are no longer indispensable in society.
2local uses blockchain technology. To insure the blocks in the blockchain, i.e. to verify the transactions, and to validate new blocks, mining is applied. It is known that mining of cryptocurrencies, such as Bitcoin, requires a lot of energy. To avoid this large energy consumption, 2local uses a consensus system of validation that is performed by Binance. 2local wants to keep costs low in order to make as many resources as possible available for the cashback system. To make this happen, 2local charges minimal fees for all people who pay with 2LC coins, and uses crypto related products such as Trading Pools, Staking Pools and Yield farming to generate benefits for the cashback system. The 2LC coin has been made suitable for settling local transactions, not for hoarding and speculating. 2local‘s buying and selling policy aims for a steadily increasing rate. Anyone can buy 2LC through the website or the app. from 2local, or through various exchanges, such as Bitrue and LATOKEN, ExMarkets and P2PB2B.
It is important that everyone in the world can benefit from the 2local initiative. People who are having a hard time and have little money, but who buy local and sustainable products, receive compensation through the cashback. Once a month, consumers automatically receive the cashback in their wallet in 2LC. This stimulates everyone’s involvement in the local economy and will increase sustainability and prosperity in the world.
2local facilitates local and sustainable initiatives by setting up a digital Marketplace where producers and consumers can meet. The Marketplace offers the possibility to search for connected companies using various filters. Connected companies are companies that work sustainably and local-to-local. To become a connected company the company must register on the 2local website. An agreement is then concluded, which stipulates that the products and also the purchased raw materials are bought or produced locally and sustainably and not with exploitation of (child) labour. When a product/service is sold to a consumer, a purchase/sales agreement containing the above statement is concluded via a Smart Contract. Connected Companies are made visible in the Marketplace on the website and in the app. They get a share in the benefits of the crypto related products and free advertising, and therefore more potential customers. The Marketplace will redirect to the Connected Company’s own website, where the products can be purchased with 2LC tokens. The amount in local currency is automatically converted into 2LC at the then prevailing rate. This implies a shift towards smaller, localized production and distribution of goods and services.
2local initiatives have now been launched in 20 countries to engage companies and connect them with consumers. The connection between users/consumers and connected companies/producers is the heart of 2local. This concerns local cooperation and local communities with their own cultures in different countries around the world. Besides European countries, countries from South Africa, Nigeria, USA, Brazil, Chile, Asia, Vietnam, India, Pakistan, Japan, Middle East, Kuwait and also from Turkmenistan are currently involved. A Representative has been appointed in each country who is in charge of connecting local and sustainable businesses with consumers. They are the first point of contact. Representatives guide the Connected Companies, including assisting in registering on the 2local website and by answering questions.
The solution from the ‘Jumble of crises’ will not come from the government or from the large companies and banks. We have to get to work ourselves. We have to shape the world ourselves. Take the initiative into your own hands, together with the 2local platform. People and companies that want to invest in digital assets and parties that want to build equity are also welcome. Learn more about 2local on 2local.io
Contact: Antony Chang
E-mail: [email protected]
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