In 2018, our “Shadow currency”, the Lip, is back. Here a few reminders about our beloved token:

– It is called the “Lip” (1 Lip, 2 Lips)
– It is indexed on euros (1 Lip = 1 Euro. No speculation permitted).
– It is implemented on the Ethereum Blockchain.
– At all the Festival’s locations, all transactions are being recorded on a Blockchain based ledger, allowing each one (partners, festival goers, etc.) to check the direction their lips are taking.
Thereby, it also provides a real time accounting for the festival
– It functions on the same principles as a local complementary currency.

what is a local complementary currency, and what does it have to do with the blockchain?

A local complementary economy (LCE) has for first principle and virtue to keep the value within the ecosystem in which it got created in the first place, preventing it from escaping in globalised banking channels. The first interest of a local complementary currency (LCC) is to be exclusively tradable within a circuit from which the actors acknowledge each other. Such local producer, such selling point, such consumer. They all take a risk by accepting to participate in this game. But this risk is getting lower as the number of participants increases. We can say that it is distributed. Moreover, the benefits are being reinvested in goods benefiting, if not to all directly, at least in a common ideal. Local complementary economies hence make the choice of a long term growth. Schools, culture(s), infrastructures… The harvested fruits reflect the commitment and values of its users. They also fit to their material or immaterial needs.

In this sense, LCEs are potentially a wonderful instrument of self managed participative democracy. Instead of expecting a better transparency and decentralization in public policies decision-making processes, leaving to the management of the many only a small part of local budgets.

SeaNaps is hence using the blockchain on a “classical model” of LCE:

Each purchase done within the SeaNaps ecosystem is thought and distributed by and through its actors, adding to the individual gains a notion of common good and local development. This allows to develop the intuition of a compatibility between LCEs as a model of wealth creation and the blockchain as an instrument for its redistribution.