LocalCoin

##What is LocalCoin?

LocalCoin is the digital currency of the Locals ecosystem.

All interactions with Locals smart contracts cost LocalCoin: starting a new community, starting a company, sending LocalCoin, ...

LocalCoin is a deflationary model. The first 6 months all LocalCoin will be created. A user sends ether to the LocalCoin token contract and will receive LocalCoin. This is called minting.

After this initial 6 months, the minting is stopped and the LocalCoin supply is complete. From that moment on, LocalCoin can be purchased on a decentralized exchange. LocalCoin can also be send from one Locals user to another.

As sead, all transactions in Locals will cost LocalCoin. For every LocalCoin transaction, a fee of 0,01% will be sent to the Locals Foundation. For every community that is started, a cost of x LocalCoin will be sent to the Locals Foundation.

The Foundation can use these LocalCoin to sustain, improve and develop Locals. The Foundation will pay for the interaction with Ethereum blockchain.