Intercoin (ITR) is a peer-to-peer payment platform for various communities on the blockchain. Its whitepaper describes Intercoin as the next key step in the evolution of a currency-driven economy. Almost all existing cryptocurrencies are global tokens. The digital currencies created on the public blockchain function using global consensus. Cryptocurrencies have contributed towards the enhancement of internet-based payments on a global scale. However, digital crypto-assets rarely support the development of local commerce. For example, some crypto coins are capped in supply to create scarcity while increasing the value of the tokens. Although cryptocurrency functions as a potential store of value, the crypto coin fails to serve as a medium of exchange. In short, the crypto-assets do not favor local community needs and hardly improve local economies. Intercoin aims to empower communities to launch digital currencies of their own and manage currency-as-a-service (CaaS) among the local population. The platform wishes to strengthen communities, lessen poverty, increase productivity, and stand out as a sustainable economy.
Intercoin is designed like the internet, bridging local currency or community coin and cryptocurrency. The payment system encourages users to trade tokens on the Intercoin network in exchange for local currency to conduct commerce within a local community. According to its whitepaper, the crypto-space is competitive. The value of a token can decrease depending on the demand for the particular crypto asset. Intercoin seeks to reduce these risks by allowing communities to issue unique local currencies and integrate the crypto assets in the local community apps. The applications include Intercoin as a payment method alongside PayPal, Stripe, and others. The platform envisions increasing the adoption of the community coin in exchange for local services and goods. Intercoin platform aims to support innovations and features applications like local CPI, basic income, and fundraising to benefit the public.
Intercoin utilizes ITR, an ERC-20 token, primarily functioning on Ethereum. ITR is tradeable on decentralized exchanges (DEXs) across blockchains like Polygon, the Binance Smart Chain (BSC), and more. Intercoin encourages users to stake ITR tokens in communities worldwide to earn rewards. ITR grants token rewards to users contributing to the liquidity of the crypto community coin. ITR functions as a governance token, allowing members to vote and poll in enhancing the community’s monetary policy.
