Local Cryptocurrency

NOWON CASH

Local Cryptocurrency

Background

  • Revitalization of stagnant local economies is needed
  • Existing systems for issuing currency and operations generate losses and problems

Purpose

  • Convert local social values into economic values to revitalize local economies
  • Transparently manage and reduce the expenses needed for various local welfare projects

Method

  • Create wallets for users and affiliated stores within the blockchain network and prevent any problems, such as falsification of transaction records, by verifying all transactions in the network
  • Improve user accessibility and maximize convenience by establishing a web and mobile system

Effect

  • Settlements and audits become easier by standardizing and digitizing data
  • Simplified paperwork reduces costs and improves efficiency
  • Cryptocurrency is widely used in local welfare system with improved convenience

Nowon Cash: Local Cryptocurrency

Converting social values into economic values
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    Volunteer/donate
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    Receive local cryptocurrency

    (700 NW for 1 hour of volunteer work)

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    Use in affiliated stores

    (application/membership card)

Nowon Cash vs Existing Cryptocurrencies

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    Mining

    Nowon Cash is 100% pre-mined and regulated by public institutions.

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    Verification

    Institutions, not individuals, are designated as nodes for verification.

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    Price

    Nowon Cash is pegged to fiat currency at a 1:1 ratio and thus is unaffected by organizations attempting to manipulate the price.

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    Data Manage

    Nowon Cash adopts a hybrid blockchain, an integration of DBMS and blockchain. Security is strengthened through mirroring transaction records in the DBMS with records in the blockchain.