The goal of the project is a change in consciousness about the way money is used. By giving people the opportunity to easily and easily exchange digital cash, the creators of the project want to eradicate other forms of payment. Since this, in their opinion, will create a stable and fair economic growth, supporting local enterprises.
Colu has been an active player in the blockchain space since 2012. Our digital wallet app was launched in early 2017 and is now operating in 4 cities in the UK and Israel with 100K users and more than 70K monthly transactions. We are now adding the ability for any community to create a localized currency and use it as a reward for local consumption. The CLN is a payment system that is powered by everyday consumption. The network allows communities to issue their own currency and use it to incentivise merchants and consumers for buying and selling locally with fiat.
The CLN aims to utilize the power of cryptocurrencies to create a better, more transparent payment system and strengthen the sense of mutual responsibility in the community. This encourages local spending and keeps more money circulating in the community, thus multiplying the local economic activity. The CLN token is the first currency attached to real life consumption. The token will be issued on the Ethereum network as an ERC-20 token and will provide access to the CLN network and will enable communities to bootstrap. It will also represent an index value of the community currencies issued on the network and provide instant liquidity to new currencies.