Second Life Founder Launches New Alternative Currency
from Renegade Futurist by Klint Finley
CoffeeandPower utilizes a virtual currency. Users who sign up and give their cellphone numbers so they can receive SMS updates are automatically seeded with C$20 to get started. C$ is exchanged when goods are bought and sold. More can be purchased (at an exchange rate of US$0.75 for C$1) and users will be able to “cash out” as well. As many of the transactions on the site might be quite small, the virtual currency will help minimize transaction fees for every exchange. In other words, you can earn from C$ and then buy things on from other users without any fees.
Second, CoffeeandPower really emphasizes the community around this marketplace. That’s not a surprise when you think of Philip Rosedale’s work in creating the virtual world Second Life and its online community and economy. Users will be able to chat with each other, both in a public timeline and in private messaging and video chat.