A presentation on P2P banking and Transition banks for a Transition Town meeting in Stoke Newington, Feb 9th 2013 Recommends a) joining Reconomy b) adopting a LETS project such as Brixton Pound c) Set up a Transition Banking Foundation d) investigate setting up a Transition Council

1. Transition Transactions @fredgarnett
Transition Town Stoke Newington 9th Feb 2013

2. Transition Transactions
Introduction
1. What is P2P money & banking?
2. What is Reconomy & Transition Banking?
3. How might this work in Stoke Newington?
Question & Answers

3. Transition Transactions
Introduction;
“Money is the most-environmentally damaging
technology” (see NeXT 2021)
The next generation of money needs to be;
“ecologically balanced”
Discussion with Oliver Ashton & the Goose Club
– a working class salon December 8th 2010
Can we create ecologically-balanced money w/ P2P
technologies?

4. Transition Transactions
1. What is P2P money & banking?
a) P2P is Peer2Peer; a network architecture
b) P2P is not a hierarchy it is how the Net is built
c) P2P can also be person-to-person
d) Social networks are just large-scale P2P
e) P2P banking is person-to-person banking
f) But can also be group to group
g) Or network to network; it is an architecture
h) Architectures have protocols, or rules.

5. Transition Transactions
1. What is P2P money & banking (2)
i) Some people say we have network learning
j) Some people say network society is next
k) Network learning, society, banking needs rules
Network Money is what you define it as;
*Gold coin,promissory note, digital transaction
Q. In 1992 “What is the Internet?”
A. “It‟s where your money is” John Perry Barlow
Money is a metaphor for real world transactions

6. Transition Transactions
2. What is Reconomy & Transition Banking?
REconomy Project; & Shane Hughes
“help build the capacity of Transition Initiatives &
other community orgs to grow a new kind of
local economy”
LETS; Local Exchange & Transfer Scheme
Local Pounds – Brixton, Stroud, Lewes
Problem with LETS is in the L word – Local
Local is good for shops but limits currency use

7. Transition Transactions
2. What is Reconomy & Transition Banking?
ah

8. Transition Transactions
3 How might this work in Stoke Newington?
a) Adopt an existing LETS scheme, Brixton Pound

9. Transition Transactions
3 How might this work in Stoke Newington?
b) Support the PeerPayMe project & start with
Local shops
Ask Transition Network to support PeerPayMe
PeerPayMe is a digital wallet solution to;
digital identity
A wallet, a bank, a passport
“We all need a bank but we don’t need banks”

10. Transition Transactions
b) What is PeerPayMe?
“You are your own bank”
Mobile-based banking (legal April 1st 2012
Uses NFC technology for transfers
100% mobile phones NFC-based 2015
Digital Credit Union, everyone banks
For themselves, (mob as wallet)
For their work (laptop as iBank)
For their community (mobile as passport)

11. Transition Transactions
b2) Is PeerPayMe a Transition Bank?
1. Credit-Union Structure
PeerPayMe is a digital P2P tool & it‟s operating principles are
those of a P2P Credit Union; can be defined more precisely.
2. Transition Principles
These would be designed into the P2P operating procedures,
using lessons learnt from existing Transition projects, e.g. LETS
3. Regular Bank Services
Because of changes in the law PeerPayMe can integrate directly
into regular banking services through a CHAPS banking partner.
4. New Financial and Exchange Tools
Being a digital service then any financial and exchange tools can
be programmed in as new functionality, or layers, as users require

12. Transition Transactions
3 How might this work in Stoke Newington?
c) Join the Reconomy project and go for a mixed
Banking solution starting with LETS

13. Transition Transactions
We also need “Transformative creativity”
Which results „when a group thinks of a new way
to frame a problem”
Keith Sawyer (from Group Genius)
We need new metaphors like;
“you are your own bank”
“Debt is over if you want it”
“Accounting is an extractive industry”

14. Transition Transactions
Recommendations;
1) Join the Reconomy project
2) Adopt an existing LETS Currency
3) Recommend Transition Network set up a
Transition Banking Foundation
4) Create a Transition Council using the Create-A-
Council initiative & raise a precept
MEETING adopted these recommendations
in principle.
Many thanks to organiser Raymond Lyons

15. Transition Transactions
Question and Answer session
ah

16. Transition Transactions
Resources;
Transition Transaction blog post
Reconomy project
What is a Transition Bank? Shane Hughes
Brixton Pound resources
Digital Identity Bank & Passport
Transition Council; Create a Council toolkit
@fredgarnett&NeXT2021