The Swiss city Wetzikon will issue Tezos-based tokens "Wetzikoins" to support local businesses

The Swiss city Wetzikon will issue Tezos-based tokens "Wetzikoins" to support local businesses

By Allen Walters | Publish0x posts | 30 Oct 2020


During the COVID pandemic, local businesses see their sales decline. To support these businesses, the Swiss city of Wetzikon issues "Wetzikoins" to its citizens, which they can spend at local businesses. Wetzokoins are worth CHF 10.- which is worth about $10.95. Local business owners can then convert the Wetzikoins to CHF, by sending them back to the token address of the city of Wetzikon with a special app. Ruedi Rüfenacht, Mayor of Wetzikon says: "It is important to us to do something for the local economy in the current situation that is sustainable and not just tied to a specific point in time. With ecoo we have found a sustainable solution to motivate Wetzikers to shop in local shops instead of just buying online or from wholesalers."

Wetzikoins are issued and transferred on the Tezos blockchain. The basis is the platform Ecoo, which is also built on Tezos. The ecoo platform is developed by DU DA - Data & Commtech by Farner, Papers AG from the Crypto Valley in Zug and Farner Consulting.

"Earmarked funds in the form of coins or points can be made available as credit in a smartphone app. Customers - in this case the population of Wetzikon - load “WetziKoins” worth 10 francs into the wallet of their ecco app after a simple registration. The affiliated partners - the city's commercial enterprises - collect the WetziKoins using an app and can finally change the collected coins back to the city - again via an app." - Source 

The Wtzikoin project is the first real life application that Ecoo launches, but it has many more possible use-cases. As mentioned in the official announcement:
- Tourism: guests can pay with «Tourism Coins» at selected shops, railways and businesses
- Events or festivals, where visitors pay with coins, while the partners, e.g. a catering stand, collect the event currency via the app
- Companies that want to give their employees meal vouchers not only for the canteen, but also for the nearby bakery or the pop-up restaurant on the corner
- Health insurances that credit the insured with "Health Points" that can be redeemed at selected partners. This simplifies the organization of partnerships in the health sector, for example in the area of ​​health promotion.

This is the third application on Tezos that is used by European governmental organizations
The first application was by the French Gendarmerie’s cybercrime division (C3N), who deployed their first smart contract on Tezos blockchain in November 2019. This was the first huge validation of the Tezos project. It shows the amount of trust authorities have in the security and development possible on Tezos.
C3N has been running a smart contract on Tezos to simplify accounting. “On this type of financing, Europol asked us for precise accounting. So we spent the money and each transaction was entered on the blockchain quickly after purchase. This is what enabled us subsequently to have payments validated by Europol, ”explains Edouard Klein, R & D project manager at C3N.
The switch from accounting on traditional databases, has not only simplified accounting for C3N, it also drastically reduced costs. Where they previously had to add 40.- EUR for administration costs, these costs are now reduced to a few cents.

The second application was a digital voting application in 3 French cities. Avosvotes developed an application to enable digital voting for local authorities. First identities are manually verified and secured in digital form. After that, votes can be stored on blockchain, where they can be verified by the voter. This way, voters can see their vote is registered and counted. Tezos is used to proof and subsequently store the existence of votes in the form of certificates on the blockchain. The application can be downloaded from the Avosvotes website, Applestore and Google Play.

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Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant. Twitter: @IgnoranceIt


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