{"id":4275,"date":"2015-05-04T23:35:42","date_gmt":"2015-05-04T23:35:42","guid":{"rendered":"http:\/\/www.ggtrust.com\/currency\/?page_id=4275"},"modified":"2015-05-04T23:35:42","modified_gmt":"2015-05-04T23:35:42","slug":"local-currency-structure","status":"publish","type":"page","link":"https:\/\/currency.ggtrust.com\/index.php\/local-currency-structure\/","title":{"rendered":"Local Currency Structure Chart"},"content":{"rendered":"

\"Local<\/a>GGC Foundation or GEO Foundation: <\/b>An independent, non-profit public foundation which oversees the GEO system. \u00a0In this diagram, it also represents the GEO system\/network in general.<\/p>\n

Outside Exchanges: \u00a0<\/b>These are exchanges not a part of the local currency system, and include GEO Foundation\u2019s exchange and the GGTrust Currency Exchange. \u00a0GGTrust and the GEO Foundation will encourage other currency exchangers to include E in their basket of currencies.<\/p>\n

Computer algorithms: <\/b>The Ethereum computer protocols which create and use GEO will be open source and available for anyone to use. \u00a0They will reside on hundreds or thousands of individual computers, operating as a network. \u00a0<\/b>The algorithms running on computers are represented by a dark magenta dot. \u00a0Local users do not need the computer algorithms for using local currency, but do if they are transferring GEO.<\/p>\n

Global Genius Trust:<\/b> The sponsoring organization for GEO and many of the local currencies. \u00a0At least one class of GGTrust shares will be available to be used as currency in the GEO system, and interchange with the local currency.<\/p>\n

Tax Free Entities: <\/b>\u00a0US Government (and perhaps other government) registered non-profit entities will serve as portals for donor money into the local currency system. \u00a0Donors may be able to claim tax deductions for donations to these non-profit entities. \u00a0The receiving non-profit entity may choose to pass on \u00a0earmarked funds to the Local Currency Foundation.<\/p>\n

Donors: \u00a0<\/b>Donors who are not investing to obtain equity shares may obtain US tax credits by donating through a registered 501c3 or 4 tax-free entity. \u00a0Donors may receive gifts of GGT shares, \u00a0local shares or other gifts as a token of thanks from GGTrust and the local currency system.<\/p>\n

Local Currency Users: <\/b>Exchange currency for goods or service in the local area. \u00a0If they need more currency, they can go to Merchants or to the Local Exchange Center.<\/p>\n

Local Currencies: \u00a0<\/b>Complementary currencies of various types will be eligible for trade within the GEO system. \u00a0These currencies may be used in a single city or neighborhood, or throughout a country as a complementary currency.<\/p>\n

Local Currency Governing Council<\/b> coordinates the use and introduction of the local currency and coordinates with local and national governmental authorities to provide community services in exchange for local currency. \u00a0They are supported by the GEO Foundation and by Qoin.<\/p>\n

Qoin: <\/b>Qoin.com is a designer and proponent of local complementary currencies. \u00a0We will work with Qoin to design a model local currency, and to design variations to meet local needs. \u00a0Qoin will provide assistance to the local currency and its various exchanges.<\/p>\n

Local exchange centers: <\/b>Exchange centers will serve the users of local currencies for training them, coordination and recruiting of merchants and users, and integration with the systems of GGCurrency and national currencies. \u00a0They coordinate with local community leaders for providing local currency in exchange for community labor. \u00a0They provide exchange services of local currency into GGCurrency and national currency, and assist members in money transfer operations if needed.<\/p>\n

State and national exchange centers: \u00a0<\/b>Regional Exchange centers will coordinate exchange services, integration into banking services, provide merchant recruitment and advertising support, provide training for local exchanges and users, and coordinate with governmental agencies at non-local levels. \u00a0They will also assist for integration with the GEO system in areas the local exchange center is not prepared to supply.<\/p>\n

Merchants: <\/b>at the local currency level are recruited and trained to integrate the local and GEO into their usual business operations. \u00a0They use local currency in buy\/sell transactions, and also may buy and sell \u00a0the local currency.<\/p>\n

Banks: <\/b>Banks will interface with local and GEO at local, national and international levels. \u00a0Local banks and credit unions may choose to provide integration services for Local Currency members.<\/p>\n

GEO Mining: <\/b>GEO is created by performing complex mathematical calculations. \u00a0These calculations are performed by all computers in the GEO network, but some members of the network will chose to provide specialized faster and more powerful computers which are specially designed for these calculations. \u00a0They will produce a significantly greater number of GGCurrency than the ordinary user. \u00a0Fees levied on mined currencies provide local communities with currencies for system members who provide community labor to earn shares.<\/p>\n

Connections:<\/b><\/p>\n

Donation Money: <\/b>Donations to participating non-profit organizations, which is earmarked for subsequent donation to the Local Currency Governing Foundation. \u00a0Pink Arrows.<\/p>\n

Mined GEO: <\/b>The flow of new mined shares of GEO into<\/b> the system is represented by dark magenta arrows. \u00a0A portion of these new shares is diverted into the local currency for distribution to those performing community service.<\/p>\n

Local Currency: <\/b>Local currencies will be used primarily in their local areas. \u00a0Some local currencies will be designed to be interchangeable directly with GEO. \u00a0Many more local currencies will be able to be exchanged with GEO and perhaps other currencies. Cyan arrows.<\/p>\n

Control\/ownership: <\/b>The solid black line designates control and \/or ownership and\/or responsibility between entities.<\/p>\n

Buy\/Sell transactions: <\/b>The green arrows designate buy\/ sell or mercantile \u00a0transactions using Local Currency.<\/p>\n

Share transfers within the GEO system <\/b>are represented by orange arrows. \u00a0Most of these electronic transfers occur outside of the local currency area, and many of these transfers from or to the local area are handled by the local or regional exchange centers, or by individual members with computers running the Ethereum software.<\/p>\n

Share Purchases: <\/b>Purchases of Local Currency can be accomplished at the Local Exchange or at participating merchants. \u00a0Blue arrows.<\/p>\n

Share Gifts: <\/b>GGTrust and the Local Currency Governing Board may choose to donate currency shares in gratitude for donations earmarked to the local currency system. \u00a0Blue dashed arrows.<\/p>\n

International Fiat Money Transfer: \u00a0<\/b>Bank wire transfers using national currencies are represented by dark green arrows from bank to bank. \u00a0These are part of the local currency system only inasmuch as local currencies may be exchanged for GEO, and GEO subsequently for national currencies.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

GGC Foundation or GEO Foundation: An independent, non-profit public foundation […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-4275","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/pages\/4275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/comments?post=4275"}],"version-history":[{"count":0,"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/pages\/4275\/revisions"}],"wp:attachment":[{"href":"https:\/\/currency.ggtrust.com\/index.php\/wp-json\/wp\/v2\/media?parent=4275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}