Very recently , the well-known IOST project through IOST Japanese node PHI conducted a token economy experiment on Yoron Island.Yoronjima also known as Yoron, is one of the Amami Islands
. Yoronjima is the southernmost of the Amami Islands and is located approximately 22 kilometres north of Hedo Point
. On Yoron, the token economy is being realized, where people gain tokens for finishing certain tasks and buy things with these tokens. This experiment is a complete introduction to the tokenization of assets and services and how users/citizens can benefit from blockchain solutions. On Yoron, locals and visitors can do things like collecting garbages and promoting Yoron tourism on social media in exchange for tokens, on POTAL, an APP developed by IOST node PHI.
In the second part , people can also use tokens for shopping or traditional handcraft experiences. This experiment obtained great support from local government and lasted for five days in August. At its initial experimenting stage, this project has already reached multiple partnerships with businesses and local governments. PHI revealed that Yoron may be reviewed as a token economy zone, where people can issue their own tokens and the token circulates in this area and supports trading.
The IOST node PHI group plans to conduct this experiment in more places in the future, including bigger places where the introduction of tokens can be a great value-added solution to enjoy the benefits of blockchain technology for everyday’s life. This first experiment by IOST and its partners is a groundbreaking first step to reach general adoption of crypto currencies. The five days that comprised this experiment have shown a huge interest from local community and government , leading the way to bring more use cases to develop the economy in small regions.
More details on this experiment can be found at https://iost.io/