The only way GBD can be minted is by community members participating in local meet-ups. These in-person events occur every ten days at locations across Green Bay. Attendees attest each other's personhood, ensuring each person receives only one income each.
GBD acts as a form of universal basic income for the community. No matter who you are, you get the same amount of GBD as everyone else who participates in local minting meet-ups. Nominal income is set to 35 GBD every ten days. While GBD is not as useful as USD, users can still enjoy discounts and benefits from local businesses that accept GBD.
To encourage spending and discourage hoarding, Encointer technology uses something called demurrage. The term comes from the French word demeurer which means to linger; for GBD it means all balances are subjected to a continuous fee.
For example, if a user holds 10 GBD without using it, it will gradually decrease to 5 GBD after six months. The lost GBD is burned out of existence.
Spending GBD at places that accept it is a great way to support small businesses in the Green Bay area. A business that decides to accept GBD as partial payment is relying on users to patronize their business, so users are encouraged to seek out these businesses.
Since GBD can only be minted by participating in local meet-ups, users are guaranteed to meet like-minded individuals in the Green Bay area. Participants can make new friends or cultivate exciting business/networking connections.
Many people have heard of cryptocurrency and blockchain technology, but most don't know how to get involved beyond investing their hard earned money in obscure tokens. GBD is a web3-powered tool made for, and by, the Green Bay community that requires no cash investment whatsoever.
Users of GBD are always looking for ways to spend their tokens, so businesses that accept GBD enjoy increased brand awareness among a niche group of local consumers. Since meet-ups occur every 10 days, customer testimonials and recommendations for good GBD deals will be consistent and frequent.
How can businesses use GBD in a productive manner? One idea is to use it as a customer rewards program. Many small businesses can't afford the time and effort required to organize and maintain a rewards program for their customers. Since GBD accounting is maintained by the Encointer blockchain ledger, the logistical burden of such a rewards program is greatly reduced.
Businesses can also redistribute any earned GBD to their current employees as a benefit or to new-hires as a sign-on bonus. This unique and diverse benefit could help retain current employees or recruit new ones.