A currency has two key features:

• a store of value
• a medium of exchange

Bitcoin, for example, fails on both. Speculators have created volatility in bitcoin. It lacks utility, as hard pressed to find anywhere that accepts bitcoin.

Faircoin addresses some of the problems of bitcoin.

Medieval kings withdrew the currency, then reissued. You got less. This was a powerful incentive not to hoard.

A currency that is hoarded, is of little use, it is not a functioning currency. We need a currency to be circulating within the economy. An idle currency is of no use to anyone.

The eco has the advantage is does not accumulate. It is created as and when needed, and cancels itself out, thus no debt creation.

It is linked to the euro, non-convertible. Payment can be made in either currency. It is a parallel currency to the euro, but not controlled by a Central Bank. A central ledger records all transactions. Ideally this would be decentralised to the blockchain.

You are always free to pay more, if that is what you wish. On bandcamp, people often pay more than the asking price.

I considered establishing a local currency for a small market town. Who or what to act as the central bank, from where to exchange the currency? I then realised that this was not a problem. Each business that joins, has local currency given. They then give in change, recipient decides whether or not to accept. Could be an addition to wages as a bonus. Each businesses, has to accept the currency. It would be non-convertible. This is how the Wir functions in Switzerland.

You are correct, search on Google, and nothing to be found on eco.

You will have to visit Barcelona to see it in action.

I will post a video on cooperatives, which mentions how it functions.

Sacred Economics is an excellent source on currencies, what they are, how they function.