IOST-Powered Token Economy Is Being Adopted On Yoron Island, Japan

How does it feel like to shop in brick and mortar stores with tokens?

Recently, IOST Japanese node PHI conducted a token economy experiment on Yoron Island.

On Yoron, the token economy is being realized, where people gain tokens for finishing certain tasks and buy things with these tokens.

A Token Economy Experiment Lead By IOST Node PHI

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.

Then, people can 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.

IOST node PHI will conduct this experiment in more places in the future.