Plans for the ‘Potteries Pound’, part of an ambitious plan to regenerate Stoke-on-Trent through the exchange of community action for spending power, are ready for launch.
The Stoke Model, an initiative carefully honed over many months by a community benefit society called #BeKind, has been independently endorsed following a study by Keele University, who have produced a White Paper focused on the Potteries Pound.
The White Paper, ‘The Potteries Pound: A Community-Driven Digital Currency’, will be presented at a Keele Business School event on 9 October 2024.
This will fire the starting gun for the Potteries Pound community exchange, allowing individual residents to work on projects for good and be rewarded for that work by participating local companies and organisations.
#BeKind, run by experienced community and regeneration professionals, Mike Riddell, Annette Francis, and Dave Proudlove, say the Potteries Pound can be the start of a cultural revolution that can support communities throughout the UK and beyond.
Local residents will be able to bank a wide range of actions, such as volunteering at community projects, caring for elderly relatives, getting involved in health and fitness activities, work to improve the local environmental, and cultural activities.
Mike Riddell, lead developer and co-founder of the Stoke Model said the Potteries Pound, and alternative currencies elsewhere, were central to a new economic model that will regenerate towns and cities
He said: “The Potteries Pound is a genuine innovation – as yet there is no other digital local currency in operation anywhere in the world. The launch, on 9 October, is a call to action – we want partners and collaborators to join us.”
“The Potteries Pound is a central pillar of a strategy to accelerate community development and empower residents. It is a community-driven digital currency at the heart of a revolutionary economic model.
“By rewarding community contributions and volunteerism, it channels local energy and resources into regenerating post-industrial towns, creating sustainable prosperity for all.
“The Potteries Pound is ambitious and innovative. It’s the first fully digital local currency in operation anywhere in the world. The Stoke Model places a tangible value on time, community engagement, and human potential, ensuring more wealth circulates within the local economy.”
Fellow Director, Dave Proudlove, an experienced regeneration specialist who hails from Packmoor, Stoke-on-Trent, said the launch was a call to action, adding: “We need local people, and North Staffordshire company owners, to join us in this pioneering initiative.
“Together we can lead the way in creating a sustainable, community-driven financial model that other regions can follow – it starts in the Potteries, an area of innovation where pioneers and great thinkers, such as Josiah Wedgwood, helped to spark an industrial revolution. It is a story of rebirth, a comeback for the Potteries founded on community values.”
The launch, at the IC7 business centre, Keele University, is an opportunity to become one of the initial gold standard shareholders, working alongside the Directors.
The Stoke Model is a hyper-local economic strategy that aims to address the specific needs of Stoke by promoting community wealth building, reducing waste, and fostering social value.
At its heart is an exchange of community action for a digital token, known as the Potteries Pound. The major innovation involves the development of a digital platform designed to facilitate the seamless issue of, transfer, and redemption of tokens, making it easy for community members to participate.
Organisers say the key to success is time-banking – one hour of community work is equal to one Potteries Pound which can be spent with local companies who agree to sign up to the Stoke Model.
Dave said: “While this bartering principle is as old as time, the key to success is digitisation and the Potteries Pound is trailblazing in this aspect. We are pioneering centralised ledger technology which will ensure all transactions are transparent, safe, and easily tracked.
Every individual will have a Personal Information Management System (PIMS) where they can collect and store data from various service providers, including purchase history, financial information, and health records.
Users of the Potteries Pound will be able to authorise specific entities, such as local businesses, healthcare providers, or government agencies, to access their data for predefined purpose, whether it’s to verify community contributions for earning Potteries Pounds or to access healthcare and other services.
The centralised ledger will precisely track these authorizations, ensuring that all data-sharing activities are transparent and accountable. This will help in building trust within the Potteries Pound community, ensuring that personal data is handled responsibly.
The technology will be scalable to allow wider use beyond Stoke-on-Trent.
Researchers at Keele University described the Potteries Pound as a tool for social change, a catalyst for economic regeneration, and a symbol of the community’s commitment to create a better future.
ENDS
For further information please contact Mike Riddell, telephone 0 7711 667725, email [email protected]
Members of the media are welcome to attend the event at 2pm, on Wednesday, 9 October.
Venue: IC7, Keele University, Newcastle-under-Lyme, Staffordshire, ST5 5NL .
Enter the university campus by the main entrance and turn left at the roundabout. You will see IC7 close to the Courtyard Marriott Hotel.