Introducing The Occcu – 99% Unlike Bitcoin
A new complementary currency, the Occcu, falls under the category of a “basic-income currency” which is like a form of social security paid to all individuals. About the only thingOcccu has in common with Bitcoin is that they both can be traded person-to-person online.
A promotional flyer for the Occcu describes it as “a fair global currency”. To prevent hoarding the Occcu imposes “demurrage” (negative interest). You’ll want to spend your Occcus right away as anything you don’t spend loses its value — 25% of any unspent balance after thirty days goes back to the community chest.
The currency can be spent from a mobile through the web interface. Paper checks are available but simply act as a receipt for the payment recipient to hold until the sender manually enters the information at a later time once connectivity is available.
The currency was introduced at the recent World Economic Forum in Davos.
The name Occcu comes from OCCupy-CUrrency, a currency that would be desirable to (some/many in) the Occupy movement. Users registered with the Occcu.com website receive a chunk of the currency during sign-up and will receive the basic-incoome allotment monthly. The Occcu website lets registered users view and place ads for trade, make payments and P2P transfers.
It is not apparent yet how counterfeiting will be prevented as currently a single individual can create multiple identities and receive the full basic-income for each.
There have been calls from some individuals for Bitcoin to be forked or to be superceded with an alternate blockchain to introduce features such as demurrage. Many Bitcoiners are attracted to Bitcoin specifically because its current economic properties. The the software could technically accommodate these changes, buy-in would need to come from these individuals as they hold the power to refuse to switch to software the devalues the currency they hold.
However just as Bitcoin was the catalyst for the conversation on various aspects of money the Occcu will likely cause further conversation as well.