Time/Bank

A platform where groups and individuals can pool and trade time and skills, bypassing money as a measure of value

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Amérique du Sud et du Nord, Europe
Web http://www.e-flux.com/timebank/
Maturity

Concept

About the project Edit

Time/Bank is a platform where groups and individuals can pool and trade time and skills, bypassing money as a measure of value. time/bank is based on the premise that everyone in the field of culture has something to contribute and that it is possible to develop and sustain an alternative economy by connecting existing needs with unacknowledged resource.

Every Time/Bank transaction allows individuals to request, offer, and pay for services in "Hour Notes." When a task is performed, the credit hours earned may be saved and used at a later date, given to another person, or contributed towards developing larger communal projects. For example, if you happen to be in Beijing or Hamburg and need someone to help you shop for materials or translate a press release, you would be able to draw on resources from Time/Bank without exchanging any money.

In what ways is this project unique and creative? Edit

Through Time/Bank, we hope to create an immaterial currency and a parallel micro-economy for the cultural community, one that is not geographically bound, and that will create a sense of worth for many of the exchanges that already take place within our field—particularly those that do not produce commodities and often escape the structures that validate only certain forms of exchange as significant or profitable.

What is the social value of this project? Edit

To value everyone’s skills, meet new people, and create a new economy.

What is the potential of this project to expand and develop? Edit

The only resources required are people and skills, so it can work anywhere in the world.

What was the triggering factor of this project? Edit

The first successful contemporary time bank was started in 1991 by Paul Glover in Ithaca, New York. Following his idea, people began to exchange time, which led to the creation of a time-based currency—the "Ithaca Hours," which even gained acceptance with local businesses and still flourishes today. The concepts of time banking and service exchange have since developed into a full-fledged movement, usually based around local communities.

What is the business model of this project? Edit


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