Global social currency Spotlight to add financial dimension to promoting social good
Howard Lake | 25 February 2016 | News
Horyou, the Geneva-based social network for social good has created Spotlight,”the first global social currency”. It is designed to monetise social network interactions with the aim of promoting economic inclusiveness and fairness.
The currency will be circulated among the Horyou community, so it can be transferred to another member, whether individual or organisation. It will have a a daily exchange rate defined by its supply and demand, which will be published daily on Horyou’s website.
Yonathan Parienti, CEO of Horyou, said:
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“It will be the first time when promoting social good on social media, sharing positive news and actions can be materialised into an impactful financial dimension”.
Horyou members will be able to buy, transfer and earn Spotlights. They will earn them based on how participative and communicative they are on the platform.
Why Spotlight?
Spotlight has been created to “address the challenge of… a fair capital circulation”. It is designed to avoid speculation by focusing on enhancing social interactions.
Parienti, who has a background in finance, explains:
“Spotlight is a way to promote meaningful circulation of money.
“Trillions of money are treasured in bank accounts with no activity related to the economic cycle nor value creation. Spotlight offers an alternative solution, stimulating people to convert money into a social currency and thus benefit the whole community.”
It is not designed to substitute but to complement other currencies.
Financing Spotlight
Spotlight is funded by its individual buyers as well as Horyou partners, such as CSR firms and corporate foundations. While supporting the community with their paid fee membership, partners will share their own social initiatives and use Spotlight directly to fund innovative projects, artists and causes.
It is “backed by real currency”.
Parienti believes Spotlight will “benefit over 300 million people on all continents by end of 2018”.
About Horyou
Social network Horyou “promotes meaningful and global interactions amongst its adherent organisations, members and personalities”, using technology, innovation and social entrepreneurship advocacy.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.