By @. Horyou, who we featured previously, the social network for social good, launches Spotlight, the first Global Social Currency. Planned to promote economic inclusiveness worldwide, Spotlight aims to monetise social network interactions, bringing a new and positive dimension to social media.
Spotlight has a daily exchange rate defined by its supply and demand, which will be published daily on Horyou’s website. Horyou members will be able to buy and to earn Spotlights. The currency aims to circulate between the Horyou community, so it can be transferred to another member, whether individual or organization. “It will be the first time when promoting social good on social media, sharing positive news and actions can be materialized into an impactful financial dimension”, says Yonathan Parienti, CEO of Horyou.
Besides buying and transferring Spotlights, it is possible to earn them from the Horyou platform, whose proprietary algorithm will allocate Spotlights into a member’s account based on multiple factors such as social activity and engagement within the community. The more communicative and participative an Horyou user is, the better chances to receive Spotlights.
— Horyou (@Horyou) February 29, 2016
The idea behind Spotlight creation is to address one of the biggest challenges of capitalism: a fair capital circulation. “We have learned from the economic crisis that risk aversion and speculative culture prevent economic inclusiveness. Spotlight is a way to promote meaningful circulation of money”, explains Yonathan Parienti. For this reason, Spotlight was designed to enhance social interactions while preventing speculation: it valorizes social impact on a daily basis within the circulation process and once triggered, its monetary value decreases as the shared social value increases.
“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”, says Yonathan.
Spotlight is funded by its individual buyers as well as Horyou partners, such as CSR firms, innovative companies, corporate foundations and other institutions. While supporting the community with their paid fee membership, partners will share their own social initiatives and use Spotlight to directly fund innovative projects, artists and causes. They will benefit from a dedicated page to interact with Horyou global users to share best practices and the sustainable and social aspect of their missions.
“An innovative aspect from Spotlight is its evolutionary feature, resonating with conscious capitalism”, says Yonathan Parienti. With a professional background in finance, Yonathan designed Spotlight as a currency to balance economic discrepancies, facilitating social inclusiveness. Spotlight is not designed to substitute but to complement other currencies. At the same time, each Spotlight is backed by real currency and funded by Horyou community members or partners.
“What Horyou is doing with Spotlight is disruptive in many aspects, as we have never had a social currency at a global level. It joins the positive aspects of interconnectivity through social networking and conscious capitalism”, explains Yonathan, who foresees a bright future for the new global social currency. “We expect Spotlight to benefit over 300 million people on all continents by end of 2018.”
— Horyou (@Horyou) February 25, 2016
For more information visit www.horyou.com