The TEM Currency System and Its Many Forms

The TEM currency system is a fascinating topic. It's based on a digital token called TEM, which is used as a form of exchange.

TEM can be earned through various means, including mining, staking, and participating in the TEM ecosystem. This token is not a physical currency, but rather a digital one.

The TEM system has several forms, including TEM Cash, TEM Token, and TEM Credit. Each form has its own unique characteristics and uses.

Curious to learn more? Check out: Digital Currencies in the World

The TEM currency is being used in a small community in Greece, and it's not meant to replace the euro, but rather to complement it. It's a parallel currency that allows citizens to exchange goods and services at a fixed value, with a parity value of 1 TEM for 1 Euro.

The TEM system is organized online, with members holding TEM accounts that are debited with each virtual transaction. This makes it easy for people to use the currency and for businesses to accept it.

In Volos, a city of 86,000, the TEM currency is being used to supplement the euro, allowing people to pay for goods and services in a combination of both currencies. The mayor of Volos, Panos Skotiniotis, supports the initiative, but emphasizes that the euro is not in danger from TEM.

The TEM system is based on a Local Exchange Trading System (LETS), which enables citizens to exchange goods and services at a fixed value. This allows people to earn TEM by offering goods and services within the community, and to use it to buy products from others.

Participants can earn TEM by repairing a car, giving piano lessons, decorating a house, giving IT support, and dozens of other services. A system of online ratings in Volos has established transparent quality control, making it easy for people to find reliable services.

The Volos city council is even considering setting aside public land for a municipal urban farm where citizens could grow produce for their own use, or to sell. This would further boost the local economy and increase the use of the TEM currency.

In practice, the TEM system works like this: you take your car to be serviced at a garage and you are faced with a bill for 200 Euros, but you pay part of it, say 40%, with TEM, saving 80 Euros. The 120 Euros stay in the national financial system, but the 80 TEM remain in the local financial system, allowing the garage owner to use them to buy food for his family at the local market.

Related reading: Local Currency

The Volos network has grown exponentially in the past year, from 50 to 400 members, and is just one of several such groups popping up around the country.

People sign up online and get access to a database that is kind of like a members-only Craigslist.

One unit of TEM is equal in value to one euro, and it can be used to exchange goods and services.

Members start their accounts with zero, and they accrue credit by offering goods and services.

They can borrow up to 300 TEMs, but they are expected to repay the loan within a fixed period of time.

Members also receive books of vouchers of the alternative currency itself, which look like gift certificates and are printed with a special seal that makes it difficult to counterfeit.

Those vouchers can be used like checks.

Several businesspeople in Volos, including a veterinarian, an optician, and a seamstress, accept the alternative currency in exchange for a discount on the price in euros.

The group’s founders are adamant that they work in parallel to the regular economy, inspired more by a need for solidarity in rough times than a political push for Greece to leave the euro zone and return to the drachma.

See what others are reading: JAK Members Bank