Money GO Rounds (MGR) is a community-based exchange system that provides the means for its users to exchange their goods and services, both locally and remotely. It could also be described as a complementary trading network that operates without money as it is commonly understood.
Unlike the conventional money-based exchange system, MGR has no physical currency. A digital currency (we call it Credit) replaces the physical currency, eliminating most of the problems associated with regular money, the value of one credit is equal to one dollar (1 credit = $1 dollar).
There are many similar trading systems around the world, commonly know as Community Exchange Systems (CES), Local Exchange Trading Systems (LETS), Mutual Credit trading systems, Trade Exchanges or Time Banks.
Apart from using a digital currency instead of a physical currency to facilitate exchange, these exchange systems are community-focused in order to build community and keep wealth where it is created. MGR takes this a step further by providing the means for inter-community trading, right up to the next level by integrating new features of the Sharing Economy.
There are many different types of complementary exchange systems and they are growing in popularity throughout the world. Some use ‘hard’ currencies, where notes and coins are issued by the group for their own use; others use time as a 'currency' rather than notes; and yet others use a ‘virtual currency' which is the recording of the values of goods and services exchanged.
Complementary exchange systems foster the real wealth of communities and rebuild a sense of worth and self-esteem among their users. Around the world they report an increased sense of vitality in all sectors of the communities using them. While these exchange systems might have a slightly different function for each of these sectors, they certainly have relevance to all.
These systems provide infinite opportunities for exchanging one's narrow specializations for the goods and services offered by others. In this way a complementary exchange system acts like a supplementary currency, creating an additional stream of value in a community.