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A London-based start-up, MoBUInet aims at facilitating human interaction through an exchange platform to release the full potential of digital currencies. The network joining fee is £1. 

In a recent press release, MoBUInet reveals its plans to build a new cryptocurrency ecosystem “to help people and businesses around the world to interact, cooperate and exchange in order to combine their resources and talents for their mutual benefit.” To realise it, a new social network needs to be created, believe the founders of the British start-up.

The global crisis, according to the press release, showed that “we live in a world with abundant resources though limited opportunity”. The rise of bitcoin, according to MoBUinet, showed that the existing financial system is obsolete. However, bitcoin has been incapable of replacing it so far:

“Bitcoin claims to be a revolutionary technology, though it IS NOT supported by an adequate system of economic cooperation and exchange where the technology can be effectively utilised. It appears that we have invented petrol before an engine and are using the new fuel to water horses!”

MoBUinet believes its new social network to be a solution. Anyone can create a verified MoBUinet account paying a contribution of £1. Then users would be able to cooperate with each other to develop their business or to attract crowdfunding for their projects. Different types of relationships between users are provided – supporter, vendor, customer, shareholder, investor, employer etc. Products can be traded on an external digital marketplace, such as Ebay, or directly on MoBUinet.

The startup is going to develop its own cryptocurrency, MoBUinet Digital Scrip (mDS), specially designed for the social network. All verified members will automatically get 1,000 mDS after registering their account. Emission of additional mDS will take place on a daily basis, which is estimated to increase the total volume of the currency by 5.5% every year. Newly issued mDS will be equally distributed among the verified accounts of the social network.

This is done to prevent users from stockpiling the digital currency and to ensure it is “used for production and creativity” unlike bitcoin which in most cases is “a speculative investment or a trendy toy”. Nevertheless, according to the press release, the MoBUinet marketplace will allow using other currencies as well, whether digital or fiat ones.

The start-up founders hope it will grow quickly and the new cryptocurrency ecosystem will become “a vibrant cosmopolitan world”:

“The bigger our community - the more options we have to use decentralised currencies - and the more valuable they are!”