A new Token Management System for Local Communities

Abstract

This paper introduces Locale, a novel system that enables cost-effective fidelization processes in local communities while offering enhanced security guarantees compared to traditional methods. By leveraging the unique properties of blockchain technology, Locale provides a solution that is tailored to the specific needs and dynamics of local communities. Locale has a new time-stamping mechanism based on the pay-to-contract method which embeds the commitments inside the public key instead of a separate field in the transaction. This ensures both authenticity and local privacy since the commitment is not visible by external blockchain observers. Nonetheless, this mechanism offers the same security guarantees of traditional timestamping mechanisms. This innovation has independent relevance beyond the context of Locale and opens up new avenues for research and development in the field. By bridging the gap between blockchain technology and local community development, this research contributes to the advancement of practical and efficient solutions for the common good.