iLEU is a local token system adopted and sustained by the MUA that supports the circular and green economy. Used as a local commodity, it has a fixed value of 1 leu and is integrated with local initiatives (eg. Participatory Budgeting, City Card). It supports the SPIRE local value system through its mining strategy, rewarding people for supporting sustainable urban renaturing and re-use, volunteering for public or NGO’s campaigns on cleaning polluted areas, building energy efficient buildings or improving energy efficiency for existing ones. Vulnerable groups are supported and encouraged to a more active lifestyle via an initial capital. iLEU is Eastern Europe’s first blockchain usage for Environmental enhancement and sustainable land use.
The iLEU is one of the innovative elements of SPIRE and will require a lot of agile management, as nothing similar has been done before in Europe. Existing cryptocurrencies, tokens or reward system either tackle citizen actions (performing civic actions, using alternative transport, recycling, reusing material, etc – e.g. DOVU, WELL), or business ecosystem (Sardex). Furthermore, most initiatives are domain-specific rather than local-community oriented.