Smart card systems enable easy installation of cw and their distribution can be financed from the revenue generated by cw donations.

In addition to participating in community way, a business with cc systems can very easily introduce its own loyalty point system to regular customers. It can also participate in a business to business networks. These options are also available by simply purchasing the equipment.

As of January 8, 1999, the alpha test has been successfully completed…the equipment works perfectly, the merchants seem to like them, and people can't keep their hands off them (everyone likes moving money). The beta tests will begin as soon as we receive the next 20 GIS mos and 200 cards in early February.

• "cc" (community currency) smart card systems support multi-currency operations. The first release will support up to 15 currencies on a card, later versions will carry more.
• cc systems will complement existing programs - LETSystems and community way, LETS systems and LETSnot systems, Tlalocs, Hours, Time Dollars, neighbourNETS, retail loyalty systems and commercial "barter" networks. Cards can carry currencies from any or all such independent systems without any requirement that those systems co-ordinate with each other.
• cc systems are practical for almost all existing community currencies. Transaction processing costs are lower than for paper bills, coinage or account clearing. The projected overall cost per user is around $10, for an equipment life of 5 years.
• cc systems meet business needs for efficient and secure point of sale processes, and will attract business to cc.
• cc systems are generic, y2k compliant, and mutually compatible with cards and transactors issued everywhere. No additional hardware or software is required. Batteries are included, as are upgrades.
• cc system cards and transactors function as nodes and connectors in an open context. The context can however only support virtual currencies whose security is reputation based - conventional cash, for instance, is not supportable.

The first version of the cc card system uses nothing but cards (for databases) and transactors for transfers between cards.

 In an exchange of value, with both cards in the transactor, the purchaser card offers "amount" (eg 15.13) on "system" (the amount must be less than or equal to the value on card). If the vendor confirms acceptance, the value on purchaser card is decreased and the value on vendor card increased by that amount. If the vendor card has no previous record for system "abc", a record is added. Hence currencies can migrate across populations of cards without restriction. No boundaries, only connect.

Initially, new card systems will be supplied with one card pre-loaded with the estimated total value required for each supported currency. This card acts as the "bank" and is used by the administration to transfer value to the users' cards. Later developments will enable local administrations to add currencies through software.

Cards and transactors will be available to cc system developers on a cost plus pricing policy, with details depending on the source supplier.

In most present system administrations, cc systems will likely recover installation costs in about a year from direct savings over other forms of transacting and recording.

Also, both cards and transactors can be directly sold to those who want them. A single transactor enables any retailer or restaurant or theatre not only to participate in community way and other cc, but also to operate a loyalty loop exclusively for their own business and participate in a business trading network.

Further development programs will be undertaken according to demand and resources. The proposed (temporary) 10% surcharge for development will cover a budget of around $25,000 (us) from orders of 2500 transactors at $100 (us) per unit.

Around the world, there may be 200,000 people in LETS systems, and perhaps a similar number using other forms of community currency - Hours, Tlalocs, Time Dollars, etc. In addition, there are over 500,000 businesses in commercial "barter" networks - cc systems are compatible with all such existing programs. There is also a market for small business "loyalty" systems.

In the recent history of community currency development, there have been few opportunities offering investors any substantial security , or expectation of rapid recovery. All investment so far has been essentially unsecured, long term and often predominantly social.