Urban Array’s digital asset RRAY facilitates and tracks participation and exchange within the UA cooperative network.
Within Urban Array, contributions go beyond the financial. Every one of us has inherent value, regardless of socioeconomic status. Non-monetary contributions of time, labor, expertise and connections grow community resources and create stability.
The value that members contribute to the network is directly represented using a new digital asset RRAY, which allows earning and spending within the network. RRAY allows members to access goods and services in exchange for their time and effort.
Money is a tool to assess and record the value of other objects, but up until the advent of blockchains it required a central authority to print, issue and maintain it. RRAY is a decentralized store of value as well as a medium of exchange. Blockchain technology keeps an immutable log of member contribution history—a time bank of sorts—that records every hour and item given to the community, which will be recorded within an individual’s public profile.
UA members can use RRAY (via their app) to pay for goods, services, access and discounts at networked businesses. Enterprises within the UA network may operate as regular cash businesses as well, bridging the traditional marketplace and that of Urban Array and bringing outside resources into the community.
RRAY is a native digital asset. In order to keep speculation and rent-seeking to a minimum, it can only be used within the Urban Array network. While RRAY may at some point become tradeable outside of UA, the goal of RRAY is to foster exchange within neighborhoods and the network. Limiting outside exchange allows us to focus on growing community equity and keeping that value within the community.
UA members are rewarded for positive action and participation in projects with Reputation. Unlike RRAY, Reputation is not spendable and is unique to each user.
Reputation is part of a member’s profile and is a function of both level and diversity of Reputation. This structure rewards both specialists and generalists. Reputation is based on both quantitative metrics, including skill proficiency, task diversity, task level and timeliness, as well as qualitative scores from teammates, such as trustworthiness, leadership, communication and collaboration.
Reputation serves as a public record of the time, energy and teamwork an individual has given to the network. An individual’s Reputation unlocks the ability to access certain features and services (such as entrepreneurial support and mentorship), creates credibility within the network and gives more weight in voting.
Through RRAY and Reputation, influence within an economic system will no longer be dependent upon amassed capital, but rather to positive community outcomes and interpersonal development.