Most of us remember swapping things as children, when money didn't matter so much, we did it for fun.
More important than what you trade is the of getting things done with people in your own neighbourhood.
Connecting through the simple exchange of a favour...
In a similar way to other social media platforms, users can create a profile, upload a photo, give details of their hobbies and interests and show off the skills they wish to offer to other members.
Creating profiles with pictures is essential to building the online necessary for creating opportunities to trade favours.
Favabank offers a peer-to-peer authentication mechanism where you can reassure other users about your friend's trustworthiness by vouching for their authenticity.
Privacy settings can be changed by users to determine who can see your personal details. By default, only people you have declared as 'friends' can see your address and contact details. Other users will see your town and the first part of your postcode by default.
The Favabank 'Offered and Wanted' board is a fully searchable ads listing facility to broadcast your needs and wants or advertise the time, skills and items you have to offer.
When posting an ad you can suggest a price in Favas. The price is entirely up to you but as a guideline we suggest the following:
For further details about the Fava currency see The Fava Currency
Transactions can occur automatically via the 'Offered and Wanted' ads pages or by requesting a transfer via your Favabank account in a similar way to making transfers from a standard online bank account.
Details of your transactions will appear in your Fava account history which will be viewable by other users. This openness and transparency will encourage honesty and build trust and create a self policing system.
Favabank accounts are transparent for all members to view.
Favabank provides a reputation based feedback system simlar to the mechanism which has proved successful on trading platforms such as eBay. Transaction feedbacks, Along with vouching for one another's authenticity and the open accounting system, help to build your bartering reputation and become a 'Trusted Stranger'.
Giving and receiving feedback after transactions will help to build trust and good-will...
As our membership levels build we will be adding local pages one area at a time. Your local page, for your city, town or village, will be the first place you'll see when logging on.
Local pages will provide a focus for all local Favabank activity and with the facility for social conversations, events and local business listings, we hope they will generate a sense of community both online and offline.
Local Pages will be administered by a local Favabank representative, with local information, events and activity and a nice banner of your high street or local landmarks.
In October, we launched our 'Local Pages' feature to create a space for people to talk about what's happening in their community. When you log in as a user, your default page will now be your local page. Every area in the UK has a local page and we will initially be having a promotional focus in the North Surrey and Berkshire area.