LFT e-Bank; a Virtual Private e-Bank for friends

The "LFT e-Bank" is a virtual reality online game: it is used to train our members how a virtual reality bank can be set up between 3 or 4 players with one or more virtual investor to push their skills and/or experience to land an opportunity that can help them trade their skills or experience for virtual money.

It's a simulation using "experimental economics" enabled on the LFT-Australia platform. The simulation was based on the micro-credits system developed by the Grameen Bank in Bangladesh with only one twist: a genetic algorithm that keeps the people actively and positively connected to the system inside of it and its revenues seeking a virtual macro-credit goal.

Why macro and not micro credit? Because the economic needs of those connected to the system are beyond microfinance, they need soft virtual loans that carry no interest and no contracts in case they default from the virtual loans.

How virtual funds are created? By enabling fair play, fair trade and fair share of revenues from innovative consumer activations in projects online. They can consume from services, products, jewels, etcetera and save a percentage to create virtual funds to be used as 'emergency capital' for those in need in the network.

Direct example of how to create a basic $500 virtual emergency fund: three or four game players agree to set up a cooperation group inside LFT-Australia's platform; their skills and experience are posted in our database; a virtual investor reads their information and decide to buy a game in LFT-Australia; the game's goal is to land a $500 virtual cash fund for the 4 players, one by one, making a $1,000 virtual cash for the group. Services and Products (mixed with other information from more players) are directed to consumer groups and develop economic transactions. The transactions are recorded and the revenues shared following a fair play and fair trade discipline.

Expansions: the 3 or 4 game players keep feeding the system with information until each one makes a $1,000 virtual fund available to access at times of need. They agreed to pay back to the system to make it self-sustainable and to support other game players with information, know-how, links and tips. The game players can become virtual investors to support new members and increase their virtual income streams.

Real and Virtual Reality results: in 2012 three players got together in Brisbane (Queensland, Australia) to build an emergency fund for a farmer friend; with their skills and experience, they were able to finance the acquisition of machinery and cattle for the farm. The 3 players shared the information online and invited guests to see the result with the farmer and obtained even more crowdfunds to build a 5 figures amount that was used by another farmer to pay his debts in time of crisis (weather). Real life results: In this way the players built a fund that is still in use for them to travel around the world. Some virtual results: creation of subsequent micro-banks in the players social networks that kept mimicking the same crowdfunding reaction exponentially.

Why the money is not simply donated? Because the success of the Grameen Bank was not 'giving the money away' but making the users understand that they have to give it back to make it self-sustainable. It teaches people how to better manage online information and create consumer networks that can profit from sharing a percentage with them.

Social and community goals: create a fund to support migrants and refugees that cannot obtain loans to support their families or migration fees.