Another Social Money Added to Facebook – CoinJars

(Digital Money World) As we mentioned about Acebucks and Noca, here comes CoinJars from iCoins.

Here’s a simple explanation of Coinjars from adriaan in Facebook Developer Forum,

Coinjars is a Facebook embodiment of a much bigger project – iCoins. The concept there is to take real cash which we convert into iCoins through a Treasury (Coinjars runs on the Treasury in the Isle of Man but there will be others) and then use these iCoins in place of “real” currency. An iCoin is worth par value on a real value coin – $1 = i$1. As long as the money stays virtual it is free of charge for movement. So we create an economy where money can change hands with no cost to the consumer or merchant. All funds are 100% underwritten by the Treasury and will always be worth par value (ie. $1=i$1) to the consumer. But they move for free.

Sounds ideal, but with more and more social money coming up in the picture, someone will have to top the market and be its leader in terms of user count. Check out iCoins explanation. Their product reminds me alot of Loom, an ongoing API project by Patrick Chkoreff.