“Cryptocurrency is one of the worst inventions of the 21st century. […] It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. Fuck cryptocurrency.”
From a quick glance it seems like they use a blockchain with a “trusted” number of validators. This is really nothing other than an over-engineered MySQL database and as a user you are totally at the mercy of those trusted validators.
I am personally not against such a system in general, but I would rather not like to have to trust some random strangers on the internet.
But a similar system run by your local in-person coop or at least by some democratically elected officials would probably be fine.