Welcome to sikoba - home of the IOU economy

Sikoba is developing a decentralised peer-to-peer IOU platform using blockchain technology

Meet us …


Read our Green Paper and more on our reddit wiki


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Based on monetary theory research

Sikoba was created by the founder of New Money Hub, a think tank focused on monetary theory and stable economic systems.

New Money Hub

Sikoba tokens

The token presale ended long ago, we are now working on next steps...


Our vision: the ultimate distributed finance application

With P2P lending growing at 50% p.a., we see the market of P2P IOUs as the next frontier of finance, and the ultimate distributed finance application.


The sikoba concept


Sikoba is a decentralised money platform based on peer-to-peer IOUs and built on blockchain technology. Participants who know and trust each other in real life grant each other credit lines in the Sikoba system. They can then pay each other without using fiat money. These peer-to-peer credit relationships are governed by contracts with specific conditions, fee structures and repayment rules. Using credit conversion, a kind of configurable rippling, payments between participants who do not trust each other become possible. Fiat money or cryptocurrencies are used when there are no credit links between participants, or to repay outstanding balances when needed.


P2P payments are already above $1 trillion annually. From almost nothing 10 years ago, P2P lending has grown to $26bn in 2015 and is expected to reach $900bn in 2024. We believe that P2P IOU systems have a similar potential and that they will soon become the next frontier in finance.

The backing of money

There is, in the end, only one possible backing of money, and that is the promise of human work. All the mechanisms of banking and finance tend to hide this basic fact

Paying with credit

Only a few centuries ago, most trade was done on credit. In addition, many monies circulated: the government’s money (which, by the way, was not always strongest), money issued by bankers, money issued by local princes, by monasteries, by merchants. Paying with credit was a normal occurrence. The Sikoba system will allow a flowering of this monetary diversity, adapted for modern times.

Use cases

The aim of Sikoba is to provide a generic platform for money systems. A few use cases are listed below.

Inter-company credit system

Groups of companies that do business with each other on a regular basis, for example because they are located in the same geographical region, will profit from setting up interco credit systems. Instead of systematically paying each other's invoices, they register invoices in the system and only pay residual balances after periodic clearing. As a result, less bank credit is needed. More Info

Jump-starting local economies for the world’s unbanked

In some situations, the poverty is such that even the access to micro-credit is very limited. Here, a system such as Sikoba can help to jump-start local economies. Once people realise that bank money is not absolutely necessary, and have a tool for precisely keeping track of mutual credits and debits, even primitive economics may get a boost.

Alternatives for micro-credits

Micro-credits carry very high interest rates, sometimes over 50% annualised. They are also difficult to obtain, especially in areas where the next bank is far away. Bank money will always be needed for some purchases, such as specialised equipment. However, when artisans and merchants start using their own credit on the Sikoba platform for local trade, their reliance on micro-credits may decrease significantly. More Info

Local currencies

Setting up local currencies is a natural use case for Sikoba. We aim for an easy set-up that will make it possible to start a local currency even for very small communities. Local currencies using Sikoba will become easily exchangeable with other local currencies. Also, such currencies can be tied to local cost of living indices.

Crisis money

When a financial crisis hits, local and even central governments may find a need to quickly issue new monetary instruments. Sikoba aims to provide more flexibility than the banking system, while being linked to state-of-the art KYC systems.

Sikoba news

11-13 June 2018 - London - visiting Mosaic Networks
We worked on the consensus layer and evaluated Mosaic Network's Babble middleware. Many thanks to Martin Arrivets and Giacomo Puri Purini for hosting us!

27-28 April 2018 - Warsaw - Sikoba workshop
We worked on the general system architecture.

15-16 March 2018 - Berlin - Sikoba workshop
Most team members came together for 2 days in Berlin. First working demo of 2 mobile clients creating a credit relationship and making a direct payment.

16 February 2018 - Budapest - Sikoba meetup
Sikoba overview (in English) by Alex Kampa, technical presentation (in Hungarian) by Zoltán Humpok.

16 January 2018 - Munich - Ethereum meetup
Alex spoke in Munich about Solidity testing using Ruby. The legendary BokkyPooBah was the main speaker at that event. Thanks to Roland Kofler and Shaun Schutte for the invitation!

15-17 September 2017 - Paris - Fintech Startup Labs hackathon
Worked on a business model and use cases for Sikoba, focusing on emerging economies. We won joint 3rd prize DESPITE the fact that the jury did not think that blockchain was that relevant for our project!?

12 April 2017 - Arthur Fall’s Ether Review Sydney Edition: Bok Khoo explains Sikoba
Bok Khoo spoke about Sikoba in Arthur Fall’s Ether Review Sydney Edition which has been listened to by over 4500 people (11-17 minutes and 19-21 minutes). See a picture of the people who participated in the podcast.

1 April 2017 - Berlin cryptoeconomics meetup
We attended and spoke at the Berlin cryptoeconomics meetup. A very intense event with many interesting speeches and encounters: Konstantin Lomashuk from satoshi.fund, Dima Starodubcev from cyber.fund, Ksenya Bellman from dao.casino. Also a special announcement by Zack Hess for Aeternity. Many thanks to Ksenya for organising this event and inviting us; to Christian Hildebrand, who runs the Agora Collective, for providing the venue; and last but not least to Ryan for the live streaming of the event: youtube channelevent video.

30 March 2017 - Green Finance roundtable discussion in Paris
The highlight of the Green Finance roundatble discussion was when Roger Wei, reacting to a description of the Sikoba system, described to us how some Chinese small business networks operate in Paris at the present time. Members of these networks “buy” from each other on credit, and settle accounts only once a year. There is a “big man” in the middle enforcing rules, and those who default are frozen out of the community. Many thanks to Fabrice F. Seng for the invitation!

29 March 2017 - Bok Khoo @ Sydney Ethereum Meetup
Although not initially foreseen in the schedule, Bok Khoo (aka BokkyPooBah) did a short talk about Sikoba at the Sydney Ethereum Meetup which boasted an impressive audience of well over 100.

29 March 2017 - Presentation at Köln Finfinity meetup
Many questions as usual and a very lively discussion at Köln Finfinity meetup. A special thanks to Natallia Martchouk for hosting and sponsoring this event. The venue was exceptional, with a direct view of the Cologne cathedral, and drinks and beer were free. Of special interest was a discussion with Barbara Lampl who immediately saw the link between the sikoba project and promissory notes (“Wechsel”) that were used by German businesses until a couple of decades ago.

20 March 2017 - Sikoba presentation in Stuttgart
Very lively debate at Blockchain Stuttgart, right in the heart of this beautiful city - and event organised by our friend Andrei Martchouk. You can download the presentation here


‘Sikoba is the result of my life-long interest in monetary theory. We see a future where money will once again be diverse, with many different issuers, with a variety of credit relationships, where people will take an active interest in the type of money they wish to use. Our aim is to provide the tools to achieve that vision.’ - Alex Kampa

Alex Kampa

Aleksander Kampa


Alex is a researcher in monetary theory and leads the development of the Sikoba platform.

Nimisha Walji

Nimisha Walji, PhD

Birmingham, UK

An experienced Project and Operations Manager, Nimisha also holds a PhD in Nanotechnology from Imperial College

Iulian Nita, PhD


Iulian is a blockchain and cryptocurrency expert and holds a PhD in Information Technology from the Bucharest Polytechnic.

Stéphane Vincent

Stéphane Vincent, PhD


Stéphane's research focuses on blockchain, zero-knowledge proofs and multi-party computation protocols. He holds a PhD in physics.

Max Hilbert

Max Hilbert

Local Currency Expert
Beckerich, Luxembourg

Max is the Coordinator of Beki, Luxembourg's only local currency. He is also deeply engaged in several initiatives that focus on sustainable monetary and economic systems.

Lisa Tan

Lisa Tan

London, UK

Lisa has a long experience as head of finance of a UK listed company.

Bogdan Victor Jurca

Bogdan Victor Jurca

User Interfaces
Barcelona, Spain

Richard Murvai

Frontend Development
Budapest, Hungary

Zoltán Humpok

Budapest, Hungary


Elisabeth Kampa

Elisabeth Kampa

Legal Counsel

Elisabeth is a member of the Luxembourg bar, a former Group General Counsel and also a Sikoba co-founder.

Emmanuel d'Hardemare

Emmanuel d’Hardemare

Use Case Advisor
Metz, FR

Emmanuel is a financial services and risk specialist who has worked for some of the world's leading banks.

Graham de Barra

Graham de Barra

Mass Media and Outreach Advisor
County Cork, Ireland

Graham is a crypto enthusiast and advocate for human rights, new systems of payments and governance. He is CEO of Festy, a ‘contactless crypto‘ payment system.

Roland Kofler

Roland Kofler

Blockchain Consultant
Alto Adige, Italy

Roland is a blockchain and Ethereum consultant who helps us with community relations.

Bok (Bokky) Khoo

Bok Khoo

Blockchain Consultant
Sydney, Australia

Bokky is a self-described ‘Actuary, consultant, quantitative developer, almost-a-palaeontologist and Ethereum fanatic.’


Our game plan to make the iou economy a household concept.

  • July 2016

    Sikoba Ltd created.

  • July 2016 - March 2017

    Thrashing about.

  • April-October 2017

    Token presale. We asked the blockchain community to support our project at an early stage.

  • July 2017

    Greenpaper published.

  • October-December 2017

    The doldrums.

  • 1Q2018

    Signs of life.

  • 3Q2018

    Let's bloody get this thing moving!

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Get in touch

Sikoba Ltd is incorporated in the UK with the number 10283521. Its registered address is 20-22 Wenlock Road, London N1 7GU.

  • +352 691 468 581
  • info@sikoba.com
  • Twitter