VOW

The VOW Ecosystem Foundation holds a treasury of VOW but it does not offer an opinion on investing in VOW or any other crypto. It reminds visitors that all crypto, including VOW, is a high-risk investment and you should not expect to be protected if something goes wrong. You could lose all the money you invest.

The VOW Whitepaper · v6.7 March 2026

VOW® — Decentralizing Currency Issuance

through commerce.

  • Each year retailers commit Trillions of Dollars to discounting.
  • $VOW economics helps re-capture and re-cycle those costs.
  • Promotional expenditure becomes reusable economic infrastructure.
Read WhitepaperExplore Ecosystem

Throughout this White Paper, "Voucher Currency®" (capitalised) refers exclusively to the defined family of VOW trademarked discount right / voucher units. Unless expressly stated otherwise, the term should not be interpreted according to its ordinary legal or monetary meaning.

Figure

How the VOW ecosystem works

  1. Businesses

  2. Determine Discount Rights

  3. Voucher Currency

  4. Distributed to consumers

  5. Transferred or Redeemed

  6. Businesses accept back

  7. Commercial activity

  8. VOW Reserve Layer

Businesses issue transferable discount rights as voucher currencies, supported by the VOW reserve layer.

Reading Order

The VOW Whitepaper

A comprehensive technical, economic and governance framework for the VOW Ecosystem.

  1. 01Home
  2. 02What Is VOW?
  3. 03A Letter To Future Participants
  4. 04The History Of Money
  5. 05The Four Ages Of Money
  6. 06The Great Observation
  7. 07The Fourth Issuance Model
  8. 08The Ecosystem Is Not A Company
  9. 09The Birth Of VOW
  10. 10VOW Limited
  11. 11The VOW Ecosystem Foundation
  12. 12Governance & Stewardship
  13. 13The Decentralization Journey
  14. 14The Builders
  15. 15The Movement
  16. 16Overview
  17. 17What Is VOW?
  18. 18Trademarks
  19. 19Voucher Currencies
  20. 20Minting Vouchers
  21. 21Commercial Issuance
  22. 22The Economic Flywheel
  23. 23Value Capture
  24. 24Network Effects
  25. 25Centralized vs Decentralized Exchanges
  26. 26Liquidity Providers
  27. 27The Rise Of DeFi
  28. 28Incentives
  29. 29The Liquidity Movement
  30. 30Independence
  31. 31The Rewards Industry Problem
  32. 32Retailers
  33. 33Reward Programmes
  34. 34Consumers
  35. 35Offer Providers
  36. 36Financial Institutions
  37. 37Governments and Aid Organisations
  38. 38Building The Rewards Economy
  39. 39Overview
  40. 40Single.id
  41. 41Voucher Ledger
  42. 42Transaction Verification
  43. 43Products
  44. 44Overview
  45. 45The Economic Attack
  46. 46The Human Story
  47. 47Resilience
  48. 48Why We Didn't Fork
  49. 49The Recovery
  50. 50Overview
  51. 5110 Million Users
  52. 52100 Million Users
  53. 531 Billion Users
  54. 54The Planetary Economy
  55. 55The Endgame

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07

Recovery