To see how this might work, let’s use a publishing company for online books as an example. The publisher decides to use “Like” to help determine the price of its online books. “Like” will function as a floating currency on which the price is based on supply and demand. The more “Likes”, the lower the price. The publisher will need to establish a price base and ceiling in order to not lose money and remain competitive. In addition, they will need to determine the exchange rate of “Likes” to actual dollars. This exchange rate will need to be fair and transparent, so customers know what to expect for their “Likes”.
The beauty of this model is that it gives customers a say in the price they want to pay for a product. I think it is a win-win for customers and publishers. Customers have the opportunity to pay a lower price of something they “Like”. Publishers can sell more books and build a fan base.
I’d love to hear your ideas on how to use “Like” as a currency. Thanks-Alberto