The Whuffie Bank is a new non-profit service focused on rewarding people for social media participation. The business model of The Whuffie Bank was inspired by Creative Commons. One of the fundamental flaws of Creative Commons contributors is that a lot of them are not financially rewarded. The Whuffie Bank wants to offer Twitter retweeters and Facebook users that share content virtual or physical goods for their efforts. The more Whuffies you have in your bank, the bigger the prizes you receive.
The Whuffie Bank will monitor how many people retweet your content and how many people “like” your Facebook links. Whuffie Bank will also monitor your comments on various blog posts. The Whuffie Bank’s algorithm will also monitor who retweets or likes your Facebook links to make sure they are not spam bots. The Whuffie Bank will also allow you to reward Whuffies to others as payment for services.
The term Whuffie was coined by author Cory Doctorow. The Whuffie Bank was started by Santiago Siri, Martin Añazco, Martin Conte Mac Donell, Diego Meller, and Emiliano Kargieman. The Whuffie Bank is based in Buenos Aires, Argentina. The Whuffie Bank demonstrated their service at the TechCrunch50 conference.