I don't knwow what this is, I've just found out about it.
The description looks very much like bitcoin.
Geek Credit is a digital complementary currency for internet. It is decentralized, secure, interest and
demurrage free. It is backed by mutual credit (time). There is no central issuing and control authority, so it
is a true peer-to-peer currency.
It is a digital form of WATT local currency system that is used in Japan.
Like any complementary currency it is best fit for paying for services within a community. So for internet it is
paying to free software, mp3s, books, best blogs, items from MMORGs, etc.