dibspaceDominic Canterbury, founder of dibspace.com, is looking to promote his site through an unusual pledge: to live one whole year on nothing but virtual coins. That’s right. Dibspace.com’s currency, known as dibits, are used for virtual bartering within the site where nearly half a million in goods and services have been acquired to date. Will a land lord be willing to accept Canterbury’s offer? Read more after the jump.

Canterbury’s pledge, as profound as it is, could be severely challenging for the Seattle based entrepreneur. Everything from food, lodging, entertainment and travel will have to be acquired using dibits. He has till the end of this month to get ready to live off dibits and doesn’t seem to be worried.

“I’m excited,” said Canterbury. “Living purely on a secondary currency is uncharted territory, but given the strength of the Dibspace economy, I should be able to live pretty lavishly.

There’s over 1,500 goods and services available on the site and over 4,000 people have used the site to purchase goods or services. How does the site make money? Members are able to purchase dibits directly through the site using credit cards or paypal. Dibspace also aims to support small business and individuals through their services. By offering dibits-based services/goods to the community, the incentive strongly favors them to be chosen over competition.

“Freelancers, solopreneurs and small businesses of all stripes are turning to Dibspace in droves,” said Canterbury. “With cash and clients in short supply, many are finding this new barter currency just might save them and their businesses from becoming another casualty of the economy.”

Canterbury will be documenting his experience using blogs and videos and showcasing the lively economy of the Dibspace community. Follow his adventures here.