by Peter Knight | Feb 10, 2023 | News
“We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans and nourishing the creativity and entrepreneurial spirit present in the country ”, says Karen Jooste, Founder of RightfulShare.
The project began as a policy proposal in the South African parliament and has since moved into an independent initiative. Every month for one year, beneficiaries receive a digital basic income in GoodDollar to use as they choose.
Read the details in the full press release.
by Andre Coelho | Jul 5, 2019 | News
In this article, Daniel Mermelstein delves into the relationship between basic income and cryptocurrencies. The combination of these two innovative, by some considered radical approaches to social security and money, can rock the foundations of most people’s beliefs.
Starting with cryptocurrency, Mermelstein opens with a brief history of Bitcoin, addressed how to has become more mainstream thanks to the bitcoin gordon ramsay and other celebrities have advertised or talked about, the first computer-based coin to overcome the problem of “double-spend”. This was a major step, since in the digital world it is very easy to just make copies of, say, 5€ bills. The process of making transactions with cryptocurrencies such as Bitcoin is very complex, involving “difficult cryptographic mathematics”, but in the end it boils down to a few crucial characteristics: anyone can access to bitcoins (by opening an account named “wallet” or through cryptocurrency trading portals like kryptoportal.pl), all transactions are public and verifiable (on the blockchain), it is corruption-proof (internal cryptographically linked kind of structure) and the supply of money is known and controlled. It is also independent of governments, banks, rating agencies and other institutional edifices which are often prone to corruption and secrecy.
Although Mermelstein acknowledges basic income and cryptocurrencies as foreign concepts for many people, he assures that as time goes on more people will learn about crypto, find the best crypto alerts apps, invest, and buy/sell things using it. Let us refresh our memory with the fact that the idea of basic income is already imbued in social policy programs such as Child Benefits, and that other, non-state tokens (forms of money) have already been in circulation for quite some time, without many surprises (e.g.: private “loyalty card points”, “air miles”). So, he points out that cryptocurrencies can actually help implementing basic income, since the former can be designed in such a way to deliver basic income main attributes: universality, unconditionality, individuality, money-based and periodic. As the only operational example, he cites Manna, which can be traded by other currencies (such as the US dollar) and claims a 100 000 users base at the moment. Manna features Eric Stetson as CEO, and Andrew Yang as one of the consultants.
As for challenges and the path going forward, Mermelstein lists a few hurdles still to overcome by cryptocurrencies, especially in the attempt of dispensing a basic income. One such difficulty is guaranteeing individuality, since at the moment it is very difficult to connect a ‘wallet’ (as in the Bitcoin system) to a single person. This is handy for those buying cryptocurrency australia has to offer, but not so much for basic income purposes. Another problem has to do with universal adoption, since these systems require, at least, an electricity power supply, a computer and/or a smartphone and an internet connection. This leaves out, at the moment, a large proportion of the world’s population. Also, scale can be a problem in operating cryptocurrencies, given the amount of data necessary to guarantee accuracy and tamper-free operation. If a large segment of the population uses such a system as Bitcoin to its daily expenses, there isn’t, at present, enough available computing power to guarantee a smooth operation. That only becomes a problem, though, if in fact enough people adopt a cryptocurrency as their preferred medium of exchange. Adoption, on the other hand, is always critical, since, at core, it is a trust issue. Finally, and apart from the corruption-free design of these new currency systems, there is always some core group of developers, who, especially in the case of large-scale adoption, will be targeted for scrutiny and fairness.
More information at:
Daniel Mermelstein, “Basic income and cryptocurrency“, Citizen’s Basic Income Trust, July 2nd 2019
Sara Bizarro, “Basic Income cryptocurrency Grantcoin, Upgrades and Name Change“, Basic Income News, August 4th 2017
by Faun Rice | May 22, 2019 | News
Yoni Assia. Picture credit to: CCN
The recent international basic income conference “Visions for a Brighter Future,” UBI-Nordic 2019 was held in Oslo from April 5–7; at it, Nir Yaacobi and Gilad Barner became the first representatives of a universal basic income (UBI)-related blockchain project to present at a UBI conference. Their not-for-profit research organization, GoodDollar, aims to develop an open-source method for implementing UBI through blockchain. Blockchain technology was popularized by cryptocurrencies, but is, in general terms, a distributed ledger (i.e., a database hosted by numerous servers rather than one central authority) where all transactions are verified publicly, rather than being controlled by a single administrator. Blockchain protocols can allow for the execution of smart contracts, or an encoded agreement that auto-executes once its terms are fulfilled. Due to the nature of the type of encryption that blockchain uses, each encrypted transaction includes information from the one that occurs before it, making transactions, once verified, theoretically impossible to change or erase. Some blockchain projects, like GoodDollar, aim to eventually create Decentralized Autonomous Organizations (DAOs) that eschew classical governance for a public, distributed, social and financial system based on blockchain.
The idea of GoodDollar was born over ten years ago in a paper called “The Visible Hand,” which outlined a framework for a monetary system where smaller investments are granted the same interest rates as larger ones in order to combat extreme wealth inequality. The organization’s current mission is to “build open-source solutions for efficient allocation of resources according to principles informed by research on UBI and related policy proposals.”
Other UBI-related blockchain and cryptocurrency initiatives reported by Basic Income News have included SwiftDemand, Grantcoin, and a BitNation exploration of the concept of UBI and cryptocurrency.
More information at:
Yoni Assia and Omri Ross, “Good Dollar Experiment: Wealth Distribution Position Paper,” July 11th 2018
Yoni Assia, “Good Dollar – The Visible Hand,” November 28th 2008
Cameron McLeod, “BitNation: Recent Advances in Cryptocurrency See Basic Income Tested,” March 30th 2017
UBI-Nordic, “Basic Income: ‘Visions for a Brighter Future’ UBI-Nordic 2019—Oslo, April 5–7”, Accessed May 13th 2019
by Quentin Mathys | May 15, 2018 | News
Cryptocurrencies have taken over the news in recent years and I’m sure some readers have even looked at a Bitcoin Trader review, looking to see if it’s something they should invest in. But outside of trading, not many people understand the potential applications of Bitcoin and blockchain. This is why today, we’re going to be talking about Swiftdemand. SwiftDemand is a basic income blockchain experiment in which each user who is signed up daily receives a certain number of Swift tokens. The project’s white paper gives a clear understanding of the implementation of this Decentralized Autonomous Organization (DAO) providing Universal Basic Income and how the Swift Protocol works.
The concept of SwiftDemand is to create a transactional currency that provides basic income. Hence, four types of accounts are required to ensure that the ecosystem works:
- Citizens – The registration to become a Swift Citizen is open to anyone and is for free. However, a unique individual should only be allowed to have one account that receives the basic income and is validated by an Identity Provider.
- Entities – There are accounts not tied to individuals and are allowed to exist for business or privacy purposes. However, these do not receive any basic income.
- Delegated Nodes – these are responsible for maintaining full nodes, containing every single transaction that has occurred on the blockchain, and for creating new blocks for the tokens. Delegated nodes are elected by Swift Citizens, and the elections occur every 6 months.
- Identity Providers – These ensure the validation of the Swift Citizens identity, create new citizens by generating a key pair, i.e. a public and a private key allowing to encrypt information that ensures data is protected during a transaction, and include the identity on the blockchain.
As specified by SwiftDemand creators, the goal of the Swift protocol income distribution is to provide a faire method of providing Swifts to all Swift Citizens. Swifts are distributed on a daily basis under the form of a basic income and, today, the grant is set at 100 tokens. However, it is subject to change as the amount of tokens distributed depends on the number of Swift Citizens that exist in the ecosystem.
It can be said that SwiftDemand is on the verge of becoming a cryptocurrency for basic income distribution. It depends on the number of new members registering but with the growing popularity of virtual currency, the chances are highly in favor of SwiftDemand. If you are interested in learning more about top crypto to invest in for higher profit probability, you can go through blogs and websites discussing the same.
It is also important to note that the basic income has to be claimed by the Swift Citizens with a maximum of seven unclaimed days of Swifts. For example, it means that if a Swift Citizen claims its basic incomes every four days, he will be granted 400 tokens every four days. Another way to earn Swifts is through referrals program. When any Citizen successfully introduces a new user to SwiftDemand, his/her account is granted with 500 tokens.
This attempt at implementing a universal basic income has the potential to make basic income more visible. Despite a complex protocol, the platform is free and easy to use. Even though the Swift currency does not have any value outside the Swift ecosystem, citizens have the opportunity to sell goods and services, transfer their tokens or make purchases, creating a parallel economy ruled by basic income values.
More information at:
Swift Protocol White Paper (Draft)
One Pager – SwiftDemand
“Swift Demand: Swifts Token Attempt At Basic Income Project?“, Bitcoin Exchange Guide
Article reviewed by André Coelho.
by Sara Bizarro | Aug 4, 2017 | News
When cryptocurrency was just getting started, it was really easy to mine cryptocurrencies using just your computer’s processor. But as the competition became more intense, cryptocurrency mining shifted to Graphic Cards or GPUs, since they were more efficient and faster to mine than CPUs. As competition grows and verifying blocks has become increasingly difficult, mining with dedicated machines (like a specific crypto mining rig for sale) is becoming more prevalent.
One would be shocked to hear that most people weren’t even aware of what cryptocurrencies were, or that they could be bought off many sites like Independent Reserve, at the start of the year, but now thanks to the explosion of Bitcoin, pretty much everyone is talking about it. More investors than ever before are using wallets like oxis to buy, sell, and lend cryptocurrencies and they are forecasted to before even more popular in years to come. But what does this all mean for Basic Income?
Well, Grantcoin, the first cryptocurrency to distribute a Basic Income type of grant to 2500 people, just announced Grantcoin 2.0 and a name change.
The currency will now be called Manna. The not-for profit has new technology goals and a crowdfunding campaign coming up soon.
There are a few important announcements regarding the program. Those who currently receive the Basic Income grants will be able to exchange their Grantcoin for Manna at a 1:1 rate for a period of time. Grantcoin is also about to conduct a major fundraiser for the launch of Manna; the dates will be announced soon. Another important change is the implementation of smart contracts, which greatly improves security. The founders will also be donating the majority of their holdings for the crowdfunding campaign.
Also related, on August 13, founder Eric will give a one-hour presentation entitled “Cryptocurrency Is Our Future” at the New World Consciousness Conference and Expo in Orlando. On Monday, August 14, 10:00 a.m. to 12:00 p.m., Eric Stetson and Brandon Venetta will host a “Meet the Founders” gathering at the Dr. Phillips YMCA, 7000 Dr. Phillips Blvd, Orlando, FL 32819. Everyone can attend, even if not going to the conference, just RSVP to brandon@grantcoin.org.
Keep an eye on the Grantcoin website for further announcements.
For background information on Grantcoin, see:
Nick Yeretsian, “Grantcoin Distributed to 750 People in 69 Countries,” Basic Income News, October 29, 2016.
Kate McFarland, “Grantcoin Foundation distributes first digital currency basic income grants,” Basic Income News, July 10, 2016.
