Universal Basic Income (UBI) coin on Bancor
EMPOWERING PEOPLE AND THEIR COMMUNITIES
The Bancor protocol has the potential to change the life of a lot of ordinary people and their communities around the world. We, the team behind the UBIcoin, located in Tel Aviv, Berlin and Perth are very inspired to build an implementation on this protocol of our token-concept for the activation of Universal Basic Income. At last technology enables communities to use a decentralised money system, without banks, and create wealth for the whole group. Communities can be in the driver’s seat!
Professor Bernard Lietaer, is an ex-central banker that co-designed ECU.
Bernard was the currency trader of the most successful of all offshore investment funds in 1990 and he is the author of a dozen books on money systems. When he read for the 1st time the BancorProtocol he thought to himself:
“is this one of those too good to be true ideas?” But after he read it for the 3rd time he said: “Bancor is a paradigm shift!”
It provides a technological solution to the Double Coincidence of Wants problem in currencies and any value exchange. Bancor enables constant liquidity for all communities and businesses regardless of their size. Bancor is a breakthrough in economics that can lead to dramatic reduction of poverty!
With the UBIcoin built on the Bancor protocol it will no longer be necessary to engage deep development expertise for creating cryptocurrencies and to devise business strategies for growing beyond illiquidity. For the first time ever, communities can easily create their own smart tokens and can choose to integrate a strategy for issuing basic income to their members within a few clicks. A community’s smart token will be instantly tradable against other smart tokens and cryptocurrencies and therefore increase liquidity.
“Wow, this is revolutionary!”
First we want to give you some understanding of blockchain and smart contracts.
“Blockchains are distributed ledgers, i.e. a list of transactions that is replicated across a number of computers, rather than being stored on a central server. Blockchains have mechanisms to make it hard to change historical records.”
“Smart contracts — in the world of blockchains — are little programs that execute ‘if this happens then do that’, run and verified by many computers to ensure trustworthiness. If blockchains give us distributed trustworthy storage, then smart contracts give us distributed trustworthy calculations”.
Quoting Antony Lewis, as per 10t h April 2017. Quotes under CC-BY-SA licence
And then we want to add the research of decades into basic income all around the world. Rutger Bregman explains it well: https://www.ted.com/talks/rutger_bregman_poverty_isn_t_a_lack_of_character_it_s_a_lack_of_cash
“Poverty isn’t a lack of character, it’s a lack of cash!”
Inspired by the Bancor Protocol, the UBIcoin presents a tool for issuing and distributing smart tokens with the view to empower people and their communities. Local currencies are not new. Many existing local currencies have been creating real value for their users, but often their trade volume is too small to achieve liquidity. Bancor Protocol makes it possible to achieve liquidity regardless of the size of token. So creating a basic income that is tradable becomes possible. It will definitely empower people and their communities.
How will it work in practice? Let’s imagine that a community is issuing a smart token. They will all put an X amount of fiat currency (e.g. euro, other assets are also possible) in the reserve. Every person in the community will receive an unconditional basic income to spend in whatever way they like. When they trade with each other, there will be a small trading fee, which could be used as a tax stream and / or for a pension fund. No debt is possible and a demurrage is regulating the amount of money which is in the system. If people want to leave the community, they will receive their original amount of fiat currency back, with a delay of one year for example or they can leave it in the reserve for the good of the community as a whole.
What good will this system do? Well, the UBIcoin will motivate people to become active not only as consumers but also as producers within their community. They will get a much broader perspective on what already has value in a community and they can trade their own talents, goods and services with people in their own or other communities.
Unemployed members can become active again and a community can sustain itself by stimulating people to make their activities as varied as possible. They can create their own jobs doing what they like to do and do well. A person can earn smart tokens by offering his services. They can trade goods and they can trade the energy they produce with their solar panels on local grids. They can even earn smart tokens for their guest rooms by attracting tourists via social media without needing middlemen companies such as Airbnb. Their guests will pay in smart tokens which they can easily buy with their own local currency or with fiat currencies.
When communities will start to recognize how much valuable assets they already possess, including all personal talents, they can increase the prosperity of the community tremendously by ensuring that the tokens keep flowing steadily through their community. They can also achieve bigger things, such as building a school together, producing food or taking care of their vulnerable family members by donating smart tokens to them. And the more variety of activity in a community, the more prosperous the community gets. With more activity within the community, the reputation of the smart token will increase and the trading value with other communities will get bigger as well.
Governments can be involved by issuing tax credits, so people can pay their taxes with their tokens. The governments can spend these tokens buying for example labor in this community or transfer them to another cryptocurrency if they need to spend them in another community.
UBIcoin has many possible applications, and so far we are working or three varieties:
- EDUcoin, an open-sourced education marketplace for educators, by educators, powered by the Bancor Protocol.
The education system today utilizes methodologies and techniques that no longer adequately prepare students for the 21st century, relying more on conformity, competition and memorization rather than creativity, collaboration and knowledge creation.
- ChangemakerCoin, a basic income for a new common economy worldwide.
- more to come
We are painting a vision here. A vision of prosperity for communities, of building trust and inclusivity for all. This vision will become a reality now that Bancor provides us with their decentralized, easy to use technology. We, at the UBIcoin, will help communities become active; their effort and activity can make an end to poverty for good!
UBIcoin.network is coming soon.