Frequently asked questions
Release 0.6 2020–06–26
Please Visit project Home Page www.equacoin.cash
This is an updated list of questions and answers on the Equacoin project, the basic universal income (UBI) and the EquaStore.
It is assumed that the reader has already read the Manifest and now wants to dispel almost any doubt. The answers are relative to the editing date, be sure to read always the last available document.
First project and wallet
What is EquaCoin?
It is the currency (token) of the homonymous project launched in 2017, based on the Waves blockchain and which made possible the development of subsequent projects, namely the wallet, the Unconditional Universal Basic Income involving popular issuing currency, the Equacoin Ecosystem, the Liquid Democracy for the issue and monetary control and the dedicated eCommerce platforms.
What is the Wallet ?
The wallet is a program that is downloaded into the memory of your browser (it is not a home banking) and connects to the blockchain. To work it must have cookies enabled (check the browser settings). With the wallet you can send coins to your friends, suppliers, employees, etc. or receive them from your customers, etc. — You can also check the balances and the last movements made. The EquaCoin wallet also offers additional services whose use will be better clarified later.
How do you use the EquaCoin coin and the other script currencies in the project?
All the project coins are managed through the EquaCoin Wallet, downloadable from the home page www.equacoin.cash — For more information on how to open an account using the EquaCoin wallet you can read this brief description.
What coins can be used with EquaCoin wallet?
In addition to native EquaCoin, Equanet, Neutrino dollar (1:1 with USD stabilized by a smart contract based mechanism) and bitcoin, all listed on waves.exchange, the wallet, at present, can operate with following currencies:
Bitcoin, USD-N (Neutrino), EquaCoin, EquaNet, script USD, script EUR, script CHF, script Nigerian Naira, script Shekel, script Indian Rupia,
script Colombian Pesos, script Brasilian Real, script CFA Franc, script Sri Lankan Rupee.
Further coins are also available for user-groups that have requested them (for example clubs, associations, etc.) -
Are my wallet accounts anonymous?
Each EquaCoin Wallet can contain many accounts, each account can have many currencies. Each account is anonymous and remains so until you disclose its existence to the public. It is stored in the blockchain infrastructure. It can be imported using SEED keywords, whose ownership represents account ownership. The coins bound with each account are therefore owned by the bearer (as if they were cash).
Are the coins in my wallet reportable or seizable?
The numerical values kept in each account (in our case we equate them to coins) are written in ledgers that are replicated in hundreds nodes of the Waves network. They are therefore delocalized and reasonably unattainable with common foreclosure procedures and sequestration requests. They are NOT subject to the jurisdiction of a specific state. However all transactions, the numerical values exchanged, as well as any accompanying message is public and readable by anyone with a browser for the waves blockchain.
The universal income
What is universal income?
The Universal Unconditional income project allows any citizen (natural person) residing in an economic area among those covered by the service, to receive a monthly income in script money that can be used into the economic zone. To receive this income, you need to open your wallet, create an account and copy its address on the Universal Basic Income request application form. No formalities are currently envisaged, nor documents or other bureaucratic procedures. Always verify that the wallet is being downloaded from what is currently the official EquaCoin website to prevent anyone from stealing your wallet SEEDs.
How do I spend the script coins I received with the Universal Income program?
The EquaCoin wallet, which can be downloaded in your browser at www.equacoin.cash is a tool designed to manage transactions between users in a secure and anonymous way. Whenever you want to pay for a good or service, the seller gives his address to the buyer who transfers money from his wallet to the seller. The set of these transactions and the willingness to use this currency creates an economic space.
Are these script currencies like discount vouchers?
These are coins that can be spent with the wallet and in which users transfer part of their work and the amounts of their assets into the form of monetary value.
Do the script currencies contribute to national GDP?
Yes, they are coins in an economic space that participates in the harmonious growth of the State in which the subjects of the transaction reside, contributing to the realization of the aims of the project, that is the inversion of the scarcity paradigm and the creation of a society of abundance.
Where does the value of script coins come from?
From the work and goods that users are willing to exchange using them.
On his honor, anyone who receives a universal income in script currency is willing to accept, in addition, at least as much, in exchange for his work or assets.
I DO NOT have a sense of honor and I want to grab as much of the money as I can, how can I do it?
This behavior, very common in the old society based on the scarcity paradigm, is considered pathological in the Equacoin ecosystem that allows an economy of abundance. Unfortunately in the initial phase, until the citizens have re-educated themselves, filters will be implemented to limit self-injurious behavior like this.
Can I pay my employees, even in part, in script money?
Yes if they accept. It is a currency of free acceptance.
An employee of mine, who is also included in the universal income program, refuses to accept even a small part of a payment of his salary in script money.
It could be excluded from the universal basic income program. Universal income makes it possible to spread the costs of people unable to otherwise have an income, without the intermediation of the State. If a citizen is not willing to share these principles, he has no reason to join the universal income program.
Can I transfer the equacoin script money to a bank account or debit card?
The Equacoin ecosystem is a completely distinct space, segregated and impermeable from that one created by banking platforms and legal tenders.
When a transfer is made between the platforms, a transfer of value is operated from one to the other. While it is regrettable that this happens from the Equacoin ecosystem to banking platforms, vice versa is currently illegal, ie it is prohibited by law to buy script coins using legal tender currency or bank money, in the absence of an authorized party.
The exchange, apart the legal aspect, is considered undesirable and reprehensible.
The current policy is the distribution of money only to citizens who will therefore create a demand for goods and services payable with it, inducing companies to procure additional script money by satisfying this request.
How can a company procure script money?
Selling goods and services in exchange for even a partial payment in script currency, which they can then use, for example, to buy other goods and services or pay part of the salaries of their employees and consultants.
Can I pay a contracted debt in bank money using script money?
The Script money of the EquaCoin project are designed to remain segregated within the Equacoin ecosystem.
If the creditor does not manifest his explicit will to accept Script Money as liberators of the debt, it DOES NOT make sense to insist.
Script money within the EquaCoin project were not designed to pay off debts contracted in bank money or legal tender of any kind.
Is it possible to receive a loan in bank money?
Not at the moment.
In the future, projects will be financed on the basis of popular issue of script money, subject to democratic discussion and subsequent voting. It is, however, possible that citizens will spontaneously associate using their script currencies to finance projects. The EquaCoin Wallet will soon have the potential to aggregate citizens for this purpose (associations regulated by decentralized blockchain contracts).
Is it possible to collect savings in script money by paying it with interest?
In an economy based on abundance, interest is not necessary, unlike what happens in an economy based on scarcity, in which the payment of an interest has the purpose of continuously decreasing the circulating money supply, creating a continuous depletion of citizen’s wealth.
Where do the script coins distributed to the citizens come from?
They are created out of nothing and assigned to each natural person who requests it.
Why distribute script coins and not bank coins?
Bank currencies (those on the accounts of commercial banks) are created out of nothing, when a bank agrees to do so, at the request of a client, for example with a mortgage or consumer credit. It therefore depends on the will of the bank, which is a private entity, and has the freedom to do so or not to do so at its complete discretion (it is called Credit Magister). For further information, read this.
Not only that, when it is created from nothing, the currency is not correctly accounted for, and is directly credited to the customer’s account, which will then have to return it in exchange for an interest. This step circumvents the highlighting of the creation and is contrary to any international accounting principle, commonly applied to companies.
When the bank then receives the repayment of the loan, with the addition of interest, it is assumed that it clears the creation made, except for the interest that apparently appears to be its only revenue.
Unfortunately, many signals suggest that it does not do so, creating a supply of black money that can be used for corrupt purposes.
Bank money, therefore, should be abhorred by honest citizens and considered as a currency the result of illicit proceeds.
In addition it happens then that, at time of creation, the bank money needed to pay the interest is not created, inducing a perennial deficit whereby the debtor will be forced to steal more money from circulation, continuously, to pay interest. This contributes (together with other intrinsic dysfunctions of the system) to create a vicious circle that periodically impoverishes the population of its real physical assets for the benefit of the caste that controls the banks.
With the current regulations introduced by international standards (Basel 2–3) it is now almost impossible for non-wealthy citizens to access loans. The same applies to micro and small businesses. The EquaCoin project aims to educate the population to the revolutionary basic concepts of the popular issue script currency.
But who issues this script currency and how much does it issues?
The coin is issued from nothing using the blockchain of waves, which keeps track of every transaction and balances, in the quantity requested by the citizens who subscribe to the universal income program. An econometric model that is nearing completion will provide the indications that will be submitted to the approval of the citizens through a platform for discussion and a vote of imminent realization.
Equacoin ecosystem and EquaStores
Where do I find a list of sellers willing to accept, at least as part, script currencies?
The Equacoin Ecosystem is divided in “chapters”. Once a chapter achives the planned number of citizens, an experimental e-commerce platform is released. We name those platforms “EquaStores”.
They are only an example of what citizens can do with script money.
Citizens and businesses can also create new platforms or adapt their existing ones. The important thing is that products and services offered are also sold with, at least, a partial payment in script currencies.
Since the script currencies are the electronic equivalent of cash, or rather they are the property of the bearer who spends them through their portfolio, they can be used in any peer-to-peer transaction too.
I want to open a virtual store on the eCommerce platform but I’m not able to do it, what I have to do?
Among the current advertisers, search for those who offer help services to open virtual stores.
Accounting and Taxation
I’m a non-professional seller, what I can do?
It depends on you country laws. Check them with an accountants.
Do the script currencies contribute to the formation of the taxable total?
If you are a professional seller, with a VAT number, and you sell a good or service partially paid with script money, you will have to make the calculations on the total taxable amount as usual. You will then keep the script euro portion in a specific account, placed in the credits and not in cash, and you will pay VAT or possibly other taxes due in the legal tender currency or in the bank currency provided for by current legislation in your country. When deciding how much of the payment to accept in script money, therefore, take into account the impact that the transaction will have in terms of cash flow in legal tender or bank money that will need to be paid to.
I have to conclude an operation above the maximum threshold for cash, what should I do?
It is worthwhile to ask an accountant for an opinion, there are available on the eCommerce platform in same cases too.