Time-Based Universal Basic Income

Imagine a world where the currency is not money but time – a universally shared resource. Every person receives 1,440 “𝕋” daily, representing the minutes in a day.

This currency is traded based on the time invested to create products or services and the perceived time saved by using them.

The core principle is simple: the more value you create for others, the more 𝕋 you can accumulate, thus contributing to society’s overall productivity.

The time economy provides a more stable and fairer monetary system, resilient to bubbles, inflation, and market manipulation.

Let’s explore how this model could work across various industries and societal segments, showing how value creation leads to economic empowerment.

Basic Mechanics of the Time Economy

1. Daily Allocation: Everyone, regardless of status, receives 1,440 𝕋 daily, equivalent to the minutes in a day. This could equate to about 525,000 𝕋 per year per person, or about 42 Million 𝕋 accumulated for a person who lives to 80 years old over their lifetime as basic income.

2. Value Exchange: People use their 𝕋 to trade goods and services, with pricing set by the sellers based on:

• Time invested in creating the product or service.

• The perceived time savings or benefits it provides to the buyer.

• Supply and demand dynamics.

3. Earning More 𝕋: As people create value for others, they can earn more 𝕋. This expansion is sustainable because the model is inherently tied to the universal concept of time. It prevents market bubbles and speculative “pump and dump” scenarios common with traditional currencies and cryptocurrencies.

Examples Across Different Sectors and Social Groups

Transport: Public and Private Services

Public Transport: In a time economy, the cost of a bus or train ride might be determined by the time invested in maintaining the vehicle, the driver’s hours, and the perceived time-saving it provides to passengers.

Scenario: A commuter in a city pays 10 𝕋 for a bus ride that takes 30 minutes. The price reflects not just the time the driver spends operating the bus, but also the collective effort in maintaining the infrastructure, providing the passenger a convenient and time-efficient means of travel. For passengers, paying 10 𝕋 is a trade-off for the time saved compared to walking the same distance.\

Ridesharing Services: A ride-hailing driver could set their price based on the trip’s length and the service provided.

Scenario: A driver offers a 20-minute ride for 30 𝕋. The price includes the driver’s time, vehicle maintenance, and perceived value of a comfortable ride. For the passenger, it’s a way to save time, making the exchange worthwhile.

2. Gifts and Luxury Items

Basic Goods: Gifts like flowers, chocolates, or books might have a 𝕋 price based on the effort put into growing, crafting, or creating them.

Scenario: A bouquet of flowers costs 15 𝕋, reflecting the gardener’s time to plant, cultivate, and arrange them. For the buyer, it’s a small trade-off in minutes to bring joy to another person.

Luxury Goods: High-end items like designer clothing, jewelry, or technology would have prices reflecting not just the materials used but the craftsmanship, design, and innovation invested.

Scenario: A luxury watch is priced at 200,000 𝕋. The watchmaker spent hours meticulously designing and crafting it, while also incorporating technology that saves the owner time (e.g., automatic time-zone adjustment). For the buyer, the high 𝕋 price signifies not just the quality but also the time-saving convenience it offers.

3. Real Estate

Housing: The price of real estate is determined by the time invested in construction, materials, and land acquisition.

Scenario: A newly built house is priced at 10 million 𝕋. This price encapsulates the time spent sourcing raw materials, construction labour, design, and the convenience of owning a pre-built home. For a buyer, acquiring the house is an investment that saves countless hours they would otherwise spend building a home themselves.

Renting: A landlord could rent out their property, charging 𝕋 based on the time spent maintaining the property and providing a livable space.

Scenario: An inner city apartment costs 12,000 𝕋 per week to rent. Although this is more than the Universal Basic Income of 10,080 𝕋 per week, this factors in the additional income the tenant makes across other revenue streams, considering they’re an inner city worker. This cost includes the time the landlord and property managers invest in upkeep, repairs, and providing amenities. Tenants trade their 𝕋 for the time-saving convenience of having a ready, maintained living space.

4. Services: Blue-Collar, White-Collar, and Gig Economy

Blue-Collar Workers: A plumber might charge for their services based on the time spent on the job and the time it saves the client.

Scenario: A plumber fixes a leak in 30 minutes and charges 500 𝕋. This price reflects their skill and the immediate time-saving solution they provide to the homeowner, who would otherwise have to spend hours addressing the problem.

White-Collar Services: A lawyer or consultant could set their fees based on the complexity and time dedicated to providing expert advice.

Scenario: A lawyer spends an hour preparing legal documents and charges 2000 𝕋. The client, in return, saves potentially hundreds of hours navigating the legal system alone, making the transaction worthwhile.

Gig Economy: Freelancers and gig workers can offer services, from graphic design to moving assistance, setting their prices in 𝕋.

Scenario: A freelance designer creates a large-corporate logo for 30,000 𝕋, reflecting the hours of design work, consultation, and revisions over the course of a branding project. For the company, this exchange is beneficial as they save time and gain a professional branding element.

5. Students and Education

Students: Students could earn 𝕋 by providing peer tutoring, helping maintain school facilities, or volunteering in community programs.

Scenario: A student tutors a classmate in mathematics for 60 minutes and receives 80 𝕋. The tutee gains valuable knowledge and time savings in understanding complex topics more efficiently.

Educational Institutions: Schools and universities could price courses based on the time invested by educators and the perceived long-term time-saving benefits for students.

Scenario: An online course in data science costs 2,000 𝕋. It reflects the time spent by instructors developing materials and the substantial time savings for students in gaining marketable skills that improve their career prospects.

6. Homeless Individuals: Gaining Value Through Contributions

Basic Services: Homeless individuals can offer services such as helping with minor errands, cleaning public spaces, or providing small repairs.

Scenario: A homeless person spends an hour cleaning up a local park and receives 50 𝕋 from the community as a token of thanks. This recognition of their effort empowers them to use their 𝕋 to purchase essentials like food or clothing.

Community Participation: Homeless individuals can engage in community projects, receiving 𝕋 from those who appreciate their contributions.

Scenario: A shelter offers meals in exchange for 𝕋, which can be earned through volunteer work like serving food, washing dishes, or helping maintain the facility.

7. Healthcare Services

Healthcare Providers: Doctors, nurses, and therapists could charge 𝕋 for their time based on consultations, treatments, and the time saved by patients in managing their health.

Scenario: A doctor’s visit costs 100 𝕋 for a 30-minute consultation. Patients trade their 𝕋 for the significant health benefits and future time savings from receiving professional advice and care.

Expanding Value Creation in a Time Economy

The more value a person creates for others, the more 𝕋 they can accumulate. This system encourages individuals to develop skills, offer innovative solutions, and contribute positively to society. As people engage in activities that benefit others – whether fixing cars, providing legal counsel, or simply lending a helping hand – they earn more 𝕋, which can then be traded for goods and services.

Stability and Resilience Against Market Manipulation

Unlike traditional monetary systems or cryptocurrencies, the time economy is immune to inflation and speculation. The supply of 𝕋 is tied to the unchanging constant of time: everyone receives the same 1,440 𝕋 daily. Prices for goods and services fluctuate based on real supply and demand dynamics, reflecting actual time investment and perceived benefits rather than market whims.

Building a Fair, Inclusive, and Dynamic Economy

This time-based universal income model empowers people across different social strata to contribute meaningfully, earn, and trade based on their unique skills and efforts. From homeless individuals providing basic services to professionals offering complex expertise, everyone’s time has inherent value.

This system promotes a shift in cultural attitudes, recognizing that value is created not by monetary wealth but by the time and effort invested in helping others. It fosters a society where contributions, big or small, are appreciated and rewarded, creating a more balanced, inclusive, and sustainable economy.

Are you ready to participate in an economy where every minute counts?

In this time-based world, the potential for value creation is as limitless as the number of ways we can help each other.

Implementing the Time-Based Economy

To bring this time-based universal basic income (UBI) to life, we need a robust, secure, and transparent system to manage the daily allocation, transactions, and value exchange of 𝕋 (time units).

The blockchain provides an ideal solution due to its decentralised nature, inherent security, and ability to handle complex transactions at scale.

By combining blockchain technology with a universal epoch date (e.g., 1st January 2025) and an authentication process for participation, this system can create a stable, fair, and scalable economic model that includes everyone.

1. Choosing an Epoch Date: A Universal Starting Point

The epoch date acts as the official launch of the time economy. Setting a universal start date, such as 1st January 2025, establishes a clear, shared beginning for everyone. Here’s how this would work:

• Setting the Epoch Date: On 1st January 2025, the time economy officially begins. From this date forward, every person who registers receives a daily allocation of 1,440 𝕋, representing the number of minutes in a day.
• Daily Distribution: After the epoch date, new participants will start accruing 𝕋 daily from the date they register. This ensures that even those who join later have an equitable starting point, with their time-based income beginning immediately upon registration.

This epoch date approach gives everyone a common point of reference and provides ample time to establish the necessary infrastructure and awareness around the new system.

2. Authentication and Registration: Ensuring Fair Access

To join the system, individuals must go through an authentication process that ensures each participant is unique and prevents fraudulent activity. While the precise method of authentication is yet to be finalised, it could involve various forms of verification:

• Iris Verification: Similar to the Worldcoin project, iris scanning could serve as a secure, biometric means to verify a person’s unique identity. This ensures that each individual can only register once, avoiding the creation of duplicate or fake accounts.
• Alternative Verification Methods: For those concerned with privacy or access to biometric technology, alternative methods such as digital IDs, government-issued identification, or secure two-factor authentication could be used.

Upon successful registration and verification, participants begin to receive their daily allocation of 1,440 𝕋. The registration process could also include a digital wallet setup for each individual to manage their 𝕋 transactions securely.

3. Leveraging Blockchain Technology: The Core Infrastructure

To manage the vast number of daily transactions, allocations, and exchanges within this time-based economy, a blockchain provides an ideal platform due to its decentralised, transparent, and immutable nature.

Why Blockchain?

• Decentralisation: Blockchain eliminates the need for a central authority, ensuring that the system is not controlled or manipulated by a single entity. It allows for a democratic and transparent economic structure where all transactions are publicly verifiable.
• Immutability: Once transactions are recorded on the blockchain, they cannot be altered or deleted. This feature ensures a tamper-proof record of all 𝕋 distributions, trades, and value exchanges, enhancing trust in the system.
• Transparency: All transactions are visible on the blockchain ledger, allowing anyone to view how 𝕋 is distributed, traded, and spent. This transparency fosters trust and accountability in the economy.
• Smart Contracts: By utilising smart contracts, we can automate daily distributions, handle transactions, and set the rules for the system without requiring manual intervention. For example, the daily allocation of 1,440 𝕋 to each participant can be executed automatically via a smart contract, ensuring timely and accurate distributions.

Building the Blockchain System

• Daily Distribution of 𝕋: The blockchain would be programmed with a smart contract that allocates 1,440 𝕋 to each registered participant daily. This distribution occurs automatically, with the smart contract ensuring no one receives more than their entitled share.
• Unique Wallet Creation: Upon registration, each participant is assigned a unique digital wallet linked to their identity. This wallet holds their daily 𝕋 allocation and facilitates transactions with others in the time economy.
• Transaction Recording: Every exchange of 𝕋, whether buying goods, services, or expressing thanks, is recorded on the blockchain ledger. This record provides a permanent, transparent history of all transactions.
• Verification of Identity: Blockchain-based Decentralised Identity (DID) systems can be used to authenticate and verify participants, safeguarding against fraud and ensuring that only real individuals join the economy.

4. Transaction Dynamics: Managing Value Exchange

To facilitate a smooth exchange of 𝕋 in various transactions (e.g., buying goods, trading services, donations), the blockchain supports the following functionalities:

• Smart Contract Execution: Sellers can set up smart contracts to handle transactions automatically. For instance, when a service is provided, the agreed amount of 𝕋 is transferred from the buyer’s wallet to the seller’s upon completion, without needing an intermediary.
• Supply and Demand Pricing: Sellers can dynamically set prices based on time investment, perceived time savings, and market demand. The blockchain records these transactions, creating a transparent marketplace where participants can see how 𝕋 prices evolve based on supply and demand.
• Exchange of Tokens of Thanks: Blockchain enables simple peer-to-peer transactions where individuals can send 𝕋 as a token of thanks. This mechanism fosters a culture of mutual appreciation and support, all securely recorded on the blockchain ledger.

5. System Growth and Evolution: Implementing Further Measures

The initial implementation focuses on simplicity and inclusiveness, starting with basic registration and daily distributions. However, as the system matures, further measures and enhancements can be added to strengthen its integrity and efficiency:

• Introduction of Verification Steps: After the initial phase, more robust verification processes like iris scanning could be introduced to reinforce the system’s fairness, ensuring that every participant is a unique individual. These steps could be optional at first and then gradually become standard as the community adopts the system.
• Handling Fraud and Misuse: By using blockchain’s transparency and immutability, the system can quickly detect fraudulent activity (e.g., attempts to create multiple accounts) and take corrective action. Automated mechanisms within the blockchain’s smart contracts can freeze suspicious accounts pending review.

6. Decentralised Governance: A Community-Driven Approach

To maintain the system’s democratic nature, the blockchain could include a decentralised governance model, where participants have a say in the economy’s rules and operations. Using a voting mechanism, the community can:

• Propose and Vote on Changes: For example, participants could propose changes to how the daily 𝕋 distribution works, suggest new verification methods, or adjust pricing guidelines for goods and services.
• Self-Regulation: The community can set up self-regulatory bodies within the blockchain ecosystem to ensure fair practices and address potential conflicts, further enhancing the system’s stability

By leveraging blockchain technology and setting a universal epoch date, this time-based economy establishes a secure, fair, and inclusive model that empowers individuals to trade value based on time.

With the ability to grow and adapt through community governance, the system lays the foundation for a more balanced, transparent economic future.