Jax.Network Blog
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Jax.Network Blog

How UBI can make everyone’s life better

by Maryna Trifonova, Head of Content at Jax.Network

In the twenty-first century, income inequality between rich and poor has become as large as never before. To address this problem, some initiatives had been introduced, however, they could cover only a limited number of people. We created JaxCorp DAO with an ambition to bring a global UBI program to every citizen of the world with the help of blockchain technology.

UBI experiments

We continue to talk about the importance of universal basic income (UBI) for the development of equality in the world and for providing everyone on the planet with funds for covering basic needs like food and shelter. It’s important to note that one of the main provisions of a UBI is that it should be distributed regardless of any qualifying factors like income or status. A UBI program is for everyone.

Mincome pilot program in Dauphin, Manitoba undertaken in 1973 is considered one of the most famous UBI experiments. It implied a guaranteed basic income for the city of 13,000 residents to keep the most vulnerable ones from falling below the poverty line. Accordingly, 30% of the populace received money. For a family of four it was the equivalent to about 19,000 USD per year adjusted for inflation. As a result, working hours dropped 1% for men, 3% percent for married women, and 5% for unmarried women, meaning people had more time for themselves. There was observed a slight improvement in other spheres too, as hospitalizations and incidents of domestic abuse fell, while the academic performance of the entire cohort of recipients improved.

In 2019 Michael Tubbs, then mayor of Stockton, California established the Stockton Economic Empowerment Demonstration (SEED) which granted a monthly stipend of 500 USD over the course of two years to 125 individuals whose earnings were below the median household income. Just as observed in other studies, full-time employment numbers rose 12%, and the donees reported better physical and mental health. They had greater stability and, correspondingly, less stress. Finally, they could afford to have a birthday celebration and other types of social events that make people’s lives happier.

The main mission of JaxCorp DAO

UBI programs have been mostly applied to a limited number of people in the form of an experiment. Study results suggest that most of the programs had a positive effect on people’s lives, including better health, education, and mental state. We see a big opportunity in blockchain technology, which would allow us to distribute UBI to every citizen on the planet in a decentralized and transparent way. All they have to do is pass a simple KYC procedure at jaxcorp.com and wait for their money to accumulate throughout the month.

Thanks to regular payments, people would be able to free themselves from all kinds of debts and break the cycle of poverty. At the same time, low-income recipients would be able to make the first steps toward building the foundation for long-term economic stability. Thus a basic income can help build savings and increase the average standard of living around the world.

And finally, the most important part of the UBI program is the idea of scientific progress. Once people have their basic needs covered, they can fully dedicate themselves to inventing new concepts and things. If everyone did what he cared most about, humanity would evolve quicker and live a much better life full of the most pleasant experiences.

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