Universal Basic Income Altcoin Idea

[maxwell10206]

Intro
Recently I have been looking more into Universal Basic Income and falling in love with the idea. If you don't know what universal basic income is first read this. https://en.wikipedia.org/wiki/Basic_income

The only cryptocurrency in existence that I know of that tries to implement UBI is Grantcoin. Grantcoin works by increasing the money supply by 3.5% every year by giving every user who gets their identification verified by a 3rd party an equal sum of money. They are able to do this because they privately mined the first 10 billion coins. So far only about 40 million of those coins are in circulation. You can read more at the following two links.
http://www.grantcoin.org/2017/02/02/grantcoin-foundation-distributes-basic-income-grants-to-1132-people-in-79-countries/
http://www.grantcoin.org/get-grantcoin/basic-income/

The Problem with Grantcoin

While I love the idea two problems come to mind. One problem is that every time a UBI grant is given out the money supply is increased. The problem with this is that UBI is usually argued as a method to fight wealth inequality. But giving people money by increasing the money supply will only inflate prices, not redistribute wealth.

Another issue is that once the 10 billion coins is put into circulation 50 years from now, UBI goes away forever, unless people donate to the foundation.

The idea

So I was thinking that instead of inflating the economy by 3.5% every year by increasing the money supply. Is there a way to tax every wallet's wealth in the blockchain network by 3.5% and dump the money into a hard coded wallet address, which would act as a government address. Then the government account that's controlled by trusted people would then be obligated to distribute the money equally to every user who has been verified? This way UBI will be acting in a way that it was intended for. Fighting wealth inequality by redistributing wealth.

Thanks for reading. Please let me know what you think.  

[1715080076]

1715080076

[1715080076]

1715080076

[1715080076]

1715080076

[samspaces]

https://www.winc-ev.org/

[iefken]

https://www.winc-ev.org/

Are they still active? No listed exchanges, forum doesn't work and the wp website only had 2 apparent updates on 11 may and somewhere in june 2016...

[maxwell10206]

https://www.winc-ev.org/

Interesting. But as another user pointed out it seems to be inactive/dead. Also there wasn't much detail on how wealth was taxed. Seems like a bad execution of a good idea.

[iefken]

But the idea you have with a regulating government account is against like everything bitcoin stands for... Though I doubt for a skilled coin developer this would be an issue to develop such a currency

[maxwell10206]

What does bitcoin really stand for? The only unique feature is that it's a decentralized currency. My idea doesn't break the decentralized feature that Bitcoin provides. The worse case scenario in my idea is that the government account becomes malicious and refuses to do its job of providing a universal basic income. For example the government account could become dormant (private key is lost or owner is dumb). In that scenario the currency becomes deflationary since the money supply would shrink 3.5% every year, and at some point the currency would collapse.

But just because there's a scenario for the currency to collapse doesn't mean it's a bad idea. Bitcoin has many risks that could lead to a collapse such as Sybil attacks, and other weaknesses found here https://en.bitcoin.it/wiki/Weaknesses
Of course my idea will have the same issues to deal with plus the scenario I gave above. But I believe the benefit of being able to provide a basic income for all individuals is worth the added risk.

[bagikoin]

If you need local translator, you can contact me sir
thank you

[iefken]

What does bitcoin really stand for? The only unique feature is that it's a decentralized currency. My idea doesn't break the decentralized feature that Bitcoin provides. The worse case scenario in my idea is that the government account becomes malicious and refuses to do its job of providing a universal basic income. For example the government account could become dormant (private key is lost or owner is dumb). In that scenario the currency becomes deflationary since the money supply would shrink 3.5% every year, and at some point the currency would collapse.

But just because there's a scenario for the currency to collapse doesn't mean it's a bad idea. Bitcoin has many risks that could lead to a collapse such as Sybil attacks, and other weaknesses found here https://en.bitcoin.it/wiki/Weaknesses
Of course my idea will have the same issues to deal with plus the scenario I gave above. But I believe the benefit of being able to provide a basic income for all individuals is worth the added risk.

Yes you got me there. But how is the basic income idea implemented? Everyone loses x% every year to the 'goverment account'. Then what? How do you imply a fair redestribution of these (let us be honest) big relative amounts?

[maxwell10206]

Yes you got me there. But how is the basic income idea implemented? Everyone loses x% every year to the 'goverment account'. Then what? How do you imply a fair redestribution of these (let us be honest) big relative amounts?

Well going by how UBI is supposed to be implemented. The amount retrieved from a 3.5% tax would be equally distributed to all wallet addresses whose identities are verified. I don't have any specific details on how we verify users so people only have one wallet account per person. Whatever organization who has the government account would have to record wallet addresses whose identifies are verified by phone number, email address, Social media accounts, etc? Proving your identity will be the big challenge to tackle.

[BTCSpearo]

UBI is a horrible idea, it just amounts to regular devaluations and redistribution. There's a reason UBI can't be paid with anything scarce or of real value, it doesn't work. UBI is a total scam based on the idea that we can create money from nothing and then spread the money around until we're all the wealthier. Whether you do it with dollars or cryptocurrency its just devaluation and redistribution, it doesn't work and neither do Keynesian economics.

[logictense]

https://www.winc-ev.org/

Go back to ccex sam. Cant believe ure still rushing for pennies in newbie threads and complain about ur recent losses on scam icos hoping to get a donation from those who once threw rotten eggs on u. Thats where u are at. U were // is // and will remain a trollbox bum. Hows is valdez sntiago doing lol?

[anarchrist]

this still a thing?

[ubicorn]

I am kind of late on this thread but for the last months I have been working on a similar currency scheme.

Rather than relying on an identity verification provider or the active collaboration of a government the solution I have in mind to achieve the proof of singularity by reading out the NFC chip of an ePassport and then generate a non-transferable proof of signature knowledge as described here: https://crypto.stackexchange.com/questions/15274/ecdsa-signature-verifiable-1-way-transformations/32608#32608
This can be done on most smartphones nowadays.

My vision on how Monetary Units (MU) should be distributed also differs. There will be one blockchain running several currencies, one for each country.
To give the currency value and avoid overinflation the supply increase will be constant with perhaps a little increase about 0.2 - 0.5% every year.
80% of new MU will be distributed to the end users that have successfully proven their singularity using their passport, 15% to miners and 5% for development.
MU will be distributed every block. The end user reward will be shared like a Pie. If the end user reward for a block is 100MU and there are 5 users each will get 20MU. If there are 100 users each will get 1MU and so on.

I've already written a quite decent amount of code and I am now completely convinced that at least from a technical point of view this will work.

[samspaces]

This idea also needs to address purchasing power differences between various regions.

And please for the love of the almighty, don't try and build it on Ethereum or Etc.

[ubicorn]

This idea also needs to address purchasing power differences between various regions.

And please for the love of the almighty, don't try and build it on Ethereum or Etc.

Not sure if you were talking about my idea but I address the life cost difference problem between different region by having one currency for each country.

[Red_Sanford]

There is something new called Hero which is based on bitshares that will guarantee a 5% annual return.

You purchase it buy locking up BTS to get the hero token. I have only done some preliminary research into it but it is a very interesting project that is just beginning to garner some attention

[m.eissa]

Very nice ideas, I have extra details that can solve some issues like inflation.

Rather than apply fixed tax% on all wallets, may be better to apply this on condition that specific threshold reached and the coins were not circulated in the network for predefined fixed period - say year. This will bush all network members to use their coins and investing it.

Then collected coins will be distributed on:
-Developing
-Mining
-New members apply the proof of singularity.

Also we may find some way to control new supply, may be by adding new features or new members to the network. So the network supply will be very limited to the growth and no inflation can happen in the future.