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Author Topic: [ANN] Basic Income Guarantee  (Read 2142 times)
Ahooleeman
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October 13, 2017, 10:51:11 PM
 #1



 "Universal Basic Income — or an economic idea where everyone gets a paycheck from the government to spend how they wish — is one of the only solutions to the rise of robotic automation". (source)       
Elon Musk


It so happened that not so long ago, this spring to be more precise, I got to know the blockchain technology. Of course, in my business I have already come across this concept, but plunged into it only in May 2017. Undoubtedly, on the one hand it was due to the skyrocketing hype of Crypto-currencies, ICO and blockchain technology, and, on the other hand, we were looking for new opportunities for the implementation of our e-commerce project.

It was at the beginning of July that we successfully held pre-sale, and the more we studied all the possibilities of this technology, the more we understood the global nature of the changes this technology brings to our lives. What is happening now in the crypto world can be called the first faltering steps, and mostly to the touch. For me personally it all looks like an attempt to shift the old paradigm to new technology. This is about the same as harnessing horses in a car. At the same time, we completely forget that the blockchain philosophy is much deeper and more revolutionary. And in order to understand this, it is necessary to change one's thinking. One must imagine this world functioning on absolutely different principles.

The fundamental features of the blockchain are decentralization, openness of data and the inability to change or forge this data. That means, what was once recorded in the blockchain remains there forever, and anyone has access to this information. For example, you have bought an apartment and a corresponding entry was made in the blockchain. In the future you will not need an extract from the register of real estate, its certification from a notary and other bureaucracy. Now a huge number of institutions and employees are carrying out work that can be completely replaced by blockchain technology, from real estate documents to the judicial process. At the same time, the speed of operations in which they are involved, and their transparency will grow by tens. This state of affairs, of course, will not improve the situation with unemployment, although it is just the blockchain that can completely eradicate unemployment as an inalienable phenomenon of modern economy.

It is more correct to say that this will be facilitated by the introduction of the unconditional basic income. I first read about this concept in the article   : 

https://hackernoon.com/why-everyone-missed-the-most-mind-blowing-feature-of-cryptocurrency-860c3f25f1fb



The income that every member of society receives regardless of his social status, age, gender, etc. Later, I studied a lot of sources on this issue. The most interesting thing is that this topic dates back to the 16th century and is mentioned in many works of philosophers and statesmen. Since the 20th century this idea has been seriously considered at the state level of many countries and is included in the political program of various parties. Social experiments are conducted in many countries, proving the viability of this idea. But, unfortunately, the real implementation of this concept encounters a huge number of obstacles, the meaning of which can be reduced to one - a complex and expensive implementation process. One can only imagine what efforts will be required to turn a huge state machine toward an unconditional basic income. It will be necessary to change the existing system of social insurance, the pension system, the taxation system. To change the migration policy, since the introduction of basic income guarantee at the local level will cause a wave of migration from less developed countries.

The blockchain technology allows not only to do this with minimal expenses, but also to provide this system with the fundamental principle for unconditional basic income, i.e. the principle of fair and unbiased distribution. More details on the concept of basic income can be found here.



We decided to implement this concept. The result of our work was BIG.Foundation. Here we have combined the idea of basic income and modern technologies. For the basic income guarantee to come to life, a number of conditions must be fulfilled:

1. a person must receive income

2. he must be able to spend his income

3. there should be no centralized regulation of currency issue

4. the system should be self-regulating and should seek to reduce inflation automatically



The blockchain technology allows to decentralize the issuing of the crypto currency and to charge it in equal quantity to all participants of the system. Thus, the distribution of funds doesn't go from the top level down but is immediately distributed at the lowest level.

Adding goods and services that can be sold and bought provides the crypto currency with liquidity and minimizes the need to enter and withdraw crypto currency from this closed system.

There is an issue of inflation, though. If we constantly issue new money, then we will get hyperinflation. Hence, it is necessary that the basic income comes to all participants from the already existing money supply. For this purpose, a consumption tax is introduced. Any transaction in the system is subject to 10% consumption tax, which is immediately redistributed among all participants. Thus, if the amount of commissions in the system is less than the emission, then the necessary part to achieve a minimum basic income is issued by the system. But as soon as the amount of commissions equals or surpasses the minimum basic income, the system stops issuing, and the basic income is formed from commissions of the system. The higher turnover in the system, the higher the unconditional basic income is.


All the beauty of this system is that it is closed, self-regulating and decentralized.

The fulfillment of the idea of unconditional basic income is the necessity of a postindustrial society, when the level of automation and robotization of production and services has reached a level at which the need for manual labor, if not completely eliminated, tends to a minimum. Now many famous people, for example, Richard Branson, Mark Zuckerberg, Jack Ma, Elon Musk, etc., talk about the need to introduce basic income.   



            "Basic income protects us from the threat of AI. [...] It is obvious that AI is a challenge for the whole world, since it is likely that it will take a lot of jobs. [..] We all need to be enterprising enough to create these new jobs" (source).
 Richard Branson                                                     



The current situation in the economy, in fact, has become a hostage to the need to increase the number of jobs, on the one hand, and the emergence of an increasing number of technologies that liberate people from manual labor, on the other. The result is a decrease in the cost of labor and an increase in the number of unemployed. At the same time, the so-called unemployment benefits do not help to solve this. They are either too low and do not fulfill the necessary support function, or if they are at the subsistence level (as in European countries), then for 80% of people receiving such benefits are a stopper for job search. Even if most of these people can find a job, it is likely to be unskilled and badly paid. And not many people would be interested in working for 8 hours a day for the salary almost equal to their benefit. If you receive the same basic income, any work will really increase your income. And then a person will be able to choose a job based on his or her own interests, and not just on the basis of the salary level.



       "We need to explore ideas, such as basic income, to make sure that everyone has a" safety cushion" that will allow anyone to turn their ideas into reality" (source).                                               
Mark Zuckerberg



Unfortunately, we live in a world where most people take the surrounding system for granted, often forgetting that it is man-made. Everything was created by people like us, but 100-500 years ago.

Mankind does not stand still. New knowledge and new technologies make serious changes in the existing reality. We live in an interesting time, and we have the opportunity to witness such changes that the previous generations could not even imagine.



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October 14, 2017, 02:11:30 AM
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A real new idea. I will watch it.

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October 14, 2017, 02:13:49 AM
 #3

wow you have a running a pre-ico succesfully. could you share more about that?


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October 14, 2017, 07:44:15 AM
 #4

Hi,

When do you plan to switch from ERC20 token to your own blockchain? How long would it take to develop and implement it? What would happen with the ERC20 tokens, would you swap them to your currency, or both exist next to each other?

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October 14, 2017, 08:49:50 AM
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Hi,

When do you plan to switch from ERC20 token to your own blockchain? How long would it take to develop and implement it? What would happen with the ERC20 tokens, would you swap them to your currency, or both exist next to each other?

As you can see our roadmap at http://big.foundation. We plan to switch to own blockchain as soon as 50 000 ETH would be collected as donations. ERC20 tokens will be changed 1 to 1 to the new tokens and smart contract on Ethereum will be closed so there would be no more emission of ERC20 token anymore.

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October 14, 2017, 09:05:55 AM
 #6

wow you have a running a pre-ico succesfully. could you share more about that?


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October 14, 2017, 10:30:07 AM
 #7

Hi,

When do you plan to switch from ERC20 token to your own blockchain? How long would it take to develop and implement it? What would happen with the ERC20 tokens, would you swap them to your currency, or both exist next to each other?

As you can see our roadmap at http://big.foundation. We plan to switch to own blockchain as soon as 50 000 ETH would be collected as donations. ERC20 tokens will be changed 1 to 1 to the new tokens and smart contract on Ethereum will be closed so there would be no more emission of ERC20 token anymore.

The question is really when do you plan the "as soon as 50 000 ETH would be collected" being achieved? At least how long do you give yourself to complete this step?
Once you managed to collect the 50 000 ETH, how long will it take to start your own blockchain? Setting up a new blockchain and secure the longest chain with enough hashing power/MNs are not a few days job.

I have read your whitepaper, it is about a nice philosophy (I agree with it), but not technical enough.
The roadmap doesn't have any timeline, difficult to know what is the plan exactly.

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October 14, 2017, 11:04:50 AM
 #8

Allow me to be sceptical! So you've spend a few hours on a website and a whitepaper, and want to sell made-up tokens. Once you've received $17,000,000, you're going to create a blockchain and give 1 made-up token each day?

I am familiar with the term basic income. I'm also familiar with random ICOs created for the sole purpose of earning free money. This looks like the latter to me, and has nothing to do with a basic income. Well, maybe for the creators themselves.
Meanwhile you use popular big names like Musk and Zuckerberg, who have nothing to do with your little project.

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October 14, 2017, 12:33:01 PM
 #9

wow you have a running a pre-ico succesfully. could you share more about that?

It was another commercial project.

Quote
The question is really when do you plan the "as soon as 50 000 ETH would be collected" being achieved? At least how long do you give yourself to complete this step?
Once you managed to collect the 50 000 ETH, how long will it take to start your own blockchain? Setting up a new blockchain and secure the longest chain with enough hashing power/MNs are not a few days job.

I have read your whitepaper, it is about a nice philosophy (I agree with it), but not technical enough.
The roadmap doesn't have any timeline, difficult to know what is the plan exactly.

It doesn't matter when we achieve 50 000 ETH. Project is already working on Ethereum smart contract. There are only few things that make necessary to build own blockchain and the main is automatic decentralised verification process. Now we are forced to verify accounts manually and it's not good for the concept. The other thing are big Ethereum commissions as soon as dependency on Ethereum future.

1 000 ETH is enough to create wallet with opportunity to buy and sell goods and services in it by BIG token and that will add liquidity to token.

We'll go to funds now and I think we can get 50 000 ETH in half a year. We'll make blockchain on dPoS and it will take half a year to start it. But we will not wait till all 50 000 ETH will be collected, we're working on it independently.

Quote
Allow me to be sceptical! So you've spend a few hours on a website and a whitepaper, and want to sell made-up tokens. Once you've received $17,000,000, you're going to create a blockchain and give 1 made-up token each day?

We already give 1 token per day you can register and get them right now. This project is already working as a smart contract on Ethereum and if you didn't catch it, I think you didn't read not only our whitepaper but even our landing page?

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October 14, 2017, 02:29:26 PM
 #10

We already give 1 token per day you can register and get them right now.
You're not giving them away, you're asking to pay $3.50. A basic income by definition gives away money, you're asking for money.

Quote
This project is already working as a smart contract on Ethereum
That's what I call a made up token: it has no intrinsic value.

Quote
and if you didn't catch it, I think you didn't read not only our whitepaper but even our landing page?
Think again! For the number of people you claim work on this, there wasn't much to read.

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October 14, 2017, 02:47:36 PM
 #11

You're not giving them away, you're asking to pay $3.50. A basic income by definition gives away money, you're asking for money.

It's the only way to verify wallet in Ethereum.

That's what I call a made up token: it has no intrinsic value.

It would have as soon as goods and services will be available there. And we don't need 50 000 ETH for it. Smiley

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October 14, 2017, 11:26:18 PM
 #12

Nice Concept, the question is, why would you like to wait for 6 months to launch your own blockchain?

You may outsource the development part to us, we can support you with Coin development and various wallets, nodes and block explorer for you.

Do let us know if we could be of help.
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October 15, 2017, 09:21:02 AM
 #13

Thank you for the previous answers, I have a few more questions if you don't mine.

What would give value to your token? Why anyone should be happy to receive it?
And if you manage to create a value somehow, how can you continuously increase the value of your token to ensure the inflation (daily giveaway) won't make it worthless?

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October 15, 2017, 09:27:32 AM
 #14

Thank you for the previous answers, I have a few more questions if you don't mine.

What would give value to your token? Why anyone should be happy to receive it?
And if you manage to create a value somehow, how can you continuously increase the value of your token to ensure the inflation (daily giveaway) won't make it worthless?

I was thinking the same questions without answers... I try to to think but this just not make sense.

If we all receive the same income what will motivate people to try to do anything?


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Ahooleeman
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October 15, 2017, 12:42:56 PM
 #15

Nice Concept, the question is, why would you like to wait for 6 months to launch your own blockchain?

You may outsource the development part to us, we can support you with Coin development and various wallets, nodes and block explorer for you.

Do let us know if we could be of help.

Thanks! We don't need to wait, we need funds to pay developers. Will you develop blockchain and wallets for free??? I think no. So that is the reason. We'll develop it in any case but with money that would be much faster.

Quote
What would give value to your token? Why anyone should be happy to receive it?
And if you manage to create a value somehow, how can you continuously increase the value of your token to ensure the inflation (daily giveaway) won't make it worthless?

The value for token will give services and goods, that will be available to buy with our token. We already have lot's of goods for sale and also first adopters, who want to provide some services and take our goods for it. Why they do it? They believe in this concept as we believe. So as soon as you get free token and can get real goods and services for it, why don't you be happy with it? Smiley

As soon as businesses come here and accept our token (the goal of foundation is to attract people and business there) the value will grow. If the turnover in the system will decrease one day, the emission will return and begin to stimulate trading.

Quote
If we all receive the same income what will motivate people to try to do anything?

It's just a basic income. Let's see, you can buy some bread, you have a small room and can pay for it and you have basic clothes. Do you want to it steak or go to restaurant or cinema or you just want a car? You should work anyway, but you don't HAVE TO work, you WANT to work to get more comfort or just because you like to do something: invent something, sing, paint, study etc. You shouldn't think what you'll eat tomorrow.

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October 15, 2017, 05:46:46 PM
 #16

I have signed up by email, completed the survey and I am at the "send a minimum of 0.01 ETH to smart contract address" step... I am doing my best to find this address, but I can't find it in your website nor in the white paper..
Could you point me to the right direction?

Ahooleeman
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October 15, 2017, 10:55:45 PM
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I have signed up by email, completed the survey and I am at the "send a minimum of 0.01 ETH to smart contract address" step... I am doing my best to find this address, but I can't find it in your website nor in the white paper..
Could you point me to the right direction?

You need to wait for verification by email or any social profile that you've left. Did you get any messages or email with smart contract address?

TPABHuKOB
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October 16, 2017, 10:02:41 AM
 #18

Nice WP on Github

Wish you best of luck and success
naska21
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October 16, 2017, 10:10:25 AM
 #19

Monetization scheme of "Basic Income Guarantee" is very vague. Any sustainable source of money to secure the income for all people involved?
Ahooleeman
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October 16, 2017, 10:34:04 AM
 #20

Monetization scheme of "Basic Income Guarantee" is very vague. Any sustainable source of money to secure the income for all people involved?

There is no monetisation scheme, this is a non-profit project. Also the source of BIG token is the blockchain the same as Federal Reserve Bank is a source of USD. As soon as commission from turnover in the system will be higher than daily emission, emission will be stopped.

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