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Author Topic: [PRE-ANN] UBIC: Universal Basic Income Currency  (Read 892 times)
ubicorn
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July 04, 2017, 09:09:43 AM
 #1

This is a Pre-announcement for a cryptocurrency that is still in development and that aims to distribute it's monetary units following a universal basic income scheme.
Every individual that successfully verifies his passport using NFC technology will be granted a small reward in each block that is issued on the UBIC blockchain.
Such a procedure can be done easily using almost every recent smartphone.
At least two other projects are already trying to implement a similar currency system. However they both rely on a web of trust to prevent sybil atacks.

There are currently 3 solutions that are explored in the crypto community to solve this kind of attack:
 - The web of trust as used by Circles and Duniter
 - Proof-of-Individuality tokens as described by Johan Nygren
 - Using the the digital signature contained on every biometric passport as suggested by Mike Hearn

All of them have their downsides but I believe the passport solution is the more practical and the most secure one. I've already achieved to implement it in C++ by using a non-transferable proof of signature knowledge. This kind of proof can be computed on both ECDSA and RSA signatures and is much smaller and faster to verify than SNARK.
However because the non-transferable proof of signature for RSA is "hackier" than the one for ECDSA  the first versions of UBIC will only support ECDSA signatures meaning that it can only be used by individuals holding following passports:
 - Switzerland all valid passports
 - Germany all valid passports
 - Austria all passports issued after 2014
 - United Kingdom all passports issued after 2016
 - United Arab Emirates all valid passports

Brazil also uses ECDSA but doesn't issue a new Document Signing Certificate every 3 months as required by the ICAO. This is why there is no way for UBIC to estimate when the passport was issued and if it already expired.

To make it as fair as possible there will be one currency for each country but running on the same Blockchain. If you hold a Swiss passport you will get some UCH the swiss unit for the UBIC, if you are German you will get some UDE and so on..
A vast majority of the monetary supply should be distributed to the end users. Much smaller shares will be allocated as rewards for securing the network and development.
To give the currency value and avoid hyperinflation the supply increase will be constant with perhaps a little increase about 0.2 - 0.5% every year. Monetary units will be distributed on a continuous basis. 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.
There shall be no premine.

Consensus could be achieved through POW or proof of something else. Nothing's Carved in Stone.

If you want to contribute just send me a private message, I appreciate any help.
In the following weeks I'll start to make the current work available on Github at: https://github.com/ubicorn
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July 04, 2017, 09:11:43 AM
 #2

reserved romanian translate language
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July 04, 2017, 09:12:51 AM
 #3

reserved for FRENCH translation
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★Nitrogensports.eu★


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July 04, 2017, 09:13:20 AM
 #4

Reserving Hindi translation if needed.


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2bfree
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July 04, 2017, 09:14:02 AM
 #5

Let me know if you need a Serbian translation.

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kaneki007
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July 04, 2017, 09:15:16 AM
 #6

reserved indonesian translation

SnoopCn
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July 04, 2017, 09:17:34 AM
 #7

Following
mdodong
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July 04, 2017, 09:18:34 AM
 #8

Interesting project. I'll be watching this.
mikelfox
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July 04, 2017, 09:33:54 AM
 #9

Let me reserve indonesian translation if ann has been completed

Fuck u use bot!
Do not accept him
ttookk
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July 04, 2017, 09:44:48 AM
 #10

Just for the record:

The name is dangerously similar to

https://bitcointalk.org/index.php?topic=1763606.0

XEL-CKME-VCUP-PVH7-EMJKU
cryptaxo
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July 04, 2017, 09:47:35 AM
 #11

Chinese translation reserved

SOLARIS XLR
FAIRLY DISTRIBUTED & DECENTRALIZED
▬▬▬LAUNCHED 17 MARCH▬▬▬
marketone is big scamer
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July 04, 2017, 09:50:11 AM
 #12

Let me reserve indonesian translation if ann has been completed

Fuck u use bot!
Do not accept him
Lol, this guy is very jealous.tinggal tulang lu ntar Grin
LewiesMan
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July 04, 2017, 09:52:36 AM
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Why would anyone would be OK with registering their passports to a cryptocurrency? The whole idea of decentralization is just being ignored. I think you should think a better way of distrubition.
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July 04, 2017, 10:07:34 AM
 #14

Every day new coins are born, and the first ten floors of each new community are taken up by enthusiastic translators. This seems to be a constant law. Do I want to take part in your bounty activities? Can I be allowed?
ubicorn
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July 04, 2017, 11:07:30 AM
 #15

Why would anyone would be OK with registering their passports to a cryptocurrency? The whole idea of decentralization is just being ignored. I think you should think a better way of distrubition.

People would get cryptocoins for registering their passport using their smartphone. On the play store you can already find apps for reading out the content of the Passport NFC chip, some with over 50,000 installs.
In the case of UBIC there would be no personal information shared on the Blockchain. The registration transaction will only contain the hash of the passport data and a non-transferable proof of signature knowledge, in the case of ECDSA 256bits this is less than 128bytes.
However it is true that the holder of an address that was verified against a passport should be aware that the country issuing his passport has the ability to find out about it.
UBIC isn't Zcash!

It is also true that in the case of UBIC you'll always have a single point of failure which is the government who could issue malicious signatures. However it is very unlikely that countries like Switzerland, Germany, Austria or the UK take such a decision.
It would be very risky for them as their Document Signing Certificates or Country Signing Certificates could get revoked by other countries or the ICAO for such a behavior. So if a government is against such a currency it is much more advantageous for them to just use a law to ban it, but this could also happen to Bitcoin.
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July 05, 2017, 01:57:08 PM
 #16

Are there any bounties available?Is there an ICO?
Also I'd like to say :need more info to know this project.
cijulangboy
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July 05, 2017, 02:19:42 PM
 #17

dev you have any bounty or airdrop?

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Bounty Manager


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July 05, 2017, 04:47:31 PM
 #18

I would like to help with Bounty Management or Romanian Translation. If you would be interested please pm me.


Examples:

https://drive.google.com/file/d/0B2CzFSFm8fJpeFRTWmNfU3BmTEE/view
https://bitcointalk.org/index.php?topic=1969082.0p

Campaign and Bounty Management Services
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