Basic Income on UOS?

My proposal for a simple Universal Basic Income crypto system.

What is UBI?

Universal Basic Income (UBI) is the idea that our society should never allow any person to go out of an income. 

If an advanced civilization means anything, it should mean at the very least the abolition of poverty by design. Everyone should always have a minimum amount of money they can rely on to eat and to get themselves a roof to stay under at any given day.

In the coming Hypercapitalism (also referred to as Neofeudalism), "jobs" and the "middle class" as we know it are gone. We were already servants of a corporate system, and now we are all servants of the Great Algorithm. Our managers are not even human now.

Hypercapitalism does not care whether any one of us lives or dies. But we, human beings, must care. One way to care is to push for a planetary monetary system that is built to provide an Universal Basic Income to all.

With UBI, everyone gets paid the minimum they need to cover their survival needs. In the US, the poverty line is about $12,000/year, and so an UBI would likely pay about $1,000 a month per citizen. That kind of money can take care of us all whenever the hegemonic capitalist algorithm will not.

How does UBI happen?

One way to make UBI happen in the world is to petition governments to implement it. Our governments have extraordinary power over our entire national societies. If we can make UBI a political priority, we can make our governments implement them and fund them. 

Since the political path to a public UBI is rather slow, people have been starting private UBI pilot projects for several decades. There are many private UBI implementation initiatives. The ReCivitas Institute is an NGO that is paying an UBI to about 100 residents in the village of Quatinga Velho, Brazil, while GiveDirectly is an example of a bigger, corporate-driven project.

There are many attempts at implementing cryptocurrencies that pay themselves to their recipients, such as Mannabase, Circles, Swiftdemand, Greshm and Raha. They all have different mechanisms for accruing market (capital) value to the virtual coin amount that is distributed to the recipients, as well as different mechanisms for authenticating each recipient as a valid, living person.

If a Crypto UBI project is successful in solving the Identity Problem (authenticating its users with a low-enough degree of fraud) and in accruing sufficient market value to the "coins" it distributed, then it actually solves the UBI problem for the people who are able to register and receive its coins. 

My proposal for a Crypto UBI system

After thinking about this problem for several years, and piloting a similar idea in 2017, I have come to design a system that is so simple that it almost hurts.

I have a 40-minute podcast on it if you want to listen to a longer explanation.

But, simply put, the system works as follows:

  • Anyone can deploy a simple token contract on an EOSIO-based blockchain;
  • Every verified account is eligible to claim one new token per day;
  • A group of people get together to volunteer as the identification authority; the token contract gives them the authority to verify and un-verify accounts.

In essence, every person we can manage to equip with an EOSIO account and to verify their identity, gets one token (+1) printed (minted, issued) for them every day. That token represents a single person's right to "One Daily Basic Income," whose value is subjectively determined by anyone who is willing to "purchase" (i.e. fulfill, redeem) that right from another specific person.

All forms of money, including one whose monetary unit represents an Economic Human Right, has a "market value" that we do not actually control. But what we do control is how much we would pay for someone else's right -- not someone abstract, but someone that exists, someone that we know and someone that we care about.

Isn't that sort of what "donations" are? When you donate to someone in need, you are redeeming a part of someone's need (actually, someone's right to live). By tokenizing generosity, we re-signify the act not as "charity," but as a transaction between equals. As a mutual recognition of each other's right to exist. We use the concept of a market economy to manufacture that which the market logic does not understand: solidarity.

The Algorithm does not understand the Right to Life that everyone has, and that everyone is supposed to guarantee to everyone else. If we want that right recognized, we have to encode it into an institution, and actually account for it. 

The "market value" mechanism, or the backing capital of the system I want, is the generosity that people already have and that they already exercise towards others. What is missing is the ability to account for it, and the ability of the recipient of the "charitable" act to actually sell something in return for whatever they receive.

By selling your daily UBI coin, which encodes your daily right to life, the recipient of that coin acknowledges that they are helping implement UBI for all of us. That it could have been them in the position of receiving "help," and that would be all right, because now all of us have all our backs.

Why I think my Crypto UBI system makes sense for UOS

I have noticed that UOS allows people to create free accounts. That is great.

I have noticed that UOS has a sexy social blogging tool that I am using right now. That is awesome.

UOS is EOSIO-based. It can support the smart contract of my system.

And, more importantly, the Crypto UBI system I propose is highly social. The "vibe" of the other EOSIO blockchain deployments feels a lot more like "finance" or "real economics." I don't think the communities of those other blockchains (namely, EOS, Telos and Worbli) are necessarily a good fit for a project that is deeply social in its conception.

In other words, I am tired of people who think "Inflation" is a thing.

It's not. WE are a thing. We, as social and aware beings, have an unlimited amount of untapped power. Instead of caring about how to design money systems that derive their value from people's unconscious actions, we should start creating money systems that work when in the hands of those who are aware of their own power, and of the world.

Money for those who make the world, not those who think themselves to be victims of it.

I have discovered UOS today, and I like what I see so far. Let's see if I can get around to write and deploy a smart contract on it!