Universal Basic Income (UBI) Is Now Reality!
Today is the deadline for applying to Grantcoin for the 9/30/16 distribution. 20,000 Grantcoin (GRT) was given to each recipient in the July distribution. Each year they plan to increase this amount by 3.5%.
Grantcoin Foundation is a 501(c)(3) non-profit organization with its own digital currency named Grantcoin (GRT). The organization says Grantcoin is a "currency with a conscience" and their philanthropic mission is to benefit all mankind, not just a few. Last July they distributed quarterly income grants in 17 countries. That was the program's first distribution and the next is scheduled for September 30, 2016. The average recipient received 20,608.349540 GRT ($5.19 USD). The Grantcoin cryptocurrency that underpins the program is traded on exchanges, the largest being Bittrex.
255 People applied for this grant in the US, UK, Canada, Australia, France, Germany, Russia, China, Australia, New Zealand, Denmark, Belgium, Portugal, Bangladesh, Ghana, Cameroon and Indonesia. The program is open to everyone and the foundation is actively seeking more recipients. The application process and verification is very simple, no complicated forms to fill out etc. Go here to apply and get more information:
If you use the above link with the referral code, you will get a bonus of 50% extra Grantcoin your first year in the program, just for remembering to use the referral code. They will also give you a code of your own, to give to people that you invite to sign up. (This is not multi-level marketing. You only get a bonus for signups one level down from yourself. The intent behind the bonuses is to make the program go viral.
Eric Stetson is Grantcoin’s founder and he currently serves as executive director. He recently stated that the foundation demonstrates how people worldwide can have a sustainable, equitable monetary system based on a global issuance of the money supply.
Grantcoin came into being with a 10 billion Grantcoin gift from the founders. 80% of the funds will be used to provide incomes to people. 10% will be given to people and organizations working to spread the Network. Another 10% goes to administration. The 3 founders are taking 2.7% to create and manage the Grantcoin project.
There are many who feel that there is a need for a Universal Basic Income. The 10s of millions who live in poverty is an obvious concern. Furthermore, some advocate a UBI in order to support artists, musicians, writers and others who contribute to society, but are hampered by the need to put a roof over their heads or support a family. A Basic Income could provide a sustainable way to alleviate financial problems.
Here is what the journal New Scientist says about Basic Income:
The idea that technology would destroy jobs and dramatically increase unemployment was considered a fallacy not long ago. Economists believed technology always created new opportunities and hence new jobs.Today, with the rise of machine-learning algorithms and advanced robotics, many have changed their view. It’s possible that within 20 years almost half of all jobs will be lost to machines, and nobody really knows how we are going to cope with that. Those who still have faith in technology’s power to create jobs fail to recognize the shift to a “superstar economy”, where a handful of companies disrupt markets, make billions and employ very few people, while the rest fight for the scraps. So how would the millions whose jobs are at high risk of being automated survive in this landscape? One of the most interesting proposals, that doesn’t rely on the fanciful idea that the market will figure it out, is an unconditional basic income (UBI).
Even if you don't need any extra money, the program still wants your support to make it truly universal. Furthermore, you could use your grants to help others in need. Of course, there is the opportunity to donate to Grantcoin if you so desire.
I have an idea for a fair UBI. Every month of every year all people (not corporations) shall receive the amount of taxes paid in (and not returned) from the previous year on that month. Of course you could just abolish the income tax, but I like the notion of appealing to people who think that a UBI would actually work. It's far eaiser to get them to accept a UBI that they will ultimatly end up paying for, than it is to convince them that turning off welfare is actually a good thing as it puts one in control of the wealth that they create.
I think it's better to have a set amount guaranteed for planning purposes. We would have to locate a portion of taxes to roads, healthcare, education, etc...
I agree with you, yet their are other taxes outside of the income tax that either account for, or are supposed to account for the roads, healthcare, education and so on.
This is a good step. How do they keep infinite inflation from occurring though?
I'm not sure if this answers your question, but on the GRT mining site it states:
They currently use Proof of Work, but are transitioning to Proof of Stake.
With this kind of crypto, my only worry is massive deflation. I am sympathetic to the idea and I hope it works out ultimately.
On the GRT mining site it states:
They currently use Proof of Work, but are transitioning to Proof of Stake.
Interesting.