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RE: Without Basic Income, the 21st Century Labor Market is a Game of Musical Chairs Over Hot Coals
Thanks! Followed back. I always enjoy hearing about a new crypto implementation of UBI principles. I will be sure to check out your white paper. Good luck on it and thanks for putting your time towards such a goal!
My main focus points are a % fee rather than nominal 0.001*
I love cryptos, but it seems to me that the nominal fee is something that will work out very well for the very rich in the long term, while 90% get's screwed over. We are all 100% human and should pay the same % fee for transactions. All transaction fees go back to the miners. Mining power restricted per wallet to a certain value which increases (small %/ year to keep up with technology advancements)
It's so simple, and could work so well for the most of us who don't do transactions over 1 mil daily (or at all)
I like the flat fee idea, but I think a share needs to go to all users, not just miners. Cicada's solution to this is to make everyone a miner, which I think is pretty clever. How do you like going about universalizing the fee redistribution?
Well, that's what I'm shooting for when final coin will be complete. Imposing some restrictions on the mining power each wallet can dedicate to the network, means it will never become so competitive, mining will be available straight from the wallet(1 click enable).
It also means it will be a true democracy. There can never be a 51% attack, since every miner will have the same mining power.
As a token, it already gains interest of 0.5% / month without any interaction from the user, other than registration. After the first ICO, if I raise enough to secure a full node on Waves, any ViC holder registered will also receive Waves in addition to ViC, and interests might be paid twice a month.
Since there will only be 84 mil coins, I still have to work out some details after the coin is life and not just a token.
The way I see it now, it will offer two sources of income when fully developed :
It's a complex problem, and I'm still placing pieces of the puzzle as I go along, but I'm confident that my vision is fair and my intentions are good, so it will eventually catch on.
Any help is welcome, 100.000 ViC saved for bounties still intact. I welcome suggestions.
The problem with the flat fee becomes apparent when you look at a wealth distribution graph
I doubt the top % will get involved in mining. They will use the network the 90% works to keep alive, to make billion $ worth of transactions for 0.001 BTC each, while most people transact in 100-1000's, and pay 0.001 BTC each.
A % fee makes sense from so many points of view in the long run, and by this I mean really long run, several generations maybe.
Anyway, since the coins is born as a token and because I really like waves so far, transactions for a nominal 0.001 WAV will always be possible. It's only a small step in the right direction.