UBI on EOS might not be a bad idea if done right

in busy •  2 months ago

Please read the article before you call me a communist. There has been some talks about UBI or Universal Basic Income on EOS. EOS currently has an inflation rate of 5% every year. 1% of which goes to block producers and 4% to the worker proposal fund (WPF).

There are a lot of people in the community who want the worker proposal fund burned and destroyed. I myself had posted comments in support of burning WPF in the last month on the r/eos subreddit.

But now, it appears more logical from my perspective to keep the WPF. I don’t like the 4% allocation though. It is too high! 1% for the WPF seems more logical from my perspective.

So, lets assume in a EOS community referendum, it was decided that EOS inflation will be reduced from 5% to 2% and 1% will go to WPF (the other 1% to BPs). Then, what if we used 0.1% of the WPF fund for a UBI program?

Here’s my thoughts on how a UBI program could benefit EOS:

0.1% of EOS inflation or 10% of the worker proposal fund will go towards UBI. All EOS users who have verified their identify by linking their National ID Card number and a bank account with at least 500$ equivalent balance will be eligible for the UBI program.

They will also have to have at least 500 EOS blockchain transactions to be eligible (these conditions are for preventing sybil attack). The UBI fund will be distributed to participants equally.

This will definitely provide an incentive for people to create EOS accounts and use it. To reach the 500 tx condition, people will have to use the blockchain or play EOS based games on it. While this is a communist/socialist idea, it doesn’t sound bad at all if implemented the way I proposed above. What do you think? Please share your thoughts in the comments.

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I think it is a good incentive to get tokens off of exchanges and staking / using the blockchain (and in turn growing it and providing value)

I think UBI is a great idea in general and have been following the experiments in different countries. But why do you focus so much on communism?
UBI started as a right wing idea and was supported by many right wing politicians in the beginning.
And at least in Scandinavia the left wing is opposed to UBI saying that it would be a new way for the rich to suppress the poor.

But to get back on EOS-topic: if EOS can hold it's value then I think 4% is a good amount of inflation since the UBI has to be high enough for people to actually make a living of it.
Else it would just be snack money at best and not be very different from token-staking in other coins.

So my main concern would be, how can the UBI be high enough for people to pay rent and basics from it? If EOS can solve that then it would truly have changed the world society in a way governments can only dream of.

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Since UBI is about equal income for all, it is often associated with communism.

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That's fine, I guess some people are quick at throwing a communist label on things.

But what do you think about my comment? I think UBI on EOS is an important discussion. And to me the most important one about UBI is always, how much?

I personally think UBI should be enough for covering basic life. What do you think? How much do people need to get by on a daily basis?

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