Coin Spotlight: Manna - Basic Income Cryptocurrency [#1]
I had already mentioned Manna in my previous post about Universal Basic Income, but I thought it would be a good idea to write a more in-depth piece on this particular coin. For this article, I have read through the entire whitepaper and have also looked a bit closer at their long-term roadmap.
A Basic Overview
Manna, previously known as Grantcoin, aims to provide any unique person who applies, with a basic income. Meaning that you will receive a weekly amount of Manna, which can be traded for fiat currency. Part of their funding comes from outside investors, who can make tax-deductible donations to 'The People's Currency Foundation' - the tax-exempt US non-profit organization that manages and distributes Manna.
All technical developments on the Manna platform are overseen by a private company called Mannabase Inc., which was created by the founders of Manna. This company will eventually become a wholly owned subsidiary of the non-profit organization.
As I've mentioned, any person around the world can register to receive their free Manna basic income, but there are measures in place to prevent fraud and duplicate sign-ups. After registering you will need to verify your account with your phone, not all providers are supported. If phone verification isn't an option for you, you can manually verify your account, by sending a copy of your ID/Driver's License/Proof of Address to [email protected].
How Much Will You Receive?
In their FAQ we can read that Manna distributes 0.067% of the total circulating supply (currently: 43,673,073 MANNA) on a weekly basis, to all members evenly. For every one of your verified referrals, you will receive an additional 100% bonus equal to your base income. Check out the image below to see my personal stats, with two verified referrals.
Roadmap
So far, they have hit all of their milestones without any significant delays, which is very positive. This spring they will be launching a large scale funding campaign, which will hopefully drive up the trading volume of Manna on exchanges. It is also possible that they might be focusing more on getting traditional investors on board, who would invest/donate directly to the non-profit instead of through buying Manna on exchanges.
Also planned for 2018 is the roll-out of communities and adding advanced features to the Mannabase website. I have personally already new features pop-up on their website, so it seems like they are slowly getting everything ready.
Their eventual goal is to fully develop their own feature-rich blockchain that incorporates some of the same functionality that Ethereum has. Not much details have been shared about this in the whitepaper, but I'm imagining some basic smart contract functions, that would allow for alternative distribution to specific projects.
My Thoughts and Reservations
While I really like the concept of creating a universal basic income through a blockchain-based solution, I'm afraid that it would require too much investment to get this project fully funded. The question is: how many people would invest in a project like this for purely philanthropic reasons?
I am predicting that they are going to have trouble finding investors, who are willing to invest into the Manna cryptocurrency. For now, there just isn't enough trading activity, while the coin has been around since 2015! On Coinmarketcap, you see that Manna usually doesn't even reach $1000 worth of trading volume per day. Only two exchanges currently have Manna listed. Unless this changes, I wouldn't invest if you're looking at it from a for-profit angle. Go right ahead if you're doing it for philanthropic reasons though!
CoinMarketCap Statistics on 05/04/2018
| Price (USD) | MarketCap | Volume (24h) | Circulating Supply | Total Supply |
|---|---|---|---|---|
| $0.010618 | $463,708 | $208 | 43,673,073 MANNA | 10,043,673,073 MANNA |
Source: Manna on CoinMarketCap
Sign-up to receive your free basic income (referral link)
Sign-up to receive your free basic income (not a referral link)
Let me know what you think in the comments and consider upvoting or resteeming if you like this type of content!
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I did a post on the subject too, because I liked his humanitarian approach. Certainly, there are people who, for one reason or another, can not generate income that allows them to cover their basic needs. Without trying to take responsibility for their lives, and if we can generate a virtual currency with the help of all that is distributed equally, I do not see the problem. Currently, Finland is running its pilot project. They selected 2000 unemployed people. The first results appear positive. Because you are people, far from staying at home watching TV, they have decided to carry out projects to duplicate what they have received. The program ends at the end of the year. It will be interesting to know the results.
Hice un post sobre el tema también, porque me gustó su enfoque humanitario. Ciertamente, existen personas que por una u otra razón, no pueden generar ingresos que le permitan cubrir sus necesidades básicas. Sin pretender quitarles responsabilidad sobre su vida, y si podemos generar una moneda virtual con el concurso de todos que sea distribuida de manera equitativa, pues no veo el inconveniente. En la actualidad, Finlandia tiene en marcha su proyecto piloto. Seleccionaron 2000 personas desempleadas. Los primeros resultados aparentan ser positivos. Porque estás personas, lejos de quedarse en casa viendo TV, han decidido realizar emprendimientos para duplicar lo recibido. EL programa termina a finales de año. Será interesante conocer los resultados.
The state of Alaska did a similar experiment as well, and I think it's still ongoing. This is really something I'm very passionate about, because this is the sort of thing that could end poverty in the world. Probably not any time soon, but perhaps in the future... Thanks for the great comment!
This is an interesting concept and is an example of what is good about the crypto community and blockchain tech, however I think you are correct that it might be a hard sell for investors without more specificity in the requirements to receive income. But I will check it out anyway and support the project because they have the best of intentions and an admirable idea.
They seem to have some investors lined up already, but they haven't shared much details about that in their whitepaper. I think it could also be a mistake to immediately do such a large-scale distribution. Something on a smaller scale (specific countries) might have been better. Thanks for the comment!
I agree. However I really like how they have utilized the blockchain to help others. Everyone wins when we work together and help each other out!
I wish we lived in a world where we didn’t have to ask this question.
I'm already aware and signed up for Manna, but its good to get the word out. This maybe something significant for others who are less fortunate than ourselves.
Yeah I think most people on Steemit must have seen their ads under someones articles. Just wanted to give my personal opinion on the project ;-)
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