Cryptocurrency 2.0: Manna Solving A Lot Of Problems: Will It Fly Like STEEM?
Many people are asking me about Manna and why I am so high on it. My bullishness stems from a similar point as STEEM; Manna is Cryptocurrency 2.0.
What is Manna?
In simplest terms, Manna is a token that was designed simply to give to people. I call this "Proof of Breathing". People do not need to buy in nor do is anything. They simply sign up to receive the tokens. Think of it as an airdrop on a weekly basis.
Many feel this falls under the basic income category but, as I wrote about yesterday, tokens themselves are going to be a basic income for people. Tokenized incentives will exist everywhere. Manna simply is a token that establishes a baseline where everyone is guaranteed tokens.
For that article:
In my view, this is a central premise of Cryptocurrency 2.0. Getting tokens into the hands of people who are not going to buy them will ensure the exponential growth and revolutionary impact that blockchain technology will bring. Cryptocurrencies are App 1.0 on the blockchain, similar to how Email was the first widespread app on the Internet.
Like all blockchain tokens, the pool of tokens released is fixed in the blockchain. It is akin to the reward pool on STEEM, the amount of SP doled out daily is determined by the blockchain. Hence, in both of these situations, the only question is how many people the tokens are distributed to.
Before going any further, I must explain Metcalfe's Law. In simple terms, it basically says the value of a technology rises in proportion to the number of users embracing said technology. Actually, the observation was actually applied to communication devices but I find it works well for cryptocurrencies too. In short, the more wallets out there, the more valuable a cryptocurrency.
So, with Manna, the basic factor in determining how high it will go, in the quest to achieve the goal of poverty elimination, is how many people are receiving the currency. Remember, the distribution plan is set; the same number of tokens are being doled out. Therefore, the more people who sign up for this program, the greater the success it will be.
That said, why am I so bullish on this token?
To start, I really believe in the project. However, from a more practical aspect, it simply comes down to understanding how people relate to currency. This all starts with the question why do people in the United States use the Dollar as compared to those in Europe using the Euro? The answer to that is because people use what they have. In the US, people are paid in USD while those in Europe (minus the UK) are paid in Euros.
Therefore, I foresee a future where people have Manna coins. Since they are given out universally and freely, people all over the world will be in the distribution pool. Eventually there will be 50M-100M wallets all getting tokens on a weekly basis (that is the goal). Therefore, we should see an incredible appreciation in the price of the token.
For those who are unaware, this project is a couple years old. It went through a pilot phase where over $100K (at $.002; it is now $.0107) was distributed during the year+ it was in effect. This past September, the pilot program was shut down so that alterations could be made. Originally called Grantcoin, this was traded under the symbol GRT (you can still see it on coinmarketcap.com) and is now being renamed Manna. This website was totally rebuilt showing the updated path of where the organization and token is going. Finally, new wallets are going in place using the latest peer-to-peer wallet system.
If you want a bit of information on the history of this program, you can read up on grantcoin.org.
Now we are at the point where distribution is about to start. In the next couple weeks you will see:
The full signup and verification process for receiving Manna UBI on Mannabase.
Our new white paper, which is nearly 30 pages long.
New Manna-branded desktop wallets, completing the name change of the currency.
Our first educational video about cryptocurrency and Manna.
http://www.grantcoin.org/2017/12/30/exciting-times-a-year-end-message-from-our-founder/
When we start to put crytocurrency in the hands of the average person, that is when we will see this entire arena absolutely explode. Manna, like STEEM, is a token that people do not have to buy in. I cannot stress that enough as a determining factor of success going forward. Since achievement is only determined by getting the token in the hands of people, since we know they will use it once they have it, in my view, success is almost assured. Over the next year, we will see the developers create a series of advancements which will make cryptocurrencies a lot friendlier and flexible for the regular Joe/Jane. This works out very well for Manna since it will already be in their wallets.
Finally, the most wonderful aspect of all this is that, along with the crypto market in general, we will see the end of worldwide poverty. People are going to have a lot more options when we put currency in their hands.
So join my on this journey...together we can make this as big a success as STEEM will be.
To be receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
Pictures by Google Images
Im really unsure if I'm signed up or not. I did get a random "stay tuned!" email a week ago, but thats it. No acknowledgement, no request for verification, etc.
The verification emails are a week or two away...if you got the stay tuned email, I would say you are in there.
This is very interesting. I'll take a good hard read about this.
As I can see. These coin has been done with the best of intention and as you know intentions without strategic execution often times does not mean success.
A couple of questions bring to my mind and hopefully I can get that when I read the white paper, however if you can answer it ( if you have the time, as I take it you are quite a busy person yourself)
2.Long term growth. I know in its vision, everyone benefits and if this becomes successful and becomes the UBI platform we are looking at billions of dollars in potential market value, but how does it work? If it gets airdropped to everybody then how does it increase its value overtime?
Scaling is always an issue....I will have to look into that.
People spend what is in their wallet....value comes in this arena, in large part, by number of transactions and number of wallets.
No names are on the blockchain.
Sorry, but i cant see why anybody would accept Mana for goods or other crypto...!?
Why does anybody accept USD for goods or crypto?
So true :D but hey, in the future we're not bound to fiat. So when we can choise out of 10,000's of crypto's, why MANA?
Do you really think that, in the future, people are going to choose what tokens they accept?
You are correct, there will be 10,000 of them....people will use what they have in their wallets.
If everyone get these tokens for free all the time, they shouldnt have (much) value correct?
I really like the idea of putting a resource in someone's hand so that they can trade it for something they need. Then make something else with it, that is trade-able or saleable.
I think that once the concept is understood, this will empower people and they will directly change their own lives as a result. That's so exciting!
Rebecca
You can see what I was thinking too. taskmaster4450 has laid out the concept nicely.
I see that you agree. I am happy about that.
We shall see over time. But I like the odds.
Francis
Really good job and nice view thanks for sharing.
Awesome article as always. Can't wait to read the whitepaper and become more invested in Manna. It just dawned on me that cryptocurrency is in somewhat of a bubble not in terms of price but in terms of relevancy. Not enough people truly understand it and that is a fundamental problem. With Manna, it is very easy to explain and will allow for the "common man" to understand it allowing for better resonation and acceptance. What will spark the revolution that changes everything is it Manna or Steem or a culmination of all cryptocurrencies to take down the banksters.
I think it safe to say it will be a culmination of things.
A blockchain like Bitshares, which is designed basically as an alternative to the banking system could have a lot of impact directly on the banksters.
What Steem and Manna (and others do) is enable people to get out from under the slave system set up by the banksters where people are moderately compensated (at best) for the time the provide working. The fiat system is tightly controlled with most people participating in amassing debt as opposed to wealth.
Crypto changes all of this.
Thanks for everyone upvote and resteem.
Mohammud Yunus, the founder of Grameen Bank, blazed the trail and showed how access to a little money can help the poor get themselves out of the poverty cycle. Explaining the amazing repayment rates, he said when your poor you know that you don't get many chances and you're less likely to default on your loans.
Thanks to the success of Grameen Bank, micro-finance is now a thriving industry around the world, despite the fact that interests rates tend to be higher than in normal banks.
As an aspiring social entrepreneur, I'm sold on the poverty eradication potential of Manna. This can change millions of lives.
Thank you for your input @bhop42moro.
While I didnt always think this way, poverty is simply a lack of money. Most poor people are not where they are out of laziness or stupidity like many assert. Sure, there could be a motivation problem that stems from hopelessness...we see that all over the world..in poor first world cities and in 2nd and 3rd world nations. Where there is hopelessness, there is no innovation, motivation, or desire. Give people hope and they can thrive.
Exactly.
The barriers to hope include lack of access to capital for start-ups. Many countries, mine included, have a huge unemployment problem. There are no jobs. The only way out is for people to create their own employment.
We are all committed to this program providing hope to all in countries like yours.
What country are you in?
After you sign up, you will get a referral code on your own. I would suggest you give that code to all you know in an effort to get them to sign on. This will enable you to enter the bonus pool which pays for one year on each direct referral. I also suggest you encourage each person you sign up to do the same.
Kenya. I signed on yesterday.
@taskmaster4450 I love the idea behind this project. Now granted, I haven't read the white paper yet, but what makes this coin valuable? Like in the instance of Bitcoin, it's the scarcity that makes it valuable. What would make the price of Mana rise vs. tank?
Thank you for the comment @kslo and the interest.
In my view, the reason this will take off is simply the fact that it is given to people, many of whom are without resources. With currency, people use what they have and that is the advantage to this. If this can spread, especially in the poorer nations, there will be millions of people using this currency. Naturally, I am not claiming this to be the only token people use, there will be many. However, it is the easiest to acquire. Even compared to STEEM, Manna is a snap. Sign up and get the tokens...on STEEM one has to post, upvote, and comment to get token....Manna, sign up and receive.
Even in the Western countries, this will be a great entry point into Cryptocurrencies. People will be given them which means they will start to take interest. The fact it is designed to help end poverty will also aid in the usage since people like projects like that.
I didnt include a couple things in my post which means I will have to do another post following up on this....but there is going to be a program to assist in the scarcity that you mentioned with BTC.
Thanks for your reply @taskmaster4450, it really sounds like an interesting project. I'm going to read up on it more and I look forward to your follow up post.
Very interesting concept "we don't have to buy in this token to get it". Definitely upvoted. I like that, but I have three questions if you don't mind @taskmaster4450
2.. There are present two exchanges that do have GRT on them (which will be rolled to Manna soon), so there is a way to convert it to fiat or any other crypto. Over time, there will be goods and services available. There are also charitable organizations that are going to be set up if people prefer to donate all or some of their crypto.
Great. Thanks for answering my questions. It's clear now.
Hey, when you use your referral code and promote Manna you should be letting your viewers know what's happening. It took me quite a while to figure out you get a 100% bonus for a year and anyone that uses your code gets 50% year bonus.
I've been burned before so I didn't use your referral code. Now I have to put in another email and use yours because we actually get a bonus for doing so.
You can let people know...and it is 100% in the bonus pool...not a doubling of your tokens overall...that would be nice LOL but it isnt how it is.
Universal Worldwide Income is already going to be a thing... this soon? This is insane. I wish I could upvote this ten times.
Well it isnt going full tilt until we see the crypto craze embraced by the masses....which will happen. Like most things, they will go kicking and screaming, but they will go.
Still, 5 or 10 years is a short amount of time in relative terms.
Very true it is.
In my view, it will require:
A) the mass embracing of crypto by the populous
B) the advancement of the tech for more security, ease of use, and flexibility along with interoperability by the development community.
B will most likely happen quicker than A.