ALGO.CODER'S SBI CONTEST #1 - IS SWIFTDEMAND THE ANSWER TO SUSTAINABLE BASIC INCOME?

Basic income in general is defined as basic living stipend provided by the government of a country to its permanent residents as part of its social protection system. The term basic income despite its attractiveness is a very foreign concept especially so to people living in third world nations where socio-economic inequalities, human rights issues or challenges in implementing knowledge based economy took precedence. Whereas for citizens of first world countries, due to high taxation, an inefficient system established since feudalistic medieval Europe, basic income on the other hand had often been plagued by various abuses.

To bridge the ever growing gap between the rich and the poor, and especially so after the crippling financial crisis back in 2008, the noble Satoshi Nakamoto introduced bitcoin in 2009. Obviously, nearly 10 years after the birth of bitcoin, alleviation of poverty and equal wealth distribution had not been exactly effective due to many factors such as relatively small market capitalization (21 million) while there are approximately a total of 7.6 billion people worldwide, inaccessibility to mining technology or computing power, market manipulation by cryptocurrency investors and worst of all it fueled a trait in human nature known as greed. Although current situation indicated disadvantages outweigh advantages, nevertheless, many recognized the novelty along with the endless possibilities cryptocurrencies have to offer to the world.

Is Swiftdemand with 100 billion market capitalization the answer to sustainable basic income? The answer should be both yes and no. To be fair, it is very important to evaluate any new technology in a dual perspective manner.

Swiftdemand adopts a next generation blockchain technology very similar to airdrops hence eliminating the need to mine for coins. This allows accessibility to even the least skillful of all noobs out there. The immediate effect will be far reaching to all corners of the world compared to many cryptocurrencies available in the market. If successfully adopted by the public, poverty elimination and equal wealth distribution will become a reality and not just a dream in the very near future. Due to equal wealth distribution, hopefully people will be less likely to live in a state of perpetual fear caused by unemployment, to engage in the vicious cycle of speculative investments or committing crimes. When people no longer need to worry about their next source of income, they will have more time and creativity to solve more pertinent issues such as global warming, pollution, declining global food supplies, deadly epidemics, mental health and etc.

One of the biggest challenges of Swiftdemand will be in convincing a vast majority of people to believe that they deserve basic income and that don't necessarily translate into taking life for granted. Perhaps basic income ought to be treated as basic human rights rather than as a form of privilege. For sure, breaking away from several thousand years of servitude mentality will not be an easy task. Moreover, the same regulatory and privacy issues within the crypto industry will also more or less affect Swiftdemand users to a synonymous degree. Last but not least is concerning the misappropriate usage of large data sets to benefit selfish driven research purposes.