Month: November 2019

Cryptocurrency Universal Basic Income Utilizing Bitcoin Cash Tokens?

There is too much poverty on Earth, and basic income cryptocurrencies can help humanity to solve this problem. There are many cryptocurrencies. The following are a few ideas to consider.

Bitcoin Cash has incredibly low fees.Bitcoin Cash enables the creation of SLP (Simple Ledger Protocol) Tokens.

Bright ID is a project that is attempting to prevent Sybil attacks against basic income cryptocurrency recipients.

Keybase (Keybase.io) is an app/website that enables social media proof and blockchain integration (at least to a certain extent).

Bright ID may develop to have an experience sort of like Keybase.

Manna is a basic income cryptocurrency.

I will refine these ideas more later. Brainstorming can be useful. After storms, sunshine will often occur. Plants are nourished by water. Rivers increase their flow into oceans.

Perhaps Bright ID can give groups of trusted humans the ability to metaphorically impeach accounts suspected of being Sybil attack accounts.

I really need to research this more. What I am writing here is a preliminary set of ideas.

Manna, a basic income cryptocurrency, was using phone numbers to confirm unique accounts. However, they paused distributions of Manna to new accounts because of issues with this.

The People’s Currency Foundation (that implements Manna) is now Hedge for Humanity.

It is possible that if a legal Trust of some sort is setup to hold dividend paying exchange traded fund, then these dividends can be used to grow the fund and provide a basic income to those receive a basic income cryptocurrency. Funds from such a fund could be used to purchase back and then maybe burn basic income cryptocurrency coins/tokens.

Bitcoin Cash is interesting because those that like Bitcoin Cash tend to believe that the value (and price) of a cryptocurrency is based around its use and utility. If Bitcoin Core fees are relatively high, then those in developing nations cannot utilize it for day to day transactions (if they earn 2 dollars per day, and fees are $1, this is not functional). Bitcoin Core may be useful to those who are willing to pay $.5 to $30 per transaction. Bitcoin Cash fees and (SLP fees) are usually about $.0025 perhaps. Those earning less than 2 dollars per day could in theory utilize Bitcoin Cash for day to day use, and not realistically Bitcoin Core, please correct me if I am mistaken.

Back to basic income cryptocurrencies though, Bright ID in collaboration with Hedge for Humanity can potentially implement basic income cryptocurrencies that can be utilized by hundreds of millions or billions of people.

Perhaps Manna can be converted into a Bitcoin Cash Token, and this could reduce the fees significantly, and also the security of the network (think 51% attacks). Perhaps this is not needed though. This is just one of many ideas to consider.

Bright ID and Manna have the potential to transform all economies on Earth. Bright ID may enable the creation of many competing basic income cryptocurrencies. Perhaps the basic income cryptocurrency with the lowest fees, most liquidity, and most utility will be the most successful.

Universal basic income has the potential to effectively eliminate most all poverty on Earth. Economic possibilities exist now that have never existed in the history of humanity. We have the ability to shape and mold the future based on our actions and behaviors in the present. Abundance is theoretically possible for all 7+ billion humans on Earth. Basic income cryptocurrencies can help us to get there.