How would you leverage blockchain technology to implement a global basic income?
How should we leverage blockchain technology to implement basic income with or without permission?
In my previous posts back in 2016 I discussed the idea of blockchain based basic income. In fact, I was one of the first to promote the idea back as far as 2014-2015 along with @johan-nygren. Johan is still working on figuring out how to implement basic income and I had my own strategy of doing what I would call resource sharing or "basic dividends from automation". That is we build automated businesses using blockchain technology and simply guarantee all uniquely verified individuals receive a profit share.
In my opinion this idea is workable and only political (and regulatory) barriers prevent it. Technically speaking we can do it even today but questions remain on if this is the right way to go about it. It can also be implemented by a mechanism I detailed as the anonymous benefactor bot network. These bots would be created anonymously (like Bitcoin was) and simply reward known accounts with tokens of value. This idea was also good but I predict there would be political resistance to this idea (rather than it being technically infeasible).
For more you can learn about the Benefactor Bot Network concept. You can also see this post "Project Noah's Arc - a DAC/DAO of arcologies can resolve global poverty once and for all.".
In my opinion all that is required are:
Ability to verify a unique human identity and connect it to an account. This should preferably be done in complete privacy and in my opinion it can be achieved using biometric+blockchain+sMPC (homormophic encryption). It an also be achieved using Johan's method of pseudonym parties where instead of a bot verifying your face using facial recognition or checking your passport via AI using sophisticated homomorphic encryption it is just people verifying people. I think ideally homomorphic encryption is more private because if you only have to show your passport, face, and other information to a bot, no human being has to see it to check it.
Ability to scale transactions so that microtransaction payments to all 7 billion people becomes possible if necessary. This is in the process of being solved but for now Lightning style networks can do microtransactions well and for more advanced stuff perhaps we can look to EOS.
Ability to have blockchain+machine learning. This is necessary in order to automate as much as possible so that the dividend or basic rewards or resource sharing can be sustainable (backed by something real). Growth is what allows for profits which can then be distributed to all. Done right, all can contribute to that growth to boost their profit potential long term.
Thank you @dana-edwards for this post.
There have been several attempts already to develop a global basic Income using blockchain technology.
A lot of people believe that we need to move toward a global basic income. Blockchain technology presents a plausible way for us to get there at global scale, and without bankrupting governments.
For this to be a sustainable answer in the long-run, from a systemic perspective, a significant number of underlying hypothesis need to be set. Like if global basic income distributes equal wealth, where does this wealth comes from in the first place? Who is creating it?
The problem with these model is that it only go part way to decentralisation. They take government out of the system by the token mechanisms.
It is not reliant on effective government or agreement.
my idea is a Daily Unconditional Universal Basic Income. the important part is that the money only last for the day, if you don't spend it, it is gone. if you spend it foolishly and don't have money for food today , you will have money for food tomorrow . the same currency could be earned in other ways and that money would not disappear, but the daily income only last for the day.
Digital identity management using sophisticated cryptography will be increasingly important in a lot of contexts in addition to this in the future. At least I hope so. The current mess we're in is a truly sad state of affairs with the sensitive personal information of over 100 million people being stolen from a centralized data center by criminals in a recent data breach in the Equifax hack, for example. I've talked to a number of people about this and I've been shocked by a lot of people even in IT being totally laid back about the catastrophic weakness of data security and identity ownership in today's world.
I mean it's amazing except for the barrier mentioned crypto Is of course very viable and when implemented as a global basic income, some people will utilize the opportunity and stay away from poverty forever
Somebody get this to Elon Musk and Bill Gates. They’ve already supported the call for UBI and raised the alarm bells that taxes will need to be raised on a per robot/machine model.
While I don’t think they imagine a world without central government player, this could be a model they could subscribe to with their respective companies/circles already, also in order to help the push to a real UBI.
Adopted models always propagate better, especially if people with influence support them.
I'm fairly sure Elon Musk is in a circle where a friend of a friend is sending him this stuff. I don't know about Bill Gates just yet but possibly? The thing is, Bill Gates is so busy dissing crypto that it doesn't seem eh realizes it solves a lot of problems or perhaps he does and he just does not support UBI?
Gates thinks countries aren’t rich enough for UBI yet.
He isn’t against the idea but he believes that first taxes can be raised [from automation] and used to further improve education and also to create more jobs. Education, aside with the eradication of polio and now his focus on malaria, is his big thing. Can’t blame him for that. Maybe we should also fund (online) school programs with the revenue?
As such I think he belongs to the latter part of your reply: he hasn’t gotten the Eureka! moment yet. IIRC he is very vocal about taxes on automation though, hence why I suggested it. Because to me, to us probably, it seems such an obvious fit. As a philanthropist he is also involved in many project which receive tax aid tho [I assume].
Funnily enough, not too long ago Musk reiterated he didn’t have and never had any crypto.
Global UBI wouldn't be divided by nation. For example if people simply join like they do with Steem and then get a daily income from it. But the thing is, Steem income actually is a lot of money in a lot of places. $5 a day is quite significant for a lot of people.
With $5/day you can rent an up/down townhouse in Asia/Africa electricity included (if not using A/C).
Steem isn’t UBI though. Mannabase is (but there’s no incentive for investors so far). Steem is an active earner (for freelancers). More so, Steem is a new economy or has the potential to become an integral new economy.
Steem can change social vertical mobility, now already. That isn’t a factor in UBI. Two different things.
Steem is an option to compliment UBI. A very compelling one, no matter where one is based. Most paid bloggers never make what they can make on Steem. Just check fiverr.
Anyway... now the question is how to get that pitched with Gates. He hasn’t seen the lightbulb go on yet. ;)
This initiative of s global basic income is a good one, since this will be done through a decentralize blockchain platform whereby the basic income can be distributed in the form of a tradable tokens. It can be done if well planned and program that the basic income will be done through biometric identification system in other to preveng fraud.
Other platform has stated this initiative such as manna but in a small scale
This is great initiative, there might be difficulties but I believe you’d definitely be supported on this. A project where everyone is a beneficiary. That’s more than awesome
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Thanks for write this helpful post :)
Now-a-days Blockchain playing a vital role in our money transfer sector . its reduce the rate of bankrupt and help the investor who want to invest their money in different counties through online .
So good ♥