Month: September 2017

It might be good if there are multiple basic income cryptocurrency projects. Once projects mature, if there are four different major basic income cryptocurrency projects, they might distribute regular cryptocurrency amounts averaging the equivalent of 300 US Dollars each. This could equate to a functional basic income implemented via cryptocurrencies. Each basic income cryptocurrency might have their own advantages to use. Each might have their own unique beneficial features.

Cryptocurrency basic income amounts should be distributed at least each month. If technically feasible, distributing cryptocurrency every day or every hour might be ideal.

Here is an idea about a basic income cryptocurrency project could ensure the uniqueness of recipients so that individuals do not receive more than one regular distribution of cryptocoins from a single basic income cryptocurrency.

The idea is as follows. Hire someone in India to once per week, or once per month, or something like M-F 7AM PST to 8PM PST (if possible) to verify identities. Have people confirm their identity with a valid ID and a face photo, like AirBnB does. Use a reputable Indian outsourcing company, hire a United States based employee, or contract with a United States based company. Hiring or contracting this service can be crowdfunded.

The organization that creates and maintains the basic income could ensure uniqueness of recipients. The organization can be a non-profit or possibly a social enterprise (benefit corporation). A benefit corporation is an organization that fuses for profit and nonprofit goals and principles. If there are multiple implementations of a basic income cryptocurrency, then perhaps half of them will be nonprofit organizations, perhaps half will be benefit corporations. Perhaps a way will be found to create a totally decentralized basic income cryptocurrency that is able to maintain itself. I have no idea if that last idea is possible.

An organization implementing a basic income cryptocurrency can create a site that functions as a secure cryptocurrency wallet. If technically possible, users should be able to mine additionally currency in their browsers. The cryptocurrency Monero currently has methods of in browser mining, so this appears to be technically possible. Monero uses CryptoNote and CryptoNight, if my understanding is correct.

Grantcoin is the only basic income cryptocurrency that I know of right now. There may be some other organizations attempting to less explicitly implement a basic income cryptocurrency. However, Grantcoin is currently pausing cryptocurrency distributions while they relaunch with a new name, Manna.

AirBnB enables participants to create profiles, and to communicate with those that you rent rooms from. In the system described here, perhaps unique users can create multiple profiles (with real names and pen names), and control who they allow to see these profiles, and the writings and messages they generate through each profile.

In relation to this what is mentioned above, Steem is an interesting cryptocurrency. It is used to reward social media contributions and interactions. Steem can be thought of as being a social media cryptocurrency.

I have an idea which combines the idea of a social media cryptocurrency and a basic income cryptocurrency. It can perhaps be thought of as a social media basic income cryptocurrency. I will post more about that later, since this post is primarily meant to be about how to ensure uniqueness of universal basic income cryptocurrency recipients. However, it is worth noting that a social media cryptocurrency can be used to fund the development of a useful and functional basic income cryptocurrency. Lastly it should be noted that sites/apps that utilize a social media cryptocurrency should allow for self-serve advertising, and also for a way for members to pay to not see advertising. More on this later.

Hopefully though, reading this has given you a better idea about how uniqueness of recipients can be ensured for a basic income cryptocurrency.

Steemit may be the first social media site to implement blockchain and cryptocurrency features. Kik app is utilizing blockchain too. A new sort of social media site is necessary. The ideal social media site should also reward participants with a cryptocurrency for posting and sharing. Additionally, the cryptocurrency should function as a sort of universal basic income as well. Each month, each unique user should be rewarded some amount of the basic income social media cryptocurrency. How much will depend on a variety of factors.

What is also needed is the following. A new sort of social media site and app should exist that has self serve advertising that can be payed for in dollars. Members will have the option of paying a small amount each month to not see advertisements on the site and app.

What should also happen is 70% of of net profits from advertising should be rewarded back to members and content contributors in the form of actual dollars. Facebook rewards zero dollars of advertising profits back to most all Facebook users that create content for the site and app. Sharing net profit should be implemented after the site and app is significantly profitable.

5% of financial profits will go to partial cumulative profit dividend fund. This is the nucleus of a basic income provided to members that is paid in dollars. Members may not have more than one account. Overtime, dollar transfer will be made to members. These rewards will be paid to users once per month, once the amount reaches at least 10 dollars per month (transaction fees will be subtracted from payments, if transaction fees are unavoidable). This fund, may be able to grow at about 7% per year, on top of principal increases from the 5% of net profits. Potentially about 3% of of the cumulative profit dividend fund could be rewarded back to users each year, divided up into monthly rewards.

Right now the best model for handling net profits is as follows. This may be subject to change.

5% of profits will go to healthspan research funding.
5% of profits will go to partial cumulative profit dividend fund.
10% will be distributed to directors and executives.
10% will go to charities.
70% of net profits will be distributed back to users.

More will be added about all of this later. This social media site and app should be organized as a public benefit corporation eventually.