Intro
Recently I have been looking more into Universal Basic Income and falling in love with the idea. If you don't know what universal basic income is first read this. https://en.wikipedia.org/wiki/Basic_income
The only cryptocurrency in existence that I know of that tries to implement UBI is Grantcoin. Grantcoin works by increasing the money supply by 3.5% every year by giving every user who gets their identification verified by a 3rd party an equal sum of money. They are able to do this because they privately mined the first 10 billion coins. So far only about 40 million of those coins are in circulation. You can read more at the following two links.
http://www.grantcoin.org/2017/02/02/grantcoin-foundation-distributes-basic-income-grants-to-1132-people-in-79-countries/
http://www.grantcoin.org/get-grantcoin/basic-income/
The Problem with Grantcoin
While I love the idea two problems come to mind. One problem is that every time a UBI grant is given out the money supply is increased. The problem with this is that UBI is usually argued as a method to fight wealth inequality. But giving people money by increasing the money supply will only inflate prices, not redistribute wealth.
Another issue is that once the 10 billion coins is put into circulation 50 years from now, UBI goes away forever, unless people donate to the foundation.
The idea
So I was thinking that instead of inflating the economy by 3.5% every year by increasing the money supply. Is there a way to tax every wallet's wealth in the blockchain network by 3.5% and dump the money into a hard coded wallet address, which would act as a government address. Then the government account that's controlled by trusted people would then be obligated to distribute the money equally to every user who has been verified? This way UBI will be acting in a way that it was intended for. Fighting wealth inequality by redistributing wealth.
Thanks for reading. Please let me know what you think.
Recently I have been looking more into Universal Basic Income and falling in love with the idea. If you don't know what universal basic income is first read this. https://en.wikipedia.org/wiki/Basic_income
The only cryptocurrency in existence that I know of that tries to implement UBI is Grantcoin. Grantcoin works by increasing the money supply by 3.5% every year by giving every user who gets their identification verified by a 3rd party an equal sum of money. They are able to do this because they privately mined the first 10 billion coins. So far only about 40 million of those coins are in circulation. You can read more at the following two links.
http://www.grantcoin.org/2017/02/02/grantcoin-foundation-distributes-basic-income-grants-to-1132-people-in-79-countries/
http://www.grantcoin.org/get-grantcoin/basic-income/
The Problem with Grantcoin
While I love the idea two problems come to mind. One problem is that every time a UBI grant is given out the money supply is increased. The problem with this is that UBI is usually argued as a method to fight wealth inequality. But giving people money by increasing the money supply will only inflate prices, not redistribute wealth.
Another issue is that once the 10 billion coins is put into circulation 50 years from now, UBI goes away forever, unless people donate to the foundation.
The idea
So I was thinking that instead of inflating the economy by 3.5% every year by increasing the money supply. Is there a way to tax every wallet's wealth in the blockchain network by 3.5% and dump the money into a hard coded wallet address, which would act as a government address. Then the government account that's controlled by trusted people would then be obligated to distribute the money equally to every user who has been verified? This way UBI will be acting in a way that it was intended for. Fighting wealth inequality by redistributing wealth.
Thanks for reading. Please let me know what you think.