Cryptocurrency Offering Universal Basic Income

Universal Basic Income (UBI) is an idea that’s been gaining traction worldwide. It proposes that every individual should receive a regular, unconditional sum of money from the government or another institution to cover basic living costs. As the world increasingly adopts digital solutions, several cryptocurrency projects have emerged to bring UBI to life.

These projects aim to leverage the unique advantages of blockchain technology to create and distribute UBI. Here’s a look at some of the best cryptocurrencies offering Universal Basic Income and how they’re shaping the future.

List of Cryptocurrencies Offering Universal Basic Income

1. GoodDollar (G$)

Launch Date: 2020
Aim: To provide a scalable, sustainable UBI through DeFi mechanisms.
Overview: GoodDollar generates UBI through interest earned on staked assets in decentralized finance (DeFi) protocols.
Income Generation: It creates G$ tokens, which are distributed daily to users who sign up.
Market Performance: GoodDollar has a growing user base and is gaining traction, particularly in regions with high economic instability.

GoodDollar is a social impact initiative that aims to distribute a basic income to anyone who signs up. Founded by the eToro CEO, Yoni Assia, GoodDollar leverages decentralized finance (DeFi) to generate and distribute UBI.

GoodDollar uses interest generated from staking and lending in DeFi protocols to create and distribute G$ tokens as UBI. Users can claim a small amount of G$ daily, which they can spend within the GoodDollar ecosystem.

The project has seen significant uptake, with thousands of users claiming their daily income. By providing a steady stream of digital currency, GoodDollar aims to demonstrate the feasibility of a global UBI system.

2. Circles (CRC)

Launch Date: 2017
Aim: To build a decentralized, community-driven UBI system.
Overview: Circles uses a trust network where each user issues their own cryptocurrency.
Income Generation: Users receive a fixed amount of CRC tokens daily, which they can trade within their trust network.
Market Performance: Circles is popular in grassroots movements and local communities, emphasizing mutual aid and economic resilience.

Circles UBI is a blockchain-based UBI project that aims to create a peer-to-peer economic network. Each user receives a fixed amount of CRC tokens daily, which they can use to transact with others in the Circles network.

Users join the Circles network by creating a personal cryptocurrency that others can trust. Each user’s currency is unique, and transactions rely on mutual trust relationships. This decentralized approach aims to build local economies and trust networks.

Circles focuses on fostering local communities and mutual aid. It’s a grassroots initiative designed to empower individuals and create economic resilience within communities.

3. Manna (MANNA)

Launch Date: 2015
Aim: To provide a regular income to reduce economic inequality.
Overview: Manna distributes MANNA tokens weekly to registered users.
Income Generation: Funded through donations and inflation of the token supply.
Market Performance: Manna has been relatively stable, with a steady increase in user registrations and distributions.

Manna, previously known as Grantcoin, is one of the first digital currencies designed specifically for UBI. The project distributes MANNA tokens to registered users weekly, aiming to provide a steady income for all.

Users sign up and verify their identity to receive MANNA tokens. The distribution is funded through donations and the inflation of the Manna token supply.

Manna has been in operation for several years and has distributed tokens to thousands of users worldwide. It aims to reduce economic inequality by providing a regular income to everyone.

4. Global Basic Income Coin (GBIC)

Launch Date: 2019
Aim: To provide a universal income through blockchain technology.
Overview: GBIC focuses on distributing a fixed amount of tokens to all participants.
Income Generation: Funded through a combination of donations and ecosystem participation.
Market Performance: GBIC is growing, especially in developing countries where economic aid is most needed.

The Basic Income Earth Network (BIEN) is not a cryptocurrency itself but an organization that supports various UBI initiatives, including those in the crypto space. BIEN endorses projects that align with its mission to promote UBI globally.

BIEN collaborates with various cryptocurrency projects that aim to provide UBI. These projects often experiment with different models and technologies to find sustainable ways to deliver basic income.

BIEN’s support lends credibility and visibility to UBI-focused crypto projects, helping them attract users and funding.

5. ImpactMarket (PACT)

Launch Date: 2020
Aim: To provide financial stability for vulnerable communities.
Overview: ImpactMarket distributes cUSD, a stablecoin, to verified community members.
Income Generation: Funds come from donations and DeFi staking rewards.
Market Performance: ImpactMarket is notable for its effectiveness in providing aid in areas with high economic instability.

ImpactMarket is a decentralized poverty alleviation protocol built on the Celo blockchain. It enables vulnerable communities to access unconditional basic income in cUSD, a stablecoin pegged to the US dollar.

Communities are verified and added to the ImpactMarket platform. Members of these communities can then claim daily income in cUSD. The funds are sourced from donations and staking rewards.

ImpactMarket has helped thousands of people in vulnerable communities gain financial stability. By providing a stable income, it aims to improve living conditions and economic opportunities.

6. SwiftDemand (SWIFT)

Launch Date: 2017 (inactive since 2019)
Aim: To create a basic income by distributing digital currency daily.
Overview: SwiftDemand distributed SWIFT tokens daily to registered users.
Income Generation: Tokens were issued based on user activity and ecosystem engagement.
Market Performance: SwiftDemand ceased operations but provided valuable insights into digital UBI’s potential.

7. Initiative Q (Q)

Launch Date: 2018
Aim: To develop a new payment network that includes UBI.
Overview: Initiative Q plans to distribute Q tokens to early adopters.
Income Generation: The distribution model is designed to incentivize early participation and network growth.
Market Performance: Still in its early stages, Initiative Q is building momentum with a focus on long-term adoption.

Existing Initiatives and Experiments

1. Global Citizen Coin (GCC)

GCC is a social impact project aimed at empowering communities through cryptocurrency.
While not directly offering UBI, it explores how crypto can aid financial inclusion and poverty reduction.

2. Basic Income Earth Network (BIEN)

BIEN is a non-profit advocating for UBI worldwide.
They explore various UBI models, including potential cryptocurrency-based implementations.

Arguments For and Against Crypto-Based UBI

Advantages	Disadvantages
Faster Transactions	Environmental Impact
Borderless System	Risk of scams
	System Manipulation

Future Prospects of Cryptocurrency UBI Projects

Scalability and Adoption

One of the biggest challenges for cryptocurrency UBI projects is scalability. As these projects grow, they need to ensure they can support a large number of users while maintaining the value and utility of their tokens.

Regulatory Environment

Regulatory acceptance is another hurdle. Governments need to develop frameworks that recognize and support cryptocurrency-based UBI. Clear regulations can provide legitimacy and encourage wider adoption.

Technological Innovations

Continuous technological advancements in blockchain and DeFi can enhance the efficiency and reach of UBI projects. Innovations like layer-2 scaling solutions and cross-chain interoperability can help these projects scale and integrate with other financial systems.

Community Involvement

For UBI projects to succeed, community involvement is crucial. Projects that foster strong communities and trust networks are more likely to thrive. Community engagement can also drive adoption and use of UBI tokens.

The Role of Blockchain Technology

Decentralized Governance

Blockchain could enable decentralized governance for UBI distribution, offering greater transparency and efficiency compared to centralized systems.

Identity Management

Blockchain’s secure and transparent identity management can ensure accurate distribution and prevent fraud in UBI programs.

The Regulatory Landscape

Government Regulations

Government regulations on cryptocurrency could significantly impact UBI programs. An uncertain regulatory environment poses challenges for implementation.

Future Policy Considerations

Future policy decisions on cryptocurrency will influence the feasibility of UBI programs using digital assets. Proactive regulation could support these initiatives.

Building a Sustainable Ecosystem

1. Environmental Considerations

Addressing the environmental impact of crypto mining is crucial. Transitioning to energy-efficient protocols can make crypto-UBI more sustainable.

2. Building Public Trust

Educational initiatives and transparent communication about risks and benefits are essential for building public trust in crypto-UBI programs.

Conclusion

Cryptocurrency-based Universal Basic Income is a promising avenue for financial inclusion and poverty reduction. Projects like GoodDollar, Circles, and ImpactMarket are leading the way, demonstrating the potential of blockchain technology to provide a regular income to individuals.

While challenges remain, the innovative use of decentralized finance, community engagement, and technological advancements can create a sustainable and effective UBI system. As regulatory environments evolve and more pilot programs are tested, the dream of a global UBI powered by cryptocurrency is becoming increasingly feasible.

Frequently Asked Questions

1. What is UBI Crypto worth?

As of right now, UBI is trading for $0.00051936, with a $35.92 24-hour trading volume. With a maximum supply of — UBI coins and a circulating supply of — UBI coins, UBI has increased by +2.31% over the past day. By market capitalization, UBI ranks.

2. Where do I purchase UBI tokens?

On decentralized exchanges, UBI tokens can be exchanged. Uniswap V2 (Ethereum) is the most widely used exchange for purchasing and trading Universal Basic Income.

3. Can I pay 500 rupees to purchase Bitcoin?

You may purchase Bitcoin on Mudrex for as cheap as 100 rupees.