Universal Basic Income
Crypto Overview
Project Overview
Universal Basic Income (UBI) is a cryptocurrency token created by Proof of Humanity (PoH), a social identity verification system built on Ethereum. The project aims to provide a form of basic income to verified human participants on the platform.
Purpose and Utility
The primary purpose of UBI is to distribute a continuous stream of tokens to verified human users on the Proof of Humanity platform. Each verified human receives 1 UBI token per hour. This creates a decentralized universal basic income system where tokens are distributed equally to all verified participants.
Business Model and Implementation
The system requires users to submit a video and deposit ETH to be verified as human. Other users can challenge verifications they believe to be fraudulent. Once verified, users automatically receive UBI tokens. The token has a fixed inflation rate tied to the number of verified humans.
Real World Adoption
The project has achieved moderate adoption with thousands of verified humans receiving UBI tokens. The tokens can be traded on decentralized exchanges and some users utilize them as a medium of exchange.
Platform Development
The project maintains active development on both the Proof of Humanity verification system and the UBI token distribution mechanism. Regular updates and improvements are made to prevent gaming of the system and ensure proper token distribution.
Token Distribution
UBI tokens are distributed exclusively through the verification system, with no pre-mine or founder allocation. This creates a fair distribution model where tokens are earned through participation rather than concentrated among early investors.
Crypto Impact
To assign a comfort level investing in Universal Basic Income from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Universal Basic Income.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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