UBI Plus - Universal Basic Income for All, Plus Massive Rewards for the Few
Description: UBI+ is a Fantom-based network that will allow participants to not only receive a Universal Basic Income (UBI) but also have the ability to compete for outsized rewards every period. This blockchain-based UBI mechanism will be like a decentralized lottery, providing incentives to private individuals acting in their own best interests to fund the UBI+ scheme. UBI Plus will share the ‘economic consensus engine’ technology that the GOVdao project is developing. The following is a brief and casual illustration of the technology that will power both GOVdao and UBI Plus.
The Protocol
The economic consensus engine of GOVdao allows two or more parties to provide incentives to each other to get something done. This can only happen on decentralized and autonomous smart contracts where no one entity has any authority over any other. This two-way incentive mechanism transforms simple blockchain transactions into something much more productive. If we compare this to how today’s crypto works, we are not just using consensus to transact value but to produce value. UBI Plus will implement this mechanism as a type of game where everyone is able to extract value from the system. Some players will be satisfied with doing nothing but receiving a share of 10% of the reward pool while other players will be incentivized to provide for them by going after the much larger reward pool. On GOVdao, this is reversed. On GOVdao, everyone is creating some kind of economic value, either by producing something of value (a small % of users) or investing in people that do (the majority of users). GOVdao will make it possible to offer a privately-funded universal basic income (UBI) scheme, powered by incentives, in UBI Plus. With GOVdao itself it will be possible to do the unimaginable, such as build a house with $5 worth of input, process e-commerce transactions in an entirely new way, improve any kind of system, and create anything.
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