UBI on EOS might not be a bad idea if done right

Please read the article before you call me a communist. There has been some talks about UBI or Universal Basic Income on EOS. EOS currently has an inflation rate of 5% every year. 1% of which goes to block producers and 4% to the worker proposal fund (WPF).

There are a lot of people in the community who want the worker proposal fund burned and destroyed. I myself had posted comments in support of burning WPF in the last month on the r/eos subreddit.

But now, it appears more logical from my perspective to keep the WPF. I don’t like the 4% allocation though. It is too high! 1% for the WPF seems more logical from my perspective.

So, lets assume in a EOS community referendum, it was decided that EOS inflation will be reduced from 5% to 2% and 1% will go to WPF (the other 1% to BPs). Then, what if we used 0.1% of the WPF fund for a UBI program?

Here’s my thoughts on how a UBI program could benefit EOS:

0.1% of EOS inflation or 10% of the worker proposal fund will go towards UBI. All EOS users who have verified their identify by linking their National ID Card number and a bank account with at least 500$ equivalent balance will be eligible for the UBI program.

They will also have to have at least 500 EOS blockchain transactions to be eligible (these conditions are for preventing sybil attack). The UBI fund will be distributed to participants equally.

This will definitely provide an incentive for people to create EOS accounts and use it. To reach the 500 tx condition, people will have to use the blockchain or play EOS based games on it. While this is a communist/socialist idea, it doesn’t sound bad at all if implemented the way I proposed above. What do you think? Please share your thoughts in the comments.

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Comments

  1. Cryptoslice

    If EOS had 1 million accounts at 0.1% ubi it would only be 1 eos per person a year. probably wont really work as a ubi but would be a good marketing stunt. I think they should just release a ubi token not backed by anything and every EOS account gets 5% a year or what ever and see if it takes off. normal money has nothing backing it so why cant this take off. Its a risk free experiment .

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  2. SugarFix

    UBI isn’t really a communist idea. It is expounded by both the left and right. Because there is no assessment it makes it about 90% cheaper to administer than usual benefits so it appeals to people on the right.

    (1)
  3. Code to live by

    Interesting thoughts. You bring up some good points. I am not so much against the idea of a UBI but I am against the idea of a government trying to implement through redistribution. It will just turn into the usual vote buying scam.
    Properly implemented on the eos main net it could be a great incentive to hold eos tokens to participate and build the ecosystem. I will be interested to hear what Dan comes up with in London.
    UBI might work in the decentralized environment with aligned incentives.

    (1)
  4. Steve Harman

    Interesting view. But as EOS txs are free and easily automated, what’s the point in ach UBI registrant needing to transact 500 times?

    I’m not sure what it proves or achieves?

    (0)
  5. sandwichbill

    Have any projects been mooted on here similar to the Steembasicincome? I have supported that project and sponsored other Steemit users into it and I would like to see one here.

    (0)