Hello
Great to be on the forum, lots of good discussion going on here. I am rather new to the community and just thought I’d float a Universal Basic Income idea I had running in my head and see what you think in regards to compatibility/integration with Cardano and of course the feasibility of the idea itself.
The main problem with UBI in the context of existing economic structures is that obviously governments need to foot the bill to support it. They are required to put themselves into more debt to provide universal support that may not be guaranteed to return economic benefit in the form of increased productivity and output. No one wants to bank roll what is esentially a state enforced redistribution of wealth (though we do it in times of hardship through taxes and printing money), though you can’t argue that a UBI wouldn’t be a universal good if succesfully implemented, lifting millions out of poverty at the very least.
I feel as though we might have it back to front, where perhaps instead of trying to suck money out of the governments (and taxpayers) of the world, perhaps we should be creating the value by pooling the resources of many people.
The basic idea is to have a store of value coin that holds the value of all people, rich and poor. It does sound a lot like what bitcoin is trying to achieve but the difference is that it would be connected to a UBI payment that can be claimed when you invest ANY value in the asset. This means you could buy 1 cent or 1 million worth and you’d still recieve a UBI benefit. A treasury could be established to service the UBI payments and could scale with the demand of the payments.
For instance, the payment could be very low (a couple of dollars) or much higher (hundreds of dollars) depending on the value of the SOV coin and the current demand of payments. As more people pool their wealth in to the SOV coin, the ability to provide higher UBI payments should increase (given demand for the SOV is sufficient). I think this better incentivises people since it allows them to invest in the project no matter their circumstance while benefitting from the UBI payment.
Not sure how this all fits in with Cardano - I thought given cardanos potential to scale, the project is atleast aligned with the Cardano ecosystem for the kind of userbase expansion you want expect from a UBI solution. If you have any ideas or wanna poke holes in this one, please be my guest.
Cheers
Pav
