By: Dom Galeon
February 7, 2017
A New UBI
With the growing popularity of blockchains, it’s no surprise that they have a new, very useful application, i.e. a global distribution of wealth. Recently, the Grantcoin Foundation, a U.S. based nonprofit organization, implemented a universal basic income (UBI) program that uses blockchain-based digital currency.
Basic Income grants (in the form of the digital currency Grantcoin) are distributed quarterly by Grantcoin. January 31, 2016, Grantcoin distributed digital currency to 1,132 applicants from around 79 countries around the world. This was the third leg of the Grantcoin Basic Income program that began in June of 2016 which was followed by a second implementation in October.
“Each year, we plan to add 3.5% to the Grantcoin already in circulation,” Grantcoin explains. “This will be given as Basic Income grants to everyone in the world who chooses to participate, growing the money supply in a way that provides equal access to all.” Grantcoin is the first blockchain-based currency that’s distributed globally following a UBI model.