On my lunch break I came with an outline for a token that is intended to provide a universal basic income (UBI). I want to see what holes can be shot through my idea by greater minds than my own (that's you).
The general idea is to provide a weekly basic income through weekly airdrops of the token. The reception of the air drops would be conditional. In order to receive 100% of the weekly air drop, token holders would need to sell and buy goods/services from another token holder using the token's smart contracts during the previous week. A token holder who merely sold goods/services during the previous week would only receive 50% of the air drop and vice versa. Once the conditions have been met only one full token would need to be held to receive 100% of the airdrop.
The system incentivizes the use of the token as a currency which should provide it a measure of value on exchanges. In addition, the initial supply will be limited during the ICO distribution which should further incentivize early adopters. The system also incentivizes people to be productive while at the same time providing a basic income. People are generally happier when they are both productive and secure.
In order for this to work, a marketplace would need to be developed in which token holders could easily participate in the selling and buying of goods/services using the tokens smart contracts. To prevent gaming the system token holders would need to be verifiable. In addition, the marketplace would need to have a well functioning rating system to reduce fraud.
The distribution of the token would begin with an ICO to raise money for a nonprofit organization to support the token's development and longevity. Only a small percentage of the tokens would be made available in the ICO. The vast majority of the tokens would be held back for the airdrops. The token itself would run on something like Ethereum or Neo.
Another option would be if a government issued a token with the same basic structure to all of its citizens and pegged it to its currency.
So what issues do you see with this outline?
