With all that's happening in the world it's evident that sooner or later we might see the implementation of an universal basic income.
Let's discuss what it is and how it would work? Firstly let's start off by saying that even though the concept of an UBI is clear, their isn't a project out there to date that has actually mastered the art without the coin being dumped and losing its intrinsic value instantly. The reality is the concept is far from being implemented in the cryptocurrency space.
A universal basic income is as it's name described. An income that gets distributed to all regardless of who or where you are.
The closest working example that I managed to find is myubi. It's an Australian company that is running the project but it seems to have inherent problems that let's us label the project as a definite fail. You download the app. Verify your details and wala everyday your able to claim your ubi. The problem is the only two exchanges they listed on is P2pb2b and coinsbit.io. If your not aware of the fact its clear that both of these exchanges are outright scams. As such the coin has no place to be sold nor does it have any liquidity.
My solution that I recommend to anyone that has the skill to do it would be to do the following in order for a ubi to become reality.
Create a platform that allows users to stake existing crytpo currencies for example Dai. This will then allow them to mint NFT tokens which vary based on staked value. I'm not clear on the details but for eg you could create blue collar tokens and so on for the different types of individuals and classes. Once your NFT is minted and stored in the appropriate wallet exchange you start to earn ubi tokens that can be traded on dex and cex for eg uniswap or binance. As long as you hold the NFT token you receive the UBI. This will create value for NFT tokens which can either be redeemed via the staking mechanism or sold on an exchange for a profit or loss depending on the price of the ubi token. This will also encourage holders of NFT tokens to be cautious with there actions and as a result can prevent users from dumping the UBI tokens.
I believe if we want UBI to work this is a great way to do so. Let me know your thoughts on the above because I believe it can be a game changer. There is also other opportunities that this structure provides becuase the protocol will now have liquidity to create further opportunities for the network to profit. I would definitely be keen in being involved in something like this and if we look at crypto kitties and Pokémon there is further opportunities to mint custom UBI NFT.
Maybe the above is crazy but I'd love to hear your honest thoughts on the above and If it's even a feasible idea in real life.
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