The idea of universal income in cryptocurrencies is starting to make its way. While some are considering introducing a base salary entirely managed by a central agency, others prefer to rely on the blockchain or the Internet of Things. An update was given on both approaches and practical applications of the universal dividend.
Why set a basic income in cryptocurrency?
Supporters of universal income say that its implementation will abolish poverty and guarantee decent living conditions for all. Its introduction should also make it possible to free a person from the imperative of labor. In a society portrayed by the advocates of universal income, we will no longer work to ensure its survival, but rather by choice and passion. Clearly, universal income makes sense mainly in a robotic society where machines and artificial intelligence have replaced linear work. In short, the application of this project is aimed primarily at revolutionizing the concept of “work” in a world where robots have made billions of workers unemployed. In this still utopian future, cryptocurrencies have an important role to play.
Opponents of the universal dividend believe that its implementation will inevitably lead to an inflation of traditional currencies.
This is where cryptocurrencies come into play! Unlike fiat money, crypto assets cannot be produced indefinitely. For example, the maximum number of bitcoins that needed to be mined was set at 21 million at the time of its creation. Thus, under these conditions, bitcoin and altcoins are generally immune to the inflation inherent in fiat currencies. Thus, universal income in cryptocurrency already has a certain advantage over income paid in fiat currencies. You have the opportunity of cryptocurrency atomic swap.
Blockchain-Based Universal Income: A Decentralized Approach
Obviously, introducing a universal income would have a huge financial cost to the state, even if it were to replace existing social assistance such as unemployment benefits. The Institut de Montaigne estimates that the introduction of a universal income will cost the French state between 305 and 424 billion euros per year, depending on the amount paid monthly to each individual. In order to cover the costs associated with universal income, there is a big risk that the state will eventually decide to impose new taxes on the still active population.
The introduction of a guaranteed income managed by a decentralized mechanism could stop this chain reaction, often emphasized by critics of the reform. As soon as the income paid to individuals is no longer paid by the central authority, in this case, the state, which is responsible for the distribution of common resources. Similarly, the assets needed to reward individuals will no longer be created through taxes but will be produced directly by the citizens themselves.
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How? Monetizing your personal data. Currently, many firms enrich themselves by using the personal data of users of their services. This is the case with tech giants like Facebook, Amazon, or Google, the famous GAFA. These companies derive a significant portion of their income from the sale of personal data on a large scale. Therefore, Internet users currently transmit market information from marketing analysis firms to third parties. Clearly, Internet users around the world are currently sitting on a huge golden mountain that they don’t even know exists. All Internet users in the world generate personal data while browsing the web. That’s why we can really talk about income or the universal wage.