On March 10, 2021, Proof of Humanity’s UBI coin went live on the Ethereum Mainnet. For anyone who doesn’t know what that sentence means, it means that a cryptocurrency project was launched using the most popular smart contract blockchain in the world, with the goal of eventually providing a basic income to every living human being.
I’m happy to see people trying to use crypto for good instead of pyramid scheming.
But this project seems ill conceived. It incentivizes people to contest the status of other real people because then they get to keep their money. You have to have a chunk of money to start – impossible money in some parts of the world I’d say ($600ish). And the “money” you get has to be traded to be able to be spent (unless your landlord takes crypto?), so the value of your UBI might fluctuate.