Motivation
How to distribute money to people: UBI-Vault
The main motivation for developing UBI-Vault is ideological—to drive societal change. Now is the time to change society. We all feel it’ up to us to try and become the change we want to see in this world.
As a society, it’s time to embrace working smarter, not harder & put automation to work for the betterment of all of us, not just people in search of a higher profit margin.
A solution is to buy companies and donate them to the community, they are then called AI DAOs, owner-less companies, which contribute their revenue to the community. With these resources food, shelter, education, public transport and medical aid can be provided.
On the way to this solution, where a global government or a decentralized government is in control, countries and multinationals and sponsors can contribute to a Universal Basic Income (UBI). Such a UBI will provide the resources for food and shelter, to begin with.
How can we distribute money, from donations and countries and multinationals, and later from AI DAOs, to the people?
To do exactly that we made UBI-Vault:
Description
We solve the problem of how to automatically distribute UBI (Universal Basic Income) money to citizens, so that it is easier for organizations and governments to decide to contribute money to the UBI-Vault.
Design
We use blockchain security technology, with Ether as cryptocurrency and smart-contracts as programming tools. By using blockchain technology the UBI-Vault is very resistant against fraud, the automatic distribution system works without human intervention. Any money transfers are visible for anybody on the public blockchain. Citizens will use a mobile phone for identification; later on biometric access methods can be added. Eventually, the only thing the UBI-Vault needs to ‘know’ is: are you a unique human being?
Money coming in
Self-owning machines and companies (AI DAOs) can deliver their surplus to the UBI-Vault, the money is then automatically distributed to UBI-citizens.
(Read more about AI DAOs and how these can change our world: Nature 2.0 The Cradle of Civilization Gets an Upgrade )
It is also possible to transfer conventional money into the UBI-Vault, which makes it suitable for all kinds of funding.
Distribution of UBI
People can register as citizen with our UBI-Vault app (feel welcome to try our beta app here: UBI-Vault Android app. Citizens have their own wallet to receive money from the UBI-Vault distribution system.The UBI-Vault aims at supporting as many people as possible, independent of their income.
As we can see from cash-transfer programs organized by Give Directly and experiments in Namibia and India, a small amount of money every month can make a huge difference.
UBI-Vault citizens receive their UBI in crypto currency and can either use that to pay with directly or exchange it to a currency of choice.
Support
You can support the development of this not-for-profit project by sending a donation to: UBI-Vault
Technical overview
UBI-Vault (1) takes Ethereum (crypto money) from sponsors, (2) UBI-Vault app registers users called citizens and
(3) UBI-Vault distributes Ethereum to citizens.
- Individuals,
organizations and governments can sponsor Ethereum to the UBI-Vault`s public
address. They can chose (directly on the UBI-Vault web-interface or re-directed
to this interface from the mobile phone sponsor button) that their
contributions are made public on the website. - Individuals
can register as a UBI-Vault citizen by using the UBI-Vault citizen mobile phone
app. The app has the following fields to be filled in: First name, last name,
address, city, country, public address of citizen`s wallet. This implies that
the citizen has a wallet installed and is able to copy her public address to
the app. An info field tells the citizen (a) how to get a wallet and (b) how to
copy the public address to the app. The citizen`s public address is stored on the public Ethereum
blockchain (a smart contract) so that it is added to the UBI-Vaults` distribution process (3). The other info is stored on the phone (for quick access for the status info) and on a web-server (checking for
multiple registration attempts with different public addresses (multiple
wallets) from the same name and mobile phone number). After successful
registration the app shows status info e.g. about transfers from the UBI-Vault
to the citizen`s wallet.
A app checks for uniqueness of public
address (check against blockchain or web-server)
B app checks for uniqueness of phone number with SMS verification
- The UBI-Vault distribution sysem (smart contract) has the following functions:
95% of incoming Ethereum is distributed among citizens, 5 % is for maintenance of
the system.
Available Ethereum= AE
Amount of citizens= AC
Amount of basic income=AB
Once a week when AE/AC> AB then transfer AB to every citizen`s wallet.
The UBI-Vault back end server controls the registration of the users` public wallet addresses in the UBI-Vault smart contract and initiates the smart contracts`distribution system.
BigchainDB will be used in the future for scalability and response time optimization
Distribution rules
1 Every week, when there is enough money in the UBI-Vault for every citizen, a basic income is distributed , starting with € 7,00.
2 when during three consecutive weeks there is a surplus of € 7,00 for every citizen in the UBI-Vault, the basic income amount is increased with € 7,00.
Course fluctuations of the digital currency Ethereum are corrected for automatically, so that a constant amount of basic income, in €, is sent to the citizens.
In the future we want to guarantee a UBI-Vault basic income of one year.
As a consequence there will be a UBI-Vault buffer and a citizens` waiting list.