The idea is simple: Give everybody registered in our system 1 coin every 0:00 at night every day.
This is a great way to fight poverty and improve human rights, while it is not classic monetary rent with all its deficiencies (both that somebody would need to pay for it and that it reduces the incentive to work).
It is not a problem to give free crypto to someone: We can just write any number we want on someone's account. From the stories of BitCoin and even Dogecoin we know that if we write numbers on people accounts, they can sell these numbers for real money. It can be easily done with Ethereum. (I am a programmer.)
The problem is different: How to prevent a person to sign up into the system more than once to receive more money than others?
There are identity provider services like idcheck.io but they need to be connected with our system through a special "administrator" Ethereum account which would forward user identity information to the blockchain smart contracts.
This system has a big deficiency however: It would mean that the key of a big part of the money of the world is stored on my PC :-) Definitely I can't provide an adequate degree of security. And moreover it would be against the blockchain idea: One person or entity would control the entire system.
But I have invented a solution in spirit of decentralized blockchain:
- Wallets with a big amount of currency (say the 50 richest wallets) could have the right to vote who are identity provider wallets.
- Identity provider wallets would in turn vote which user's identity is genuine and which is not.
This would be an acceptable solution, I think. Donate for me to do the programming of this elaborate system!
The identity provider wallets would command other wallets to start (when a person registers) or stop (when he is known to be dead) to receive 1 coin every day. They would also control which wallets are blocked for a fraud.
So, we really have a solution for world poverty and missing human rights.
Read also my initial proposal for this cryptocurrency. A quote from that article:
Why to do it?
First, we don’t want people to die of hunger or cold. So everybody should have some money. It is free for us to give him crypto, but it may be the only source of life for him.
However, monetary rent has deficiencies: Many people would stop work (or choose a hobby instead of a real job) if had free money. But we are not going to give them real money. We instead want to give them special money which people would use to buy rights rather than goods. They yet are supposed to work to get real money to buy goods. This means we don’t suppose one would buy a car for our crypto (for this money exists). We suppose he would buy access to the Internet (= access to life), bread if deficit in this area, medical insurance for possible cancer, legal help of professional lawyers (does he have any rights otherwise?), connection to venture investors if he wants to start a business from zero, psychologist help against suicide, children in a school, maybe even higher education, to receive a credit card, … rights in short.
I suppose so because I suppose these who will be willing to accept our crypto as a mean of payment will be at least a little socially responsive and sell rights for it if they can’t provide them completely for free. Yes, certainly it could be exchanged for regular money for which people buy goods, but I don’t expect this sum to be big. Maybe just not to die of hunger, what could be considered more a right than a good. This is a new kind of money, a money for buying human rights. Not everybody posses human rights now, it’s better to sell it to them than to leave them without rights as now.
Organizations get the opportunity to provide “human” services to the population, in addition to the existing options for free and paid services, services for a person based on the fact that he is a person and has human rights. Organizations will no longer have to choose from two extreme options: to work for free or to rip off money for exercising the rights and opportunities that every person should have, not just the rich. In particular, it will help develop various forms of charity, but also business.Also: Why I want to give crypto every day since the moment of somebody's signup not from the point of his birth or from some fixed common for all people point in time? If we count the amount from person's birth, it would provide for inequality: older persons would become much richer than younger; if we count from a fixed point of time, then how to choose the exact day? no idea. So the only variant remaining is to count from the date of the person's signup.
Sadly, right now it cannot be done completely free. One needs to pay a small sum of money (like EUR 1.99 or so) to an identity provider company to verify that he signs up only once. By the way, we need donations to make it gratis completely. But it is like buying a car for EUR 1.99: pay once and have a stream of crypto for your entire life!