To start off — I’ve provided some VERY promising solutions here — Ever since the outset of my foray into blockchain tech, I’ve done so with a mind on Corporate/Enterprise in mind.
One of my more significant focuses was at the intersection of compliance — ISO-20022, and my attention towards low-latency transaction verification, which is why Tendermint and the ecosystem of technology deriving from that held my attention, and why it was the community I shared my soultion, IP patent research, code and design diagrams.
UBI has been something I’ve been contemplating solutions for some time too, as this isn’t the 1st time I’ve shared this UBI diagram in here. The diagram has Robotics, Ai and blockchain cash flows — which blockchain could be considered an autonomous accounting system.
Kind-of envisioning some duel system where UBI and traditional money co-exist. Especially if Ai and Robotics w/Ai start chipping away at the human labor pool.
Here’s a model for a financial system incorporating metadata to distinguish between earned income and decaying UBI (Universal Basic Income), along with considerations and implications:
Conceptual Model
1. Accounts:
Earned Income Account: Holds wages, salaries, investment returns, and any other traditionally earned income.
UBI Account: Holds UBI payments.
2. Metadata:
Transaction Type: (Earned, UBI)
UBI Decay Rate: Percentage by which UBI decays per unit of time (e.g., per day, week, or month). UBI Decay Threshold: The amount of earned income above which UBI begins to decay.Timestamp: Records the time of each transaction or calculation to facilitate decay tracking.
3. Decay Mechanism:
Periodic Decay: At set intervals, the system calculates and reduces the UBI balance based on:Current UBI balance
UBI decay rate
Earned income above the threshold
Example
Let’s say:
UBI payment is $1,000 per month.
UBI decay rate is 10% per month.
UBI decay threshold is $2,000 earned income per month.
Scenario 1: You earn $1,500 in a month. Your UBI remains untouched at $1,000 because your earned income is below the threshold.
Scenario 2: You earn $3,000 in a month. Your UBI decays by 10% of $1,000 (the amount above the $2,000 threshold), leaving you with $900 in your UBI account.
Technical Implementation
Database: Store account balances, transaction history, and metadata.
Scripting/Programming: Implement the decay mechanism using a scheduled task or event-driven approach.
API/Interface: Provide ways for users to view balances, transaction history, and potentially adjust UBI settings.
Considerations:
Decay Rate and Threshold: These values need careful consideration and may vary based on economic conditions and policy goals.
Transparency: The system must be transparent so users understand how their UBI is calculated and decays.
Privacy: Ensure strong data privacy and security to protect sensitive financial information.
Economic Impacts: Model the potential effects of this system on labor markets, inflation, and overall economic activity.
Implications
Incentives: This model may encourage work since earned income doesn’t directly reduce UBI until it surpasses the threshold.
Poverty Reduction: UBI can provide a safety net, but the decaying nature may push people towards work to maintain their income.
Economic Activity: The combination of UBI and decay could stimulate spending, especially on essentials, as people use their UBI before it decays.
Finally — in assessing and evaluating different technologies, the pros and cons of “building” on a system, you see how you can use a lot of different pieces of technology to achieve an end goal. Cosmos is definitely a stack to utilize, and may be THE BEST for the UBI functionality on an international scale…….
Y8 App — on Lit-Protocol
— https://y8-app.vercel.app/
— G-Harps of God
— Y-Harps of God
NFTs match my app. The NFTs are going for .05 ETH each. I promise you I can make it worth every penny of that. Tell me your thoughts on the Marketplace. Digital | Physical | Labor/Services
Who wants to connect on the UBI system?