What Is UBI? And Why Is GoodDollar’s UBI Wallet Demo A Game-Changer?
GoodDollar Just Released A Test Version Of Its Universal Basic Income Wallet Ahead Of The Official Launch Of Its UBI Protocol And Coin – But What Is UBI?
What Is UBI?
In long-form, UBI stands for universal basic income, and in short, it’s an unconditional cash payment given to anyone regardless of social standing, wealth or income.
The reasoning behind UBI is that if you give someone a sum of money to support basic necessities, it will not only advance them personally but also create a wave of economic growth for everyone else.
What Is GoodDollar?
It’s a not-for-profit organization that builds tools and products for distributing universal basic income, specifically by leveraging blockchain and digital asset technologies. GoodDollar’s goal is to create financial inclusion and deliver financial literacy on a global scale.
Why Is UBI Important Now?
- Global pandemics (ahem, Coronavirus) have brought to light how many of us feel the fragility of the social safety net, in both advanced and less mature economies
- Income inequality is increasing at an accelerating rate and forever widening the gap between rich and poor
- Technological unemployment threatens a fifth of the world’s global workforce. That’s 800 million people
- Blockchain technology has facilitated the ability to create decentralized self-governed economies independent of old-world institutions
What Is The Demo And How Is It A Game-Changer?
GoodDollar is pre-releasing a UBI wallet and demo GoodDollar coins for public testing ahead of its official launch later in 2020.
The objective of the demo is to let as many users test GoodDollar’s UBI tools in order to optimize them for a full public launch.
Once launched, the wallet will allow users to claim UBI in the form of G$ coins (with real monetary value) on a daily basis.
This is a game-changer because it’s the first real application of UBI on blockchain and unlike past UBI programs who were limited politically and geographically, it has the potential to scale across the globe.
Imagine a user in Rwanda or Indonesia or Brazil with a UBI wallet. If they claim even $30 of UBI a month (on average 15–20 per cent of their salary) they could use that to pay for their monthly bus pass, phone bills, data plan AND even invest a little in digital stock. So now, not only is the user better off financially but also actively participating in the economy, creating marketplace demand, credit and growth.
Who Can Use GoodDollar?
Anyone on earth with a smartphone and an internet connection can start claiming GoodDollars on a daily basis. Really, it’s that easy.
What’s In It For Me?
Financially — By signing up to the demo and completing a few user tasks, you will secure your spot in the live launch later this year and be eligible to claim GoodDollars with monetary value.
Spiritually — The gratification of participating in a potentially disruptive social impact endeavour aiming to create a new economical status quo.
What Have I Got To Lose?
When Is The Live Launch?
Later this year, late summer of 2020.
Where Do I Join?
Now, when someone asks “what is UBI”, you can give them a great answer – and help humanity by helping to spread understanding.Back to Blog
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