by Jason Potts (Blockchain Innovation Hub, RMIT University), John Humphreys (School of Economics, University of Queensland, member of the LibertyWorks advisory board) & Joseph Clark, (Brisbane, Australia)
We propose a model for a global, decentralized, universal basic income that uses “bottom-up” coordination, instead of the conventional “top-down” approach. Using modern financial instruments and blockchain technology, we conceive of a welfare system based on personal income swaps (personal equity contracts) coordinated through smart contracts.
WHAT IS A UNIVERSAL BASIC INCOME?
A universal basic income, or UBI, is an attempt to radically simplify and generalise the welfare state by furnishing an unconditional cash transfer to everyone (that’s the universal part) in order to provide a hard floor under income, so that no one will fall below a particular level (that’s the basic income part). A UBI might furnish, for instance, a basic income to every adult over 18 of say … Read the rest