The Grantcoin Foundation is excited to announce that everyone in the world is now eligible to receive a monthly grant of Grantcoin as a Universal Basic Income. This new grant program positions Grantcoin at the forefront of creating systemic technological solutions for the problem of global poverty.
“Over two billion people are living on less than $2 a day,” said Grantcoin founder Eric Stetson. “This is a moral outrage, and solving this problem is a human rights issue.” Stetson pointed out that “even a small basic income subsidy, if distributed effectively, can end abject poverty. Grantcoin will provide an efficient system for philanthropists to deliver money for basic survival needs directly into the hands of anyone in the world with access to a computer or smartphone, either in their home or community.”
Phone-based alternative currencies such as M-Pesa have already gone mainstream in developing countries such as Kenya. The next step is an electronic currency that not only provides convenient payment technology, but is designed to help reduce poverty and inequality through fair distribution of the money supply.
Grantcoin’s Basic Income Grant program will begin as a pilot program, with grants being distributed from the Grantcoin Reserve. The first grants are expected to be sent out in April. If the program proves popular, Grantcoin’s mining system will be updated so that new units of Grantcoin created in the blockchain (i.e. inflation of the currency) will be automatically distributed as Basic Income Grants to everyone who is signed up for the program, and miners will only receive transaction fees.
People who sign up for the Basic Income pilot program can choose either to keep their grants, or have the Grantcoin Foundation give them away to charities featured on GrantMarket or participants in poor countries.
To encourage widespread participation and viral growth of the program, people who refer others to sign up will receive bonuses of Grantcoin. To prevent fraud, the Grantcoin Foundation will verify that people who sign up are real human beings with a cellphone.
“Grantcoin is money by the people, for the people,” said Eric Stetson. “Together, we can build a social movement to create a new financial system that is equitable and sustainable. We invite you to join us!”