Grantcoin Foundation Launches Universal Basic Income Grant Program

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!”
 

 
 
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2 comments on “Grantcoin Foundation Launches Universal Basic Income Grant Program”

  1. Cheryl Jaworski Reply

    Hello:

    I first heard of Grantcoin from an acquaintance who is a participant in the emergent socioeconomic system called Copiosis (http://copiosis.com/), and it sounds very exciting to me. I’ve been reading through the Grantcoin website and have just signed up to enter the basic income program. However, I still have some questions: What exactly are “miners” of the Grantcoin system? And how is Grantcoin actually used to acquire necessary goods and services? I imagine Grantcoin can only be used in very specialized ways — i.e., with other people who know of it and will accept it — which raises questions to me about its actual benefit. I will probably discover at least partial answers to these questions as I keep reading, but just wanted to let you know of them, as I do intend to give Grantcoin a try (having never used digital alternative currency before).

    Thank you for making this program available!

    All best wishes to you,
    Cheryl Jaworski
    Department of English
    University of California, Santa Barbara

    • The Grantcoin Foundation Reply

      Hi Professor Jaworski,

      Cryptographic “mining” is a way that blockchain-based currencies (such as Bitcoin, Grantcoin, or any other using similar technology) maintain a decentralized network to record transactions of the currency. Users’ computers can “mine” Grantcoin, which means that a reward of some Grantcoin is issued to the owner of a computer that contributes to the process of verifying and recording a transaction. So it’s a decentralized record-keeping system with a monetary reward for the participants. That’s the short answer.

      In regard to using Grantcoin for payment for goods and services, like with any alternative currency this is one of the most challenging aspects to get going, but it’s something that can be expected to develop over time as more and more people become holders of the currency. In the early stages of the project, when few people own any Grantcoin, it’s difficult to persuade people and businesses to accept it. But this should become easier as we succeed in signing up more and more people to receive it as basic income grants, and the public credibility of the currency therefore increases and the number of people able to spend it increases.

      Two of the first real-world use cases our team has been discussing are:
      — To use Grantcoin for partial payment, sort of like a coupon, at socially conscious businesses. We’ve begun talking with a few small businesses about that possibility.
      — For landlords to allow partial payment of rent in Grantcoin for low-income housing. One landlord has already indicated willingness to do this.

      Thank you for your interest in Grantcoin! Please feel free to contact us with any further questions.

      Eric Stetson
      Founder and Executive Director
      The Grantcoin Foundation

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