The Grantcoin Foundation, a U.S.-based 501(c)(3) nonprofit organization, is excited to announce that we distributed Basic Income grants of Grantcoin digital currency to more than 250 people yesterday. To our knowledge, this is the first time that a currency has been distributed into circulation with the specific intention of providing equal access to growth of a money supply through a Universal Basic Income.
The first quarterly distribution of Grantcoin Basic Income was distributed to 255 self-selected applicants in at least 17 countries: the United States, Canada, the United Kingdom, Australia, New Zealand, Germany, France, Belgium, Denmark, Switzerland, Portugal, Russia, China, Bangladesh, Indonesia, Ghana, and Cameroon.
“The Grantcoin Foundation is proud to show a way for the people of the world to create an equitable, sustainable monetary system based on fair global issuance of the money supply,” said Grantcoin founder and Executive Director Eric Stetson. “We believe Grantcoin is doing something historic and of world-changing importance. We want to thank everyone who signed up to be part of it — you’re helping put Grantcoin on the radar screen of the Basic Income movement and the broader movement for financial system reform.”
If you missed the first distribution of Grantcoin Basic Income, sign up by September 21 to be included in the next quarterly distribution, which will occur on September 30.
Economic Value Distributed This Quarter
A total of 5,255,129.132815 GRT was distributed in the first quarterly distribution of Grantcoin through Basic Income grants and referral bonuses. At today’s price of Grantcoin on Bittrex, the largest exchange where the currency is traded, that is worth approximately $1,322.19 in U.S. dollars.
The average recipient received 20,608.349540 GRT. At today’s price of Grantcoin, that is worth approximately $5.19 in U.S. dollars.
People who signed up for Grantcoin who did not create their own wallet will be sent the address and private key of a wallet the Grantcoin Foundation has created for them. We will send this information by encrypted email within the next few days.
Redistribution of Grantcoin Sent to Unverified Recipients
The Grantcoin Foundation will not send private keys of the wallets we created for people who have signed up but not yet completed the verification process. Unverified applicants for Grantcoin Basic Income have until September 21 to verify their account, or else will forfeit the Grantcoin that is being held for them.
Forfeited Grantcoin from this quarter will be added into the distribution to occur on September 30.
Accounting and Evidence of First Distribution of Basic Income Grants
In accordance with the Grantcoin Foundation’s plan to add 3.5% per year to the Grantcoin money supply through Basic Income grants, 0.875% was added in this way in the first quarterly distribution of Grantcoin. 439,453,307.271707 GRT was in circulation (i.e. not held in reserve by the Grantcoin Foundation) yesterday before the distribution occurred, so 3,845,216.438627 GRT was distributed from a Grantcoin Reserve wallet designated for Basic Income Grants (wallet address: GV9ns15UAPwnxs4Bo4mNZ2SwN2RTaSNayR).
Each recipient received 15,079.280151 GRT in Basic Income.
Evidence of this distribution can be found in these blocks of the Grantcoin blockchain, broken down into groupings as follows:
- Verified participants:
- Set up their own wallets:
- Qualified for referral bonuses: block 449446
- Did not qualify for a referral bonus in this quarter’s distribution: block 449449
- Wallets set up for them by the Grantcoin Foundation:
- Not yet verified:
- Attempted to verify but are suspected of fraud (multiple signups by the same person), and will be required to submit further identity verification before the wallets set up for them by the Grantcoin Foundation may be provided to them:
- Qualified for referral bonuses: block 449456
- Did not qualify for a referral bonus in this quarter’s distribution: block 449457
- Everyone else who has not yet completed the verification process:
Accounting and Evidence of First Distribution of Referral Bonuses
1,409,912.694188 GRT in referral bonuses were distributed from a Grantcoin Reserve wallet designated for Growth Incentives (wallet address: GSopxVrRWDM3hnBtoJFKTf7qamz7H3S5R4).
Referral bonuses per recipient ranged from 7,539.640076 to 150,792.801515 GRT, depending on whether they were referred by somebody else and how many people they referred to the program who signed up and verified. (Note: If you referred or were referred by a person who signed up but has not yet verified for the program, you will not receive the corresponding referral bonus until they verify.)
Evidence of the distribution of referral bonuses can be found in these blocks of the Grantcoin blockchain, broken down into groupings as follows:
- Verified participants:
- Set up their own wallets: block 449470
- Wallets set up for them by the Grantcoin Foundation: block 449473
- Not yet verified:
Next week, we will publish a blog post about lessons learned from the first distribution of Grantcoin Basic Income and future possibilities for how to improve the program and use the “basic income blockchain” to its full potential.