The idea of a universal income in cryptocurrencies is beginning to make its way. While some are considering introducing a basic salary entirely managed by a central agency, others prefer to rely on blockchain or the Internet of Things. An update was given on both approaches and the practical applications of the universal dividend.
Why set up a basic income in cryptocurrency?
Proponents of universal income say that its implementation will abolish poverty and guarantee decent living conditions for all. Its introduction should also make it possible to emancipate the individual from the imperative to work. In society portrayed by defenders of universal income, we would no longer work to ensure its survival but rather out of choice and passion. Obviously, universal income makes sense mainly in a robotic society, where machines and artificial intelligence have ended up replacing line work. In short, the application of this project aims above all to revolutionize the concept of “work” in a world where robots have put billions of workers into technical unemployment. In this still utopian future, cryptocurrencies have a major role to play.
Opponents of the universal dividend believe that its implementation will inevitably lead to the inflation of traditional currencies (ens price is here).
This is where cryptocurrencies come into play! Unlike paper currencies, crypto-assets cannot be produced endlessly. For example, the maximum amount of bitcoin to be mined was set at the time of its creation at 21 million. Under these conditions, bitcoin and altcoins in general are therefore impervious to inflation inherent in fiat currencies. Universal cryptocurrency income therefore already has a definite advantage over income paid in fiat currencies.
A universal income based on blockchain: the decentralized approach
Obviously, the introduction of universal income would have a huge financial cost for the State, even if it would replace current social assistance such as unemployment. According to estimates made by the Montaigne Institute, the introduction of universal income would cost the French State between 305 and 424 billion euros per year, depending on the amount paid monthly to each individual. To absorb the cost generated by universal income, there is a great risk that the State will finally decide to impose new taxes on the population that has remained active.
The introduction of a guaranteed income managed by a decentralized mechanism could stop this chain reaction, often highlighted by critics of the reform. As soon as the income paid to individuals is no longer paid by a central body (see the vra price), in this case the State, which is responsible for dispatching common resources. Similarly, the assets necessary for the remuneration of individuals would no longer be generated by taxes but directly produced by the citizens themselves.
How? By monetizing their personal data. Nowadays, many firms are enriched by exploiting the personal data of users of their services. This is the case of technology giants such as Facebook, Amazon or Google, the famous GAFA. These companies derive a significant part of their income from the sale of personal data on a large scale. Currently, Internet users therefore transfer marketable information from marketing analysis firms to third parties. Clearly, Internet users around the world are currently sitting on a huge mountain of gold whose existence they do not even suspect exists. All Internet users in the world generate personal data by surfing the web. This is why we can really talk about income or universal wage.
