The growing cryptocurrency ecosystem is driving demand for decentralized and economically incentivized features. The UBI platform, which is based on the PoH mechanism, aims to meet the growing demand, making the acquisition of newly minted tokens much more efficient.
The platform was introduced to level the playing field for everyone in the world.
What is Universal Basic Income?
The UBI is democratic Decentralized Autonomous Organization (DAO) and the future of income in the blockchain world. It is one of the first applications built on top of the PoH registry, an anti-Sybil attack tool developed by Kleros.
The platform aims to end poverty, improve economic security and offer greater monetary flexibility to people. UBI offers people a borderless, democratic, open source and humanity-first platform.
The platform can be accessed from any corner of the world and does not require any legal document for verification. Additionally, the DAO uses quadratic voting to minimize the influence of the whale.
UBI ecosystem
With PoH, a blockchain-based registry and verification protocol, the UBI ecosystem becomes more secure, accessible and revenue-generating ready.
UBI, ERC-20 compliant token is broadcast to verified humans on Ethereum blockchain and is used for quadratic voting to mitigate the influence of whales.
The UBI ecosystem includes UBI Burner and Prode.eth, making it easy to develop a decentralized application that burns UBI tokens.
Connecting UBI burner with smart contract helps develop applications that make UBI a reality. Similarly, Prode.eth, a decentralized sports betting platform, allocates 3% of the prize pool to purchase and burn RBU after RBU burn.
The UBI ecosystem also allows people to propose ideas to improve UBI and interact with other users to build a marketplace and engage instant voting.
RBU: the featured artist
To alleviate poverty, improve economic security, and offer greater monetary flexibility to people, UBI was introduced into the world of cryptocurrencies and works without the need for legacy organizations and governments.
Below are some features that make the UBI platform a prominent player in the cryptocurrency industry.
- UBI, the governance token, can be compounded with every Ethereum smart contract and verified by humans on the blockchain.
- The UBI quadratic voting system minimizes the influence of whales on the cryptocurrency market and displays democratic governance.
- Censorship resistance helps people receive RBU tokens without interruption from large corporations or dictatorships.
How to get one?
According to the Kleros report, 10 million UBI have been minted on Genesis, 20% for early contributors to Democracy Earth's HOUR token, which was later renamed UBI. 40% of the total was allocated to the initial Liquidity minting program, while the remaining 40% was offered to the UBI community treasury.
Here are the steps to buy a UBI token:
- Create a self-custody wallet that supports UBI tokens, such as the Coinbase wallet and MetaMask. Also, don't forget to add the recovery phase which consists of 12 random words and works as a private key for cryptography.
- UBI tokens cannot be purchased using fiat currency and therefore require the purchase of ETH. Finding the best cryptocurrency exchange, transaction fee, and ETH token support are some of the factors to consider.
- Buying and transferring ETH to a self-custody wallet and exchanging it with UBI is the final step. Additionally, Uniswap V2, a decentralized exchange, can be a good option to buy and trade UBI with an active UBI/WETH pair.
UBI Price History
According to data from Coin Market Cap, the total supply of the UBI token is 25,025,371 UBI.
On October 27, 2023, the price of UBI coin stood at $0.0008142, and reached $0.0006934 on November 8, 2023. The token is highly volatile and has more room to run.
The all-time high price of the UBI token is $1.39, recorded on October 19, 2021, while the all-time low price of the coin is $0.00033759, measured on June 7, 2023.
Conclusion
The interaction between UBI and decentralized technologies is poised to reduce global poverty, as well as improve economic security and provide greater monetary flexibility to people. Based on the PoH consensus mechanism, newly minted UBI tokens can be acquired after a verified submission. Additionally, UBI tokens can be used for trading and quadratic voting.
Frequent questions
Can I buy Universal Basic Income with cash?
UBI tokens cannot be purchased directly with cash. You must first purchase ETH, which can then be exchanged with UBI tokens.
How to start earning UBI?
The overall functioning of Universal Basic Income depends on PoH and a person must submit a profile to the PoH registry with the required information. Once the submission is validated, the individual will begin accruing UBI.
How to buy Universal Basic Income with a credit card and PayPal?
ETH can be purchased using various payment methods. Including credit/debit card or fiat currency among other options. Only US customers can use PayPal to purchase ETH as of now.
With a background in journalism, Ritika Sharma has worked with many reputed media companies focusing on general news like politics and crime. She joined The Coin Republic as a crypto reporter and found a great passion for cryptocurrencies, Web3, NFTs, and other digital assets. She spends a lot of time researching and delving into these concepts 24 hours a day, and is a strong advocate for women in STEM.
