A Comprehensive Guide to Universal Basic Income Cryptocurrency

The growing cryptocurrency ecosystem is driving the demand for decentralized, economically incentivized features. UBI platform, which is based on the PoH mechanism, aims to fulfill the rising demand, making acquiring of newly-minted tokens much more efficient.

The platform was introduced to level up the playing field for everyone in the world.

What is Universal Basic Income?

UBI is a democratic Decentralized Autonomous Organization (DAO) and the future of income in the blockchain world. It is one of the first applications constructed on the PoH registry, an anti-Sybil attack tool developed by Kleros. 

The platform intends to end poverty, enhance economic security, and offer greater monetary flexibility to individuals. UBI offers individuals with the borderless, humanity-first, democratic, and open-source platform. 

The platform can be accessed from any corner of the world and doesn’t require any legal document for verification. Also, the DAO uses quadratic voting to minimize the whale’s influence.

UBI Ecosystem

With PoH, a blockchain-based verification protocol and registry, the UBI ecosystem becomes more secure, accessible, and income-ready.

UBI, the ERC-20 compatible token streams to verified humans on Ethereum blockchain and is used for Quadratic Voting to mitigate the influence of whales. 

UBI ecosystem includes UBI Burner and Prode.eth, making the development of a decentralized application that burns UBI tokens effortless. 

Connecting the UBI burner with the smart contract helps in developing applications that make UBI a reality. Similarly, Prode.eth, a decentralized sports betting platform, assigns 3% of the prize pool to purchase and burn UBI following the UBI burner. 

The UBI ecosystem also permits individuals to propose ideas to improve UBI and engage with other users to build a marketplace and involve snapshot voting.

UBI: The Standout Performer

To mitigate poverty, enhance economic security, and offer greater monetary flexibility to individuals, UBI was introduced to the cryptocurrency world and works without the need for legacy organizations and governments.

Here are some features that make the UBI platform a standout performer in the cryptocurrency industry.

• UBI, the governance token can be composed with every Ethereum smart contract and verify humans on the blockchain.
• UBI’s Quadratic Voting system minimizes the influence of whales on the crypto market and showcases democratic governance.
• Censorship resistance helps individuals receive UBI tokens without any interruption of large corporations or dictatorships.

How to Get One?

Based on the report of Kleros, 10 Million UBI have been minted at Genesis, 20% to the early contributors to Democracy Earth’s HOUR token which further rebranded to UBI. 40% of the total was allotted to the initial Liquidity minting program whereas the remaining 40% was offered to the UBI community treasury. 

Here are the steps to purchase a UBI token:

• Create a self-custody wallet supporting UBI tokens, like 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 to the crypto.
• UBI tokens can’t be purchased using fiat currency and thus require buying of ETH, searching the best cryptocurrency exchange, transaction fee, and compatibility with ETH token are a few factors to consider.
• Buying and transferring ETH to a self-custody wallet and swapping it with the UBI is the final step. Also, Uniswap V2, a decentralized exchange can be a good option to buy and trade the UBI with an active pair of UBI/WETH.

UBI Price History

According to Coin Market Cap data, the UBI token’s total supply is 25,025,371 UBI.

On October 27, 2023, the UBI coin’s price stood at $0.0008142, hitting $0.0006934 on 08 November 2023. The token is highly volatile with more room to run. 

The all-time high price for the UBI token is $1.39, recorded on 19 October 2021 whereas the all-time low price for the coin is $0.00033759, measured on June 07, 2023. 

Conclusion 

The interplay between UBI and decentralized technologies is all prepared to reduce poverty in the world along with enhancing economic security and providing greater monetary flexibility to people. Based on the PoH consensus mechanism, newly minted UBI tokens can be acquired after a verified submission. Also, UBI tokens can be used for trading and quadratic voting. 

FAQs

Can I buy Universal Basic Income with cash?

The UBI tokens can’t be purchased directly with cash. You need to first buy ETH which can be further swapped with UBI tokens. 

How to start earning UBI? 

The overall working of Universal Basic Income depends on PoH and an individual needs to submit a profile to the PoH registry with the required information. Once the submission is validated, the individual will start accruing UBI.

How to buy Universal Basic Income with a credit card and PayPal?

ETH can be purchased using several payment methods. Including credit card/ debit card or fiat currency among other options. Only, US customers can use PayPal to buy ETH as of now.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.