SocialCoin

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Description

SIRAJ RAVAL:

We "need for a vigorous social safety net for people. A basic income. When we think of basic income in a traditional sense, we imagine a government implementing it by taxing the rich and redistributing it to the poor. The problem with that is technology progresses far faster than governments can adapt to change, especially the United States government. The basic income would have to be on a global scale, and cannot be dependent on the whims of centralized authorities that are slow to change.

Enter SocialCoin. We need a decentralized basic income that comes in the form of cryptocurrency. The basic idea is that 10% of the profits that miners earn from mining this coin is pooled and distributed to every member of the network on a bi-weekly basis. As adoption of the currency grows, the value of the coins will increase. It doesn’t matter if retailers don’t accept the coin, users can just exchange the coins for bitcoins or local fiat currency for immediate real world use.

In order for SocialCoin to work, we need to figure out a way to create a decentralized ID system that doesn’t rely on government issuance like a Driver’s License or a Passport. This is currently an unsolved problem. One possible way to do this is to have there be agents in the SocialCoin Distributed Autonomous Corporations who a user would schedule appointments with. The user would set an appointment with 3-5 agents individually and each agent would scan the user’s irises in person to verify that they are a real human and a unique individual who hasn’t created an identity before. There would have to be another type of agent in the system that browses the network for frauds. This is a very conceptual idea, but can be the groundwork for the DAC that will ultimately create a universal basic income for all humanity. One that doesn’t rely on governments with their own interests to implement.

If this is implemented before the impending robotics revolution takes all labor based jobs, it will free people from manual labor and allow them to pursue their creative, social, and personal interests on a scale no one has ever seen before. It will also accelerate robotics research even further, since companies that require laborers will no longer have them, they will truly need robots to fill those positions. We can either wait for job loss to occur on a greater level as robots push people out of their jobs, or we can implement the basic income first and let robots fill in the empty spots. This is absolutely necessary and I hope someone builds this." (http://llsourcell.svbtle.com/socialcoin-a-cryptocurrency-for-a-global-basic-income)


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