I’m looking forward to this workshop. Currently, I support a fixed issuance rate (what some refer to as the DOGE model). For example, 100,000 UBI per hour that split between all registered humans. I believe this incorporates the spirit of all the other proposals in a simpler package. Keeping things simple is always a good path.
Fixed issuance would:
Incentivize people to join now (reward early adopters)
Fear of missing out on larger drip
Encourage recipients that can to save UBI
“My stash will be worth more in the future,” today the incentive is opposite
Allow investors to speculate on the adoption of PoH and the UBI economy
The pushback I consistently hear from potential investors is that today’s dilution negatively correlates to growth.
Create a novel tokenomic where new issuance is spread thinner over time.
Good morning, I’m trying to plan objectives to be able to develop a project.
I think it would be fundamental to start outlining them.
What minimum basic income do we want?
How can we add value to the curated list?
can we develop an NFT platform to do something with the UBI drop?
do a UBI lottery?
These initiatives are the most used to burn tokens without stopping issuing.
I think that putting together a way forward is a more tempting way to get real investments.
also give value to the POH DAO that has strength in itself as a truly democratic platform, those for me are the mainstays of the project, where we should stand to see if we are capable of jointly and democratically developing this beautiful challenge.
Our aim is that the ticker price of UBI becomes synonymous with a global consensus regarding how much is a human’s time worth being supported with Universal Basic Income ~ Introducing UBI
1 Human = 1 Hour = 1 UBI is a strong and simple narrative that differentiates $UBI from other speculative cryptocurrencies. It already incentives everyone to join as early as possible (as the younger you start joining the network, the more UBI you get).
I believe we should keep it as it is and find other means to reward early holders (such as the locked-in bonuses).
Why not have a token sale? Mint UBI and offer it at a deep discount to PoH users, lock it for a long time (3-5 years or more). Proceeds can be used for bootstrapping/grants, or locked inside the yearn vaults.
Yes, exactly
They are ideas that work and and we should copy, there is also another ALPACA CITY platform that takes care of some alpacas and feeds them etc, we could do the same with our UBI droplets
Hi everyone! Me and David Feld have written a summary of our discussions at UBI’s issuance rate workshop last week. We hope this can help guide future discussions!
If product & app development is the focus, then perhaps utilizing the 1-3% redistribution protocols that some other cryptos utilize, but rather than the current norm of taking 1-3% of the fees generated through transactions, a percentage of the profits made from applications & products is used to provide liquidity to the $UBI vaults instead?
This partially addresses a few aims:
Generate institutional interest with said apps & products
Increase the number of publicly involved partners, the bigger the better
Allows institutions to get involved with the network in both a charitable & automated fashion. (When UBI truly takes off, institutions get good rep for helping to address global income disparities)
Potentially improves the the price of the $UBI in the long-term through proven stability & usability of the network.
I think a good example to look at is Hedera Hashgraph or Klaytn in this instance. They both have an extremely impressive number of top-tier institutions on board, either in an advisory capacity, or with a direct invested interest - But their price is still less than $1. The basic theory is that the work they are putting into institutional adoption will provide a stable, long-term price increase, as a pose to short-term fix. PoH may wish to do the same.
I also believe approaching leading political figures across the globe with a historical interest in Universal Basic would do wonders for expanding the project’s reach. When the time is right of course.
Some very cool ideas there. My personal belief is that the core driver of any stable value for UBI will rely on utility (as Vitalik says). Can we find a ‘must have’ application - apart from POH of course - which will compel people to invest in the UBI value in some way. Of course I’m not saying anything new, it’s what all coins search for, but the fact that UBI has a philanthropic element should make it easier to ‘sell’ to the citizens of the world. ?
Nicely stable, predictable, moderate and slowly decreasing (in %).
Definately one of the best issuance models, which is ironic since it gets criticized a lot for the entirely arbitrary block issuance of 10k
feel like i need to elaborate on this, since Dogecoin got literally critized for the entirely arbitrary block issuance of 10k at EthCC…
Doge issuance is certainly not “insane”, the annual increase in supply is currently 4% per year and decreases constantly. Almost the same as in Bitcoin, except that they blew like 90% of their total supply in the first 10 years and now depend on ever increasing transaction fees to stay afloat.
The prevalence of basic unit bias in crypto is truly astonishing.
Posta is a microblogging social network for human beings only. To be released on mainnet this monday, it allows for users to “like” posts using UBI, burning half of the amount and the rest goes to treasury and the author.
Some other use cases are already being thought of for Posta, but as an example, I think a good entry point would be using UBI for digital goods, since they are the easiest to provide without much base cost.
I agree with this. I don’t think the UBI side of things should be altered. I think what needs to be altered is the taxation side of the equation, where there are ways of constantly burning UBI. Personally, I think every transaction should burn some % of the UBI being transacted.
Hey, kinda late to the party haha.
Saw a tw post and I thought to come here and share some thoughts.
Is there any chance to adjust UBI issuance for each human? Since time differs for each individual, we can issue more UBI at the beggining of the relationship between a certain Human and the Protocol, and gradually lower it down.
this could serve as a metric of “maturity” in the protocol.
Timeframe could be days, months, or whatever.
I thought about requiring wallet signatures every month, for example. After each signature, issuance rate would drop.
That could be like a “proof of life”, and it could even help to solve the forgotten wallets/deceased people receiving tokens problem.
Maybe im saying something dumb, because i know nothing about Contract interaction, Wallet signatures, etc. but Im sure @santisiri does.
Reducing issuance over time.
I think of it similar to social asistance: a person needs more at the beggining, and they eventually will move forward and stop needing the drip.
Maybe this could be a way to emulate this and solve the infinite supply problem.
An alternative could be to reduce issuance rate for the network as a whole, which was previously mentioned.
Don’t see why we would assume that the need is the biggest need would be initially. And I don’t like seeing it as social assistance - it should be a constant aid all along a person’s life.
Hello, I am new here, i love the project and I wanted to share my insight / opinion about the UBI issuance rate.
I think that decreasing issuance rate according to the number of registered people is the best way to go. However I believe that the decrease of the issuance rate has to happen in real time every time a new person registers. Random example: Every time a new person registers issuance is reduced by 0.00000001%. So after a new registration the issuance will be 0.9999999999, 0,999999998 etc etc… Of course the exact rate has to be thought though. I do not think pre-determined Bands of members is really urging people to join. On the other hand if the issuance decreases in real time, every time someone new registers, will create a FOMO effect. People will hurry to get in earlier than later. We could also have a live tracker for people to watch live the reduction in issuance rate…
What do you guys think?
Maybe pause finalization of new profile registrations if the token value drops below a certain threshold?
Then, keep those pending profiles in a FIFO queue until the token regains value and the registration finalizations can resume.
This would require us to decide what we believe is a fair minimum value for a UBI. For example, if we think $4 per day ($120 per month) is a good minimum amount, we can configure the token value threshold to be set at $0.167.
I found this thread by searching for “ubi coin inflationary”. My original question was “why would something that you can get without effort or work would have value?”.
The current model will flow the market with coins that you constantly get for free. And if this is actually used by people for buying basic stuff like meds, foods, etc, they will not hodl, they will be constantly selling. So the UBI coin should drop in price in the long run, wouldn’t it? The only reason I see for it to have value is if you get it with effort, or scarcity. The latter would be the only option in this case if I understand correctly. Am I missing something?
I believe that a model of reducing the amount given in a long tail asymptote (reducing but never reaching zero) per user, as suggested above could be a good alternative. Or maybe something in which you receive as many coins as needed per day to achieve a minimum of X dollars per month, regardless of the market price (maybe with a min and max number of coins regardless of the price).
Maybe the solution could be some kind of extra transaction fee, when it’s used, that burns coins so there will be a constant reduction in circulating supply if people actually use it for paying.
I fail to see why UBI would maintain its value if there is no work/effort needed to obtain it.
I think UBI issuance model should not be changed so it will continue with the 1 UBI per hour/person.
Issuance
In my opinion this is the fairest model, and it also has the advantage of being unique since other protocols cannot replicate it ,since it’s intrinsic to the PoH model.
With “1 UBI per hour/person” we can be sure that there is no extra reward for early adopters.
This is the only issuance model where we can be sure that 2 persons receiving UBI for 50 years will receive the same quantity of tokens, independently of the registration time (now or in 20 years).
This issue is important because the UBI must have continuity in the future, but future members should consider that they are equally rewarded as the predecessors.
Price
All this doesn’t change the fact that people need local money for their needs and not a token, so UBI price is something to consider; but this is a second topic and should be addressed by founding ways to create value for the UBI token or burning mechanisms.
Price conversion will fluctuate, especially during early years, but it will get better as UBI gains more utility.
Local currencies of different countries also fluctuate over the years and people live with that.
When UBI finally gets really global it will serve as and edge against hyperinflation in many countries.
Inflation
In our “best” scenario, all humanity will embrace UBI in the future. This will lead as to about 8.000 million users receiving 1 UBI token per hour.
Sure this is a lot of inflation, especially considered current registration numbers; but the good news is that this number will not go much further than that.
Population can increase a little, but it will not 100x; so maximum inflation can be calculated and will stabilize in the future.
Recap:
Current UBI issuance model is unique due to PoH possibilities. This should be maintained and leveraged as fair and distinctive
Focus should be put in usage cases, improving utility and burning mechanisms that decrease inflation
What if services who use PoH to validate their users enter smart contracts to repurchase UBI at a set rate based on the number of users and other factors.
This way, the services that utilize PoH end up paying back into it.
