How do we achieve a fair universal basic income?
As Vialcoin stands now, in alpha phase, our U.B.I. solution is quite simple, and fairly passive on your behalf. After you have signed up and claimed your coins, they will earn a passive 0.5% per month, compounding interest, until our final design is ready. It might not be worth a lot at the moment, but you have to understand that Vialcoin is as different to other cryptocurrencies, as Bitcoin was to fiat money, and it will take a while before more people learn about us and start to accept us.
Since our coin, although fair, is quite a controversial concept when compared with any other cryptocurrency out there, it is hard to estimate a date of our final release. Not just another bitcoin clone!
We offer full transparency from inception with our cryptocurrency.
Everything will be open source, and the system it’self will work like the world’s finest tuned for ballance, paying machine.
In a nutshell, this is the system we’re envisioning, and the future UBI is explained below:
- nominal 0.1% transaction fee;
- transaction fees and new mined coins automatically distributed among all miners. We’re working on designing and connecting an official pool, that will improve the odds of mining new coins, and make the payments regularly. Unregistered, anonymous wallets can still mine, with the same restrictions of no more than 1-5GH*, except their payouts will be chaotic, and overall they will mine less. We’re looking towards other options as well, to encourage registering, and welcome any suggestions you might have;
- restrictions on max CPU/GPU each wallet can mine with, up to ( 5GH. We will try to add a increase of 5% per year in the code, to keep up with technological advancements. So far, this appears to be the biggest challenge;
- rewards/drops will decrease at a much slower rate than bitcoin, but they will start at a lower number as well, maintaining a fairly consistent drop rate;
- considering we will filter out all duplicate accounts, all users who run the miners at full allowed capacity, 24/7, will earn the same amount. We’re aiming for weekly payments by that stage.
- We’re hoping to mix both PoW and PoS, and keep the compunding 0.5% interest rate going. If possible, the cap for interest at 1.000 ViC will stay in place, and increase with wallet age (set no/year, since first ViC in)
A coin that is designed for mass market, that is always affordable to start mining, which supports both micro and macro payments is sure to gain momentum and popularity. Since we are talking about an income, as you can imagine, somebody has to do some work, and here is where your computer comes in. By allocating some resources from your system, you help secure the network by processing and validating transactions, and in return you get paid.
Finding a way to limit the mining power per user is very tricky, so in the meanwhile, the VialCoin token does a fraction of what it’s future self will do, in a different way, and without you dedicating anything. Claim your free Vialcoin token here