Project UBU was created to address a fundamental disparity in our economic system in which a significant segment of society is excluded from the economy resulting in poverty, poor education, poor life expectancy and political and social exclusion.
This has led to a devaluing of a class of human beings who are excluded from access to resources, and the attendant social damage which is inflicted on them – lack of opportunities, lack of hope and a constant assault on their dignity. Much has been written on this phenomenon, and evidence of this disparity in some countries is dispiriting. More has to be done, society cannot rely on government alone.
Here in South Africa, the home of this project, the country is a microcosm of this insidious global exclusion. Even in wealthier countries, new technologies like automation and AI portend the disappearance of many formerly safe employment sectors. South Africa is yet to experience the full effect of blockchain and cryptocurrency.
Project UBU uses the Univesal Basic Income Model (UBI) . Wikipedia defines Unversal Basic Income as a type of program in which citizens (or permanent residents) of a country may receive a regular sum of money from a source such as the government.
Vendors receive UBUs from citizens either remotely or at point-of-sale. UBUs may be used by vendors to provide incentive for advertised discounts, excess inventory, minimally spoiled or moribund stock, donor or charity aid, dead loyalty points, close-to-expiry goods, donated value like medical clinic services, etc
What Project UBU aims to achieve
Project aims to be the worlds first fully fledged decentralised cryptocurrency that delivers free and guaranteed income to all citizens without relying on taxation.
Why Project UBU?
Income inequality and instability are the two main factors that Project UBU is trying to impact and they are trying to close the gap between the rich and the poor, to allow every person the opportunity to receive some income.
Looking at the illustration above we can see that Sub-Saharan Africa and South Asia account for 685 million poverty stricken people alone, 84% of the global total. There are multiple reasons for this, but the underlying correlation across boundaries and throughout history is that between national income and poverty. This means that poverty is still at large, and something needs to be done about it, that is why Project UBU.
Token Economics and Utility
The first and primary token is the UBU which is a token of exchange issued equally to all natural persons (called citizens) and which is assured a natural limit in total supply by virtue of a dissipation mechanism. Identity verification is mandatory to avoid duplicate citizens. Dual key authentication is via a combination of identity number/social security/passport number and 10 digit mobile number.
UBU are issued to two classes of recipients
- The UBU Sphere
Citizens receive UBUs as they are the primary value driver and it is they that the UBU system is designed to benefit. Limiting issue to citizens creates a natural limit to the total number of UBUs that can be in circulation because of the dissipation mechanism
The second token, built on the value of the primary UBU token, is the UBX token which delivers UBUs to the holder on a formulaically determined basis.
The UBU token acquires value because of its ability to solve the urgent unserved need of efficiently reallocating inefficiently allocated resources using the present monetary system, as has been adequately demonstrated by its inability to address massive wastage amongst producers and enduring economic exclusion for billions of citizens. Its value is the dividend that accrues to the UBU system as a result of the improvement of this efficiency, and thatvalue is distributed equally to all people instead of accruing to only a few.
- Universal Basic Income (UBI) reduces poverty and income inequality, and improves health.
- Universal Basic Income (UBI) leads to positive job growth and lower school dropout rates.
- Universal Basic Income (UBI) guarantees income for non-working parents and caregivers, thus empowering important unpaid roles, especially for women.
- Universal Basic Income (UBI) takes money from the poor and gives it to everyone, increasing poverty and depriving the poor of needed targeted support.
- Universal Basic Income (UBI) removes the incentive to work, adversely affecting the economy and leading to a labor and skills shortage.
- Universal Basic Income (UBI) is too expensive.
Project UBU is trying to solve issues in our society, which will have a tremendous impact on many people’s lives, and will present opportunity and basic financial utility to many people who were previously neglected. Project UBU comes across as a legitimate project with a strong vision and a lot of ambition. We look forward to seeing Project UBU in action.
Find out more about Project UBU, by visiting their website Projectubu.com
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Leigh Williams is the founder at IXA Media (Pty) Ltd., a digital marketing solutions provider and the publisher of CryptoLive.co.za