The Rules Blog recently posted an excellent piece about the relationship between extractive capitalism, universal basic income (UBI), and blockchain technologies. Climate change, pollution, and exploitation of the workforce are largely a function of the incentives baked into the current version of centralized currency and capitalism that we have today. Blockchain technology and cryptocurrencies offer a beacon of hope that by wresting control of money away from centralized governments and big banks we can remake the economy in a way that serves the people instead of the current system where people serve the economy.
While governments dicker about the merits of UBI and small-scale experiments are starting in some jurisdictions, the blockchain community is already developing some cryptocurrencies with UBI built in. The people writing at the Rules Blog have connections to one of the solutions, Circles, but many others exist such as Manna* and UBU. A short list can be found in this Reddit post.
As I mentioned before, the best chance for UBI in the United States is the FairTax. I think that circumventing the ponderous bureaucracy of government will probably result in a more expedient and fair system than anything we would get from Washington. The other advantage of blockchain-based systems is that they will be truly international and not locked down by the draconian laws of any one given government.
What do you think? Is blockchain over-hyped? Is it the next big thing? Sound off below, and thanks for visiting!
*Affiliate link – I may receive extra Manna if you sign up for the Manna UBI project through this link