BitNation: Recent Advances in Cryptocurrency See Basic Income Tested

Johan Nygren, a basic income activist, is currently exploring if basic income can be implemented using cryptocurrency. Cryptocurrency are digital currencies whose value and number of units are regulated by encryption techniques, outside of any central banking system. Understandably, not everyone is going to have a clear idea as to what cryptocurrency is all about, but this is why sites like cryptoexchangespy.com exist. Doing a bit of research is better than doing none at all, especially when it comes to something as interesting digital currency.

If this is something that you are interested in then you can find out how to buy cryptocurrency here.

You might also have heard about Ethereum. Put simply, Ethereum is a global, decentralized platform for money and other applications. Using Ethereum – a block chain network – you can write code that controls money, and build applications accessible anywhere in the world.

Currently, cryptocurrencies can be used as a means of payment in various spheres. Additionally, freelancers who work in digital industries also accept cryptocurrency as a means of payment. If you’d like find out more information about becoming or hiring ethereum freelancers, the Freelance For Coins is a useful resource that can put you into contact with freelancers where you are.

A cryptocurrency-based basic income will be funded with taxes grown within a peer-to-peer (P2P) network. P2P is an architecture for building computer networks that’s focus is on equality and sharing among peers, each user consuming and supplying information to the network. Nygren’s experiment aims to use decentralized ‘swarms’ of users to distribute a basic income through what Nygren calls ‘dividend pathways’.

A dividend pathway is “the world’s first peer-to-peer financial security,” where every transaction opens up a pathway, to a global network of connected users. RES, Nygren’s crypto-currency, is then shared through a branching scheme with all who are connected to the pathways – those on the BitNation network. The branching scheme is analogous to our network of veins, pumping information instead of blood. With the growing interest in cryptocurrency continuing, this type of scheme will give more opportunities to businesses who wish to use cryptocurrency to pay employees. Business owners can check out these Interesting Bitcoin Statistics in 2020 to not only learn more about all available digital currencies but how they compare against bitcoin, before testing this new P2P model.

This model tests whether a network can electronically divert income to users, in this case using a small tax levied on financial purchases and exchanges made over a system called BitNation; the process is called Swarm Redistribution. Nygren writes that “the whole experiment is public, transparent, auditable, [and] includes a close-down switch in case a bug is discovered.”

BitNation, a Decentralized Borderless Voluntary Nation (DBVN), provides public services to its naturalized citizens. As a virtual jurisdiction, the main difference from traditional governments is voluntary allegiance to its constitution – membership is open to anyone and involvement limited only by the user. As a blockchain-based structure, government activities are transparent. Its mission, according to founder Susanne Tarkowski Tempelhof, is to “get rid of geographical apartheid” and offer “better and cheaper governance services.”

Nygren’s swarm redistribution theory assumes that ongoing transactions with the crypto-currency RES will infuse BitNation’s cybereconomy with a branchwork (think the blood analogy) of paid-forward value additions. This would mean extracting essentially a value-added tax (VAT) along the way and pooling a coffer for the basic incomes’ distribution. The model theorizes that growth is incentivized by the desire for personal return and altruism, or a desire to contribute to social resilience (more information can be found here).

BitNation’s current population of nearly five thousand users with roughly fifty thousand daily transactions involving the cryptocurrency ETH could eventually provide the structure for a basic income for its users.

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BITNATION: Basic income application set for BitNation

Credit to: #Decentralized Applications

Credit to: #Decentralized Applications

BitNation is a Decentralized Autonomous Organization (DAO), offering governance services of several kinds, such as law related bureaucracies, insurance and social services (education). It is based on a programming element called Blockchain, requires no human involvement and obeys to a set of incorruptible interaction rules. Every code line is open-source and even the rules are publicly auditable. Bitnation 2.0 aims at decentralizing, abolishing national borders and offering every governance act, which each person can voluntarily purchase, while keeping everything transparent and auditable.

Credit to: BitNation

Credit to: BitNation

BitNation 2.0 is now being upgraded with a new functionality: Basicincome.co. Johan Nygren, the tool’s creator and basic income activist since 2012, has approached Bitnation coordinators and got them to approve hosting the Basicincome.co decentralized application on their Blockchain environment. Although crowd funding the necessary developments for Basicincome.co on Indiegogo has not proven successful, BitNation has embraced its principles, which if functional should be able to provide a basic income for all network users. Basicincome.co is a part of the Resilience protocol, which is a 21st century web-based standard for dividend allocation within a co-operative.

This new tool intends to distribute income from a network of interdependent users, who buy from and sell to each other. This network can ultimately encompass the entire human population. Every transaction’s profit gets distributed automatically among users who accept to support community services as providing a minimum guaranteed income. It is entirely voluntary, being on principle different from current tax collection, which is based on coercion. Users are encouraged to stay connected to the network by being disconnected each time they purchase from someone outside it. This temporary disconnection takes as long as necessary to match the purchase dividends flowing through a user’s node (account).

BitNation team, by supporting the Basicincome.co application, aim at solving a problem which is normally seen as a national governmental responsibility: re-distributing income. It’s strategy, though, runs through a voluntary, free market manner, particularly useful, according to Bitnation coordinators, in improving the lives of people neglected or mistreated by their governments.

More information at:

#Decentralized Applications, Basicincome.co, 2015

Indiegogo, Basicincome.co – a peer-to-peer safety net Network

Coins Source, “BitNation – Decentralized, Borderless Government to Provide Universal Basic Income“, Coins Source – Your Digital Currency Source, January 16 2015

BitNation Governance 2.0