The world is looking toward better alternatives with which we can best execute day-to-day financial transactions - and we are looking at blockchain technology for answers.
According to MyBroadBand, a team of ambitious South African businessmen has revealed a cryptocurrency payment system project, Ubu (Universal Basic Unit).
The group consists of Dudley Baylis (Bridge Capital), Douglas Reed a former Vox Telecom CEO, Justin McCarthy of Tuluntulu, and former Anglo American and Altech CTO Steven Sidley.
The project aims to provide participating parties with an equivalent of $5/day in cryptocurrency. Participants will not pay for Ubus but will be able to exchange them for goods and services.
Project Ubu said they will use a private version of the Ethereum blockchain. However, contrary to other cryptocurrencies, there will not be a finite quantity in circulation.
To MyBroadBand, Project Ubu explained, in depth, the following;
Ubu is a universal basic income project based on a token made possible by blockchain technology. The project's aim is "to create value in the unit that equates to the global poverty line, rougly $2.50 to $3.00".
"We hope to establish the value of an Ubu at around the R0.10 mark", says Ubu - granted they have had success with convincing merchants and other businesses to accept the tokens as a medium of exchange. The value of the token will be determined by market forces.
The continuous issue of Ubus is balanced through a dissipation mechanism that withdraws Ubus from circulation. The purpose of this is to "encourage consumption, not hoarding - which is the very mechanism preventing a more equal distribution of capital". They added "the mathematics and economics underpinning this model will be released with our white paper in September".
In my opinion, I hope this project comes to fruition - lord knows a lot of needy South Africans would benefit from it.
For more information on this checkout MyBroadband; https://mybroadband.co.za/news/business