Grantcoin is a cryptocurrency with a difference. Launched in May 2015, since the middle of 2016 it has been distrubuted free of charge to anyone who registers. The Grantcoin foundation, which backs it, is a US based 501(c)(3) nonprofit organization. It aims to be a Universal Basic Income.
The last year has not been easy for Grantcoin, and I have posted on Steemit before about some of its difficulties. Run by idealistic volunteers, it is clearly under resourced. Coin distribution has not gone to schedule, and there have been other problems. It is early days for the project, though, and clearly a lot of behind the scenes work has been going on.
And so it is exciting to hear about the latest phase in Grantcoin's development. It is being billed as Grantcoin 2.0, and involves a complete relaunch and a change of name. Goodbye Grantcoin, hello Manna!
Here's are the main points from the Grantcoin Foundation's news release about the changes:
1 to 1 Exchange: Grantcoin will be exchangeable for manna at a 1:1 rate, during a period of time announced well in advance. >Investors and traders can continue buying and holding Grantcoin with confidence that the tokens will be fully convertible >into manna, using a simple and user-friendly method.
Smart Contracts, Not Premine: More than half of the 10 billion premined Grantcoin held in reserve by the Grantcoin >Foundation will be destroyed and NOT duplicated in the new manna token. Manna will be built with smart contracts to create >and distribute basic income to all recipients on an automated schedule, as needed, according to our currency’s low annual >inflation rate.
Reduced Founders Holdings: The founders of Grantcoin will be donating the majority of their holdings for the crowdfunding >campaign, and the proceeds will be used to fund the nonprofit Foundation, technology development, marketing and >promotion.
Crowdfund Launch of New Token: We will conduct a major fundraiser for the launch of Manna, through which anyone >interested can become stakeholders in the new version of the currency. There will be several phases of the campaign with >announced fundraising goals, and we will seek participation from a wide range of people and levels of financial commitment.
Detailed Information to Attract New Stakeholders: We will publish a new website with a new white paper, roadmap, and >budget for how we will use the money raised in the relaunch. This information will be presented in a highly professional way, >available in multiple languages, and well advertised before the crowdfunding campaign begins.
I for one hope that Grantcoin/Manna can move on to a new and exciting future. There is no doubt about the commitment of the people involved. Maybe Grantcoin is cryptocurrencies conscience!