The second Bitcoin Association BSV Pitch Day was graced by some of the most innovative ideas in the blockchain space. And while many of them were geared towards eventual profit generation, one pitch set itself apart. Mannabase is the first publicly traded blockchain-based currency that is distributed as a universal basic income subsidy.
In his pitch, founder and co-CEO Brandon Venetta cited the lack of a global medium of exchange that’s inclusive for all of humanity. Accessibility and utility continue to be the biggest hindrances. Fiat is archaic and quite simply inefficient in the modern age. Digital currencies, on the other hand, have cultivated a buy-in mentality which will soon lead to saturation.
Mannabase strives to achieve three goals, the first of which is helping the poor by implementing an economically impactful basic income on the blockchain. It also seeks to enable targeted direct giving through smart contracts as well as build a global network of socially conscious businesses and an equitable society.
“Basically, all networks derive their value from user base and user engagement. So, we basically have a built-in user acquisition cost,” Venetta said. This has created a system that is skewed against the majority, with only a small group of elites calling all the shots.
Mannabase is out to end this using a non-discretionary system of monetary issuance. This eliminates instances of favoritism and corruption for access to the money supply. Venetta said, “You’re going to receive a portion of tokens just because you’re a human, you’ve got intrinsic value and you belong to this ecosystem. And then, we want to engage them [the users] in actually creating value, where the value of humanity is deriving the value of the network.”
The Mannabase network will further allow those that are well-off to forfeit their basic income to those that need it more through smart contracts. Additionally, the users in the platform will be indexed by factors such as age, geography and economic status. This will allow the givers to micro-target the recipients and ensure that their money goes to those that need it the most.
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