A Realistic Look at UBI Powered by Terra
How Anchor Protocol could make the world’s most difficult social policy a breeze.
As the prospect of sufficient minimum wage grows bleaker for the poor and less educated, we have seen ideas such as Universal Basic Income catch some attention recently.
A growing number of countries are looking at UBI as an alternative to welfare. But the key question everyone keeps asking:
How could it ever work?
In this piece, I hope to present a possible scenario where the blockchain could become a realistic opportunity to implement universal basic income worldwide. I think you will notice that we are closer to that scenario than we think.
In the age of the pandemic, stimulus checks and unemployment programs have made Universal Basic Income a hot-button topic in the United States and other parts of the world. It has given us a sneak peek of the benefits resulting from a universal basic income program and made people wonder what a world with it would be like.
This has made opinions grow louder than ever before, concerning the topic. However, in this piece I am going to break down an idea presented by a charity protocol on the Terra blockchain:
A universal basic income program that pays for itself.
I know, it sounds crazy. And, perhaps, I am naive for thinking it is possible. However, the numbers below speak for themselves. The math aligns. Maybe all we need is an open mind.
This tweet from Angel Protocol lays everything out on a silver platter. It made me wonder if it could really be so simple.
I want to dig into this tweet and see if what they say could actually work — mathematically and realistically.
Let’s explain the tweet
Angel Protocol — the Terra blockchain’s charity protocol — certainly wet my appetite for UBI in this tweet. But there are a few things that probably need to be explained to those not in tune with cryptocurrencies.