DUBAI, United Arab Emirates, June 06, 2022 (GLOBE NEWSWIRE) — Jax.Network, a blockchain company building an energy-standard monetary system, initiated a universal basic income (UBI) program via JaxCorp DAO, a decentralized autonomous organization created specifically for this purpose. The goals of a program are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.
Run on smart contracts, the UBI initiative allows the DAO to distribute a minimum amount of funds to everyone who applies for it in a decentralized and secure way. Ideally, it is a guaranteed income that users receive to cover their basic needs, like food and shelter. At the moment, the first 10,000 people can get free $10 as an advance, which will be deducted from the future UBI payouts.
At the initial stages, the UBI amount is forecasted to be higher for early adopters. With the wider awareness of the program, it may decrease a bit; however, creators expect some people to join the program as donors and donate funds to sustain the relevant UBI level. As the UBI initiative is funded by the fees collected from transactions carried out in stablecoins created on the Jax.Money platform, higher volumes can also become a major booster of the UBI payouts in the future. Thus, everyone who supports UBI should switch to JAX Dollar (JAXUD) and JAX Rupee (JAXRE) in order to keep the work going.
“We aim at building a society, where individuals have the freedom to do whatever they choose, so long as they do not infringe upon other people’s rights and liberties. Thus, UBI becomes a cornerstone for bringing our philosophical vision into life,” Vinod Manoharan, the Founder of Jax.Network shared in a comment.
Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value.