BINCOME seeks to provide financial assistance amid the coronavirus pandemic recovery, and to popularize the idea of payments in cryptocurrencies
DOVER, Del., December 10, 2020 (Newswire.com) – Algorithmically controlled stablecoin CENTUS has announced the launch of a Basic Income Foundation, through which participants of the CENTUS Seigniorage Network receive financial assistance, initially to aid economic recovery from the COVID-19 pandemic.
The foundation provides participants of the network with a Universal Basic Income (UBI), while additionally aiming to analyze, study and collect information on widening the geographic scope of UBI and promoting its adoption in cryptocurrencies.
The awarding of UBI operates in the following way: The funds will originate from a smart contract, which will generate CENTUS tokens to the value of 2 percent of a participant’s wallet. Those tokens are then transferred to the Stellar address of the fund twice a week, from which the smart contract then sends the tokens to participants.
UBI has gained traction this year, particularly through Andrew Yang’s U.S. presidential campaign. The COVID-19 pandemic has strengthened the argument for its adoption: One study conducted by Oxford University in March found that 71% of Europeans favored the introduction of a universal basic income.
Two elected boards form the foundation’s governing structure. The Supervisory Board is the supreme governing body with a right to veto. The Executive Committee is a single permanent executive, administrative and coordinating body, which performs the foundation’s day-to-day operations. CENTUS network members will make up the elected boards. Once filled, BINCOME will open representative offices in those board members’ locations.
Victor Jacobs, director of BINCOME, says, “We sincerely believe that in this difficult period caused by the COVID-19 pandemic and the global economic crisis, the creation and operation of the Basic Income Foundation will help many people in the world who need financial assistance. The Foundation is open to everyone who wants to participate in its activities. Now, people who do not even have a bank account, or access to financial services, can start getting Universal Basic Income in CENTUS.”
BINCOME was established in Delaware, USA, in October 2020.
Any rewards received through the affiliate program, bounty program, other promotions or other exchanges will not be included in the basic income program at this stage. However, there are plans to eventually switch to an unconditional basic income model, by which participants would receive the minimum amount in absolute terms.
In the near future, CENTUS plans to pay UBI to owners of any assets on the Stellar blockchain, including BTC, ETH and other popular cryptocurrencies, and also on the Ethereum blockchain, where CENTUS tokens will also circulate.
CENTUS is an algorithmically controlled stablecoin pegged to the U.S. dollar. CENTUS participants can buy and sell CENTUS, using a smart contract which acts as a market maker. To buy CENTUS tokens, participants send funds to the smart contract, where they are kept as a variable reserve.
Name: Jacob Crompton