Customizable Basic Income aims to create a worldwide platform for “incentive-based income”. Find out what that means today in our review.
What Is Customizable Basic Income?
Customizable Basic Income is a blockchain-based platform that allows governments and philanthropists to create projects similar to “universal basic income”, or UBI. Organizations can use the platform to run condition-based “strategic giving initiatives” where recipients receive money through the platform in exchange for meeting certain conditions.
Some of the possible uses of Customizable Basic Income include for short-term relief efforts, to incentivize specific behavior, or to create large-scale welfare and basic income initiatives.
Ultimately, universal basic income is an economic initiative that would pay a large group of people – like everyone in a certain region or country – a universal salary per year. Customizable Basic Income is a platform that aims to make creating initiatives like this easier than ever before.
Customizable Basic Income Features
Customizable Basic Income, or CBI, emphasizes all of the following core features:
CBI is built on blockchain technology. They chose blockchain technology for its many advantages – including security and transparency and its ability to cross borders. Conditions for giving are verifiable independently, allowing for high reliability and low costs.
Easy Development Process:
CBI allows non-technical government works and NGO staff to quickly and reliably leverage Ethereum’s blockchain for direct giving initiatives.
Campaigns can be quickly set up over Customizable Basic Income, allowing users to transfer funds only when certain conditions are met. These conditions could be as simple as giving money to all residents in a certain area, or they can be triggered when a certain event takes place – like say, a natural disaster.
Customizable Basic Income uses the blockchain to confirm that recipients have met the criteria for receiving aid through a given program in a trustless, peer-to-peer manner. CBI allows for fast and secure payments at a lower cost than traditional systems.
How Does Customizable Basic Income Work?
The basic goal of CBI is to empower organizations to implement direct giving campaigns quickly and easily. Organizations can quickly setup giving campaigns, define conditions for those campaigns, and then watch payments roll out.
The platform is based on the Ethereum blockchain and smart contracts. This system allows for secure funding by donors and secure payments to recipients. The smart contract contains the conditions. When those conditions are met, the smart contract automatically releases those funds.
Basic conditions coded into the smart contract could include monthly payments for all residents living in a certain geographic area. Or, organizations could create smart contract conditions for specific environmental or geopolitical events.
The system could also be used for more creative purposes. Here’s one situation outlined in the Customizable Basic Income whitepaper:
“Imagine being able to take a tagged specimen of an endangered species and funding monthly payments to nearby residents contingent on the animal remaining unharmed. This would create instant social and economic incentives for local people to protect wildlife while also bolstering the economy.”
Creating a campaign is straightforward. Developers can setup a campaign, configure the conditions, and find funding for the initiative. If and when verifiers have confirmed that these conditions are met, the funds will be released and transferred to participants.
“Verifiers” are users who are chosen to verify whether or not conditions have been met. These people will be rewarded for each successful verification.
Who’s Behind Customizable Basic Income?
Customizable Basic Income is led by founder James Connolly, MBA. James is a finance professional and programmer with over a decade of experience in investment banking and corporate finance. He appears to be based in Vancouver. You can learn more at his LinkedIn profile.
James is the only listed member of the team. He’s also listed as the CEO. However, the team extends beyond James to a number of unnamed individuals.
The Customizable Basic Income ICO
The CBI ICO started on September 29 and lasts until October 29. The company is issuing a maximum of 20 million tokens, with 16 million tokens to crowdfunding participants and 3.5 million tokens to founders and employees. An additional 5 million tokens will be dedicated to the bounty program (all of these numbers are maximums).
The basic rate during the ICO is 1 ETH = 1,000 CBI tokens.
The crowdfunding project aims to raise a minimum of 250 ETH and a maximum of 20,000 ETH.
The tokens will be used to execute campaigns and reward verifiers. All CBI tokens will be created during the crowdfunding period. No other tokens will be created or mined at any point in the future.
Customizable Basic Income Conclusion
Customizable Basic Income aims to make the world a better place through the use of blockchain technology. The platform makes it easy for any organization – like an NGO or government – to provide payments to certain individuals when certain conditions are met. It could be used by a government to send universal basic income (UBI) payments to residents across the country. Or, it could be used for more creative purposes – like an environmentally-oriented philanthropist can use the platform to pay residents who live next to a sensitive rainforest as long as the rainforest remains intact.
To learn more about Customizable Basic Income and their mission to improve the world, visit online today at CustomizableBasicIncome.com. The platform’s ICO is taking place throughout October.