The concept of Universal Basic Income (UBI) has been increasingly considered as a viable solution to economic disparities and insecurity. The Bitcoin Cash Basic Income Protocol (BCBIP), proposed on the Bitcoin Cash blockchain, introduces an innovative method for implementing UBI. By leveraging the low transaction fees of Bitcoin Cash and the capabilities of CashScript, BCBIP seeks to establish a decentralized, transparent, and effective mechanism for basic income distribution.
The Foundation of BCBIP: Bitcoin Cash and CashScript
Bitcoin Cash is chosen for BCBIP due to its emphasis on speedy and cost-effective transactions. CashScript, a programming language for Bitcoin Cash smart contracts, enables the development of the BCBIP’s core smart contract infrastructure. CashScript eases the creation of smart contracts by abstracting Bitcoin Script’s complexity, ensuring security and reliability in transaction processing.
Key Components of the BCBIP System
- Smart Contract Development: Utilizing CashScript, BCBIP’s smart contract orchestrates fund distribution efficiently. This ensures a predictable and secure framework for the UBI system.
- Hybrid Decentralization Model: A central figure manages eligibility lists, blending centralized control with decentralized fund distribution to enhance adaptability and ensure regulatory compliance.
- Integration with memo.cash and/or Fediverse: BCBIP employs memo.cash for transaction transparency and auditability, promoting trust in the UBI distribution process.
- Community-Driven Eligibility Verification: Decentralized reputation systems are proposed to authenticate individual eligibility, minimizing fraud risks and ensuring equitable income distribution. This could be done on the Fediverse potentially, like through systems utilizing reputation scores or social trust on Lemmy or Mastodon.
- Funding Mechanism and Distribution: Donations are pooled and distributed to eligible recipients through the CashScript smart contract, aligning with predetermined criteria for basic income allocation.
- Enhanced Security with Arweave: BCBIP considers integrating with Arweave to permanently record transaction data and eligibility lists, bolstering the system’s integrity and transparency.
Technical Implementation and Network Connectivity
The CashScript SDK facilitates contract interaction, allowing operations such as balance checks and UTXO management. Connectivity to the Bitcoin Cash network is ensured through network providers, enabling essential functions like transaction broadcasting and balance retrieval.
Conclusion
The Basic Income Protocol proposes a novel approach to UBI, exploiting blockchain technology’s potential for fostering a fairer financial ecosystem. By combining the efficiency of Bitcoin Cash with the functional prowess of CashScript, BCBIP aspires to tackle economic challenges innovatively, demonstrating a promising pathway to achieving universal basic income.
