At the get-go, let me reiterate two things:
- Two years (nearly) on Steemit, and I still don’t really get more than just the principles of crypto currency and the blockchain technology. I’m beginning to think that tokens are little more than loyalty clubs that benefit only those that are “in”. Going back to crypto, I do know that folk have (are) cashing in and converting to fiat (now that I actually know what that means: I used to have a Fiat, and we recently had diners for Sunday Supper who live in Fiat, Italy).
What I like about the blockchain is the decentralisation and, for the moment, the lack of regulation. Yes, I get that there are moves afoot to regulate things and that moving between the crypto economy(s) and the “real” economy brings one into the realm of regulation. However, having spent (as I keep saying, ad nauseum) the best part of my life working in a highly regulated and regulating environment, I’ve had enough. Yes, I was involved in creating systems to enforce compliance (in education and training), but in so doing, I was working in a sector where the regulatory barriers to have risen in increments that have made it virtually impossible for an independent contractor to bid for work. I closed my business partly because the regulatory compliance was costing me more than I could make, which costs were both in fees for tenders, registrations, professionals as well as in the time it took to administer what was, effectively a one woman business. I went from spending half a day a month on administering the business and doing the work, to two to three days, plus fees for professionals more conversant than I. This before client-related administration not to mention actually doing and delivering the work.
I do know that some of the reason for the levels of compliance and regulation was a measure on the part of some, to stop corruption, which is now being seen in technicolour through the work of the State Capture Commission, as well as the PIC and Nugent enquiries.
Going back to my situation: clearly the numbers no longer jived.
From that digression, to my next point:
- I am a bit of an idealistic salmon (oh, and a Piscean) to boot, so flapping about in favour of good causes - often to my detriment - is second nature. I can “buy” into most good causes, well less so now, as I’ve become a bit more jaded. Then I heard this interview.
I investigated and discovered a new (launched late 2018), South African blockchain project which has, as a premise that Everyone has value and where the core of is a group of diverse people, united by a common purpose: to create a connected economy where everyone has value. The challenge was to develop a cost-free, self-sustaining, universal basic income source. Another review summarises the Ubu goal as the world’s first fully fledged decentralised cryptocurrency that delivers free and guaranteed income to all citizens without relying on taxation.
On registering you get 500 bonus tokens and 100 each day to spend at participating vendors - anyone can register as a vendor and already some of the big South African brands are there. Yes, there seems to be a catch in that this currency doesn’t inflate on the blockchain, but rather decays. So you must spend it: your wallet decays at 1% a day and this goes back into the community.
I registered today, and already there is decay - here is a screenshot of my wallet
I figure, though, that if I get something every day, and don’t spend, I’m still gaining. And I can register as a vendor. Something I’m going to investigate. All I have to lose is the time.
If you are interested in both earning and using Universal Basic Unit of income, follow this link
I would be interested to hear the views of our local and not-so-local crypto experts: @jaynie, @joanstewart, @julianhorack, @craigcryptoking, @quillfire, @blockurator
Until next time
Fiona
The Sandbag House
McGregor, South Africa
Fiona
The Sandbag House
McGregor, South Africa
Photo: Selma
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