FAQ

Frequently Asked Questions


Utopia?!

I am amazed at your claims. From your write-ups, one can infer that you are trying to create an Utopia. I wonder if you understand the dynamics of the control of money. You claim that you intend to make your coin equal to a $ from inception.... <see more at Utopia?!>


How will UBI-Coin become valuable to become 1 UBI-Coin=1 Dollar?

The coin gets its value just by agreeing it is. We don't peg it to the dollar, but make long reference price lists where we price many common items like a bottle of water, eggs etcetera. Because we don't print extra money, and don't list it on currency exchanges there can't be inflation. See TOPIC #0010: Fixed Price-List to Avoid Inflation.


Is the UBI-Coin not just another ALT-Coin?

No. The UBI-Coin is quite different from ALT-Coins: We won't do an ICO so the UBI-Coin won't be listed at any exchange. Because it is not listed, it is not volatil. We make lists of products and just say that the value of the coin is what we sat that it is. And then we distribute the UBI-Coin fairly over all people. It's purpose is to replace all Fiat and other cryptocurrencies. Therefore it is better to name it an "EXIT-Coin".


Most people don't how to use a cryptocurrency and hence open themselves to hackers. How do you deal with that?

That is probably true for over 99% of all people. That is why we focus on legal issues and wealth distribution issues and issues about privat keys and VAT before we create any software. By the way, the hacks are all done on the crypto-exchanges and money transfers. Nobody has been able to crack the encryption methods.


Do you organize some kind seminar when the UBI-Wallet is officially launched to sensitize people on how it works?

Yes, communication about how the people will start using the UBI-Wallet and EXIT existing currencies at the same time will be very important! This is also why we created this open-source website.


There is a possibility of losing your electronic wallet. If you have stored the money in the form of digital currency on your phone or computer, you better remember your password and not lose those devices. Losing your pasword means that you won’t be able to retrieve it, even with the help of legal assistance. Is that right?

No, that is not how it works (also with bitcoin it works different). All wallets, usernames and purchase and sales transactions are stored on the blockchain and will be there forever. At this moment every bitcoin mining computer has the exact same copy of the blockchain, which prevents the blockchain to ever be destroyed. Your phone is just a window to the blockchain, but nothing is stored on your phone. To access your personal transaction-data and other data on the blockchain (which can also be family-pictures, whatsapp-chat-sessions and basically anything digital) you need a personal password: this is called your "Privat Key". And it is true, if you lose your Privat Key, you are in trouble. The current cryptocurrencies don't pay much attention to this issue, but we think it is important to solve such problems first and make cryptocurency and any other data you save on the blockchain safe. Once we know how to do that we will create the coin. To solve these issues we created this website. What to do when you lose your Private Key is discussed on the page TOPIC #0005: Lose Private Key.


Will the Blockchain be self-hosted or hosted on an hosting site?

The blockchain is accessable to everybody with an internet connection. It's a massive amount of data (and is growing fast). But it is all encrypted so you need keys to be able to use the data.


In decentralized voting for projects, how will the projects be executed? What I mean is will people be chosen to make use to taxes to implement the projects? If so,what are the measures we will put in place to ensure their trustworthiness? I think first off,the poll needs to be public with the project that wins clearly seen by everybody and also the total amount of tax acquired also public.

The procedure of adding a new project or new institute still needs to be defined and as matter of fact - this procedure itself - will be part of the legal system and can be amended like any law by voting.

For projects and institutes to get on the voting list there will be a threshold. I would say of a thousand people. So first a project needs to be defined following rules. These rules include describing a budget, timeframe and indicating for example at least 3 candidates that could be the director of that project or institute. All decisions that the chosen director makes will be public. Also every payment will be public so that journalists can report any fishy transaction. If the public has the opinion the director is corrupt, they can remove or even prosecute him. The threshold means that the suggested new project or new institute must be subscribed by 1000 voters (on a seperate website) before it gets added to the voting list. Only when it is added to the voting list it can receive tax money. See also TOPIC #0014: Create New Voted Project or Institute.


Will the 1000 voters be constant? I mean will they be ones to vote for any new project to be added to the list every time or will there be a kind of shuffling amongst users to select the 1000 voters from time to time?

No, Anybody can create a project or institute on a special "Add a project or Institute"-webpage. They need to add all info like budget, director with CV, schedule etcetera. Then this person needs to find a 1000 subscribers that say to support the entire plan. We could also make this 10,000 subscribers, but I think if you want to add a small school 10,000 could already be a problem. Once these subscribers have entered their name unter this project it will appear on the voting list. See also TOPIC #0014: Create New Voted Project or Institute.


Shouldn't voting be regional? I think what she means is shouldn't only people in a particular region be able to vote for a project in that region. E.g. only users in Lagos should be able to vote for a project in Lagos because they understand better the environment and how the project will affect them.

Yes, regional votes can be arranged by looking at the GPS data of a person. Only people that have been in a circle of x-km around the project or institute for let's say 75% of the time in the last year can vote for that regional project. There are also global projects (like the cleaning of oceans) where everyone is entitled to vote. In the specification of the project the applicant can define the voting 'range'. Be aware however that how smaller you make the range how smaller the amount of money will be your project gets because people outside the range can't vot for it and so their portion of tax can't go to that project. This will be the main reason people don't want their projects or institutes to be just locally funded. I think regional voting will be done mainly on cultural local projects. See also TOPIC #0014: Create New Voted Project or Institute.