Detailed Plan
Please read my gitbook about the CUBI program: https://ancientkraken.gitbook.io/cardano-universal-basic-income/
CUBI is the Cardano Universal Basic Income program. Users of the CUBI system will be paid with the return on investment from the delegation of ADA from dedicated stake pools operated by the CUBI program or private investors. The currency given out will be placed into smart contracts that operate as the user's wallet, allowing the purchasing of goods from participating CUBI merchants.
The CUBI program is specifically designed to help those in financial need by providing a cryptographically secure method to purchase goods. A by-product of the UBI system is the increase in cryptocurrency adoption at the merchant level and the creation of a donation system where the wealthy can help without the financial loss of their initially donated funds.
Each user in the CUBI program will be issued a digital identity, a DID, that is connected to a smart contract wallet and the blockchain. This allows for unfraudulent use of the CUBI wallets and provides an economic identity to those without one. This does force the CUBI user to have some form of smartphone and/or a debit card that must be kept safe and secure.
The smart contract wallets will behave like prepaid debit cards. Periodically, each wallet will be replenished up to some maximal amount of ADA. This will allow the user to purchase food, pay bills, and pay rent. The CUBI user can not horde the ADA for personal wealth. After the end of each period, the remaining ADA is returned to the pool. This creates the incentive to use the ADA within that time period to buy goods. This also allows unused or lost wallets to be automatically be regained into the stake pools, ensuring individuals will be able to utilize the system and not abuse it for others.
Merchants play a major role in the CUBI program. Similar to the EBT system in the US, participating stores will be able to sell specific products for users with CUBI wallets. The merchants will also be provided with a DID to ensure that each merchant is qualified and a good actor.
A merchant will have a CUBI wallet where each item the merchant sells is represented as a non-fungible token, an NFT. When a CUBI user purchases an item from a CUBI merchant, the NFT will be burned, removing the item from the merchant's wallet and replacing it with ADA from the user's wallet. The transaction on the blockchain is a receipt for the transfer of ADA for goods.
CUBI users gain the ability to purchase goods with ADA and the merchants gain the ability to manage their inventory and funds from a single device. CUBI serves as the medium for purchasing power and digital identity while creating a financial ecosystem for everyone to use.
This proposal will focus on creating smart contracts for the CUBI wallet and DID integration using Atala Prism. The users will need a smart contract wallet and DID that allows for purchasing of NFTs from other merchant-style CUBI wallets.
I want to create smart contracts such that this program could in theory be implemented into any city or state. The smart contracts themselves are fairly simple but will require Atala Prism to be fully functional. I want to have the smart contracts done by the end of 2021. With working smart contracts, this idea could be proposed to local governments for an experimental solution for the unhoused peoples of America in the next six to twelve months.
I am asking for 5000 USD to provide myself with rent, food, and bills such that I can continue to develop in the Cardano ecosystem.
