A UBI program initiated by Jax.Network is launched
DUBAI, United Arab Emirates, June 06, 2022 (GLOBE NEWSWIRE) — Jax.Network, a blockchain company building an energy-standard monetary system, launched a Universal Basic Income (UBI) program through JaxCorp DAO, a decentralized autonomous organization created specifically for this purpose. The goals of a program are to reduce poverty and replace other needs-based social programs that potentially require greater bureaucratic involvement.
Execute on smart contracts, the UBI initiative allows the DAO to distribute a minimum amount of funds to anyone who requests it in a decentralized and secure way. Ideally, this is a guaranteed income that users receive to cover their basic needs, such as food and housing. At the moment, the first 10,000 people can get $10 free as an advance, which will be deducted from future UBI payouts.
At the initial stages, the amount of UBI should be higher for early adopters. With the wider awareness of the program, it may decrease a bit; however, the creators expect some people to join the program as donors and donate funds to keep the UBI level relevant. As the UBI initiative is funded by fees collected from transactions made in stablecoins created on the Jax.Money platform, higher volumes may also become a major driver of UBI payments in the future. So everyone who supports UBI should switch to DollarJAX (JAXUD) and JAX Rupee (JAXRE) to continue the work.
“Our goal is to build a society where individuals have the freedom to do what they want, as long as they don’t infringe on the rights and freedoms of others. Thus, UBI becomes a cornerstone to bring our philosophical vision to life,” shared Vinod Manoharan, the founder of Jax.Network in a comment.
Jax.Network provides the technological infrastructure for a decentralized monetary system based on energy standards. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin tied to the energy spent on mining, while JXN is an asset coin representing the value of the entire network. The Jax.Network team aims to make these coins a universal standard for quantifying economic value.
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