Universal Basic Income (UBI) are tokens used to reward users of the Proof of Humanity (PoH) project. PoH ensures users on the internet are real humans and not bots.
The PoH system uses social verification that includes video submission, in order to create a Sybil-proof list of humans. The system comes in handy when developers want to prevent sybil attacks on their protocols.
Most blockchains use different methods to mitigate Sybil attacks including, Proof of Work, Proof of Stake and Delegated Proof of Stake. These methods make it almost impossible for an attacker to successfully carry out a Sybil attack.
Universal Basic Income (UBI) and PoH
Universal Basic Income (UBI) was the first applications that was built on the Proof of Humanity (PoH) registry. The program delivers a periodic payment to individuals of a given population with no strings attached.
UBI tokens stream directly to an Ethereum address that belongs to a verified human under the PoH registry. The tokens are tradeable in all open markets and will provide access to liquidity that serves to inhibit financial coercion of public decisions.
Acquiring UBI Tokens
Once you register as a human on the PoH registry, you can start acquiring UBI. When applying for a profile, users need to submit a name, short description, a photo and a short video to verify that you are indeed human. PoH further requires new users to have a someone vouch for them in the registry.
Anyone can monitor the amount of UBI accrued on any PoH profile entry. Once verified, you can accrue 1 UBI per hour, and 720 UBI per month. Users are also able see their new balances in real-time as they increase.
The fiat price of UBI is equally the same for everyone. It doesn’t matter which country you were born in or currently live in. If your PoH profile expires, you can stop the accrual process and claim the UBI by clicking “Seize UBI”. Similarly, anyone intending to close their account can get their remaining accrued UBI.
Proof of Humanity opens the doors to a wide range of uses including, credit scoring, insurance, and funding. If you create an account on PoH, you can directly used it as a universal login method to several platforms that support PoH.
Moreover, they can be work with other existing identity-centric systems such as 3box, ENS, or Serto.id to add Sybil-resistance to a user’s profile.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.