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Revision as of 17:18, 20 June 2020

Dailycoin (XDL) is an Universal Basic Income (UBI) digital currency that grants 1 XDL per day, forever, to every person.

Dailycoin is implemented as a token contract that is deployed on the Worbli blockchain.

Dailycoin is similar to Telos ACORN, but restricted to people who have verified their identity by signing up to a Worbli account.

Sign up to the Dailycoin Telegram Channel for project news, discussion and technical support.

Current status

As of June, 2020, Dailycoin is being prepared for deployment on the Worbli network, which is being re-launched. When Worbli is re-launched and the Dailycoin contract is deployed on the Worbli blockchain, Dailycoin will be ready for use. The ETA is Q3 2020.

How to sign up to Dailycoin

The easy way:

Sign up to Worbli, which will verify your identity and grant you a Worbli blockchain account; Have someone else send 0.0001 XDL to your Worbli blockchain account, and then send it back to them. Alternatively, you can replace Step 2 above with calling the claim() action on the Dailycoin contract account, passing your own Worbli account name as the sole parameter to the action.

Whenever you send XDL to someone or invoke the claim() action on your account, you get paid all the coins you're entitled to.

Software

The Dailycoin code repository is on Github.

The Dailycoin contract will be deployed to the Worbli mainnet account dailycoinorg.

To use your Worbli account, we recommend installing the Scatter Desktop wallet (available for Windows, Mac & Linux) to keep and manage your account keys. Then, use the web interface of the Bloks.io blockchain explorer. The web interface will ask you to connect to your (running) Scatter Desktop wallet when you try to do something, like calling actions on the Dailycoin contract or managing your Worbli account (such as sending tokens or changing your account keys). Your running Scatter Desktop wallet program will ask you to confirm the signing of any transactions proposed by the web interface.

Distribution

1,000,000 XDL will be minted and donated to the Quatinga Velho Basic Income Startup mutual fund, which is democratically managed by the over 100 residents of Quatinga Velho, Brazil. The coins will be managed by ReCivitas, the NPO behind the pioneer Quatinga Velho Basic Income program since 2008.

A bonus amount of XDL will be minted to every person that successfully claims their first XDL income before the July 1st, 2021 UTC deadline. The bonus XDL amount is equal to the number of days until the deadline.

After that, XDL will only be minted at the usual rate of 1 XDL per person, per day, forever.

Users can only claim at most 360 XDL at once. For example, if an user is inactive for 2,000 days and then decides to claim pending XDL, they will only claim 360 XDL. The other 1,640 XDL are forfeited.

Philosophy

Dailycoin is a global unit of account for solidarity.

1 XDL represents the basic amount of income that a person should receive to support a dignified life for a day.

It is up to people to decide whether the trade value of a Dailycoin should increase, by buying it, or decrease, by selling it.

You can buy Dailycoin with other money, or you can realize it by providing physical goods and services in exchange for it. With either, or both, you will be part of a movement that is directly implementing the ideal of an Universal Basic Income in the real world.

Scott Santens has written a relevant article about using cryptocurrencies to provide Basic Income. Note that Dailycoin does not impose any form of taxation, such as demurrage or transaction fees, which are common design patterns in Crypto UBI. If people feel a need to deflate the Dailycoin currency supply, they can simply accumulate XDL, removing it from circulation, or invoke the burn() action, which will destroy some of their own money.

Smart contract authority management

The contract account will initially be managed by me (Fabiana Cecin).

When we are confident that the contract code is final, the contract account will be set to "immutable," that is, its active and owner keys will be set to zero. The sooner that is done, the better. We expect immutability before August 2021.

Trading XDL before contract immutability is not recommended.

If the account is set to immutable and changes to the contract are later needed, the community can resort to Worbli's governance system to deploy these changes.

Legal statement

Dailycoin is free software that is developed and operated without charge for the benefit of the public. Dailycoin developers and operators offer NO WARRANTIES and NO GUARANTEES of any kind to Dailycoin users.

Contact

Dailycoin is maintained by Fabiana Cecin.