OLIVE: A Basic Income crypto-currency

OLIVE is a crypto-currency implemented as a standard token smart-contract that is deployed on the Telos blockchain.

Every person is entitled to one account in the OLIVE system, and each OLIVE account pays one (1) OLIVE token per day to every person, forever.

You don't ever have to buy OLIVE tokens. All you need is a Telos account, which is currently being offered for free (see below). Then you will simply earn one new token per day.

OLIVE is very similar to ACORN, on which it is based. The main difference is that users of OLIVE have to be invited by a current member of the network, and they must agree to publish their name and a photo (selfie) on the Internet.

Getting an OLIVE account

STEP 0: Join the Olive Telegram channel

Join the Olive Telegram channel so we can help you if you run into trouble.

STEP 1: Become an user of ACORN

By following the ACORN guide, you will:

This should take you at least two days. If you already are a Telos user and already have a Telos account that you know how to use, you can skip this step.

STEP 2: Get someone to invite you to the Olive network

If you don't already have someone that will invite you, then I will invite you myself.

For me to endorse your membership, you must:

You can email those to fcecin@gmail.com with the subject Olive network invite. If I trust your profile, I will add it to the network.

Your name and photo will be published under the http://democratic.money/olive/ web address.

You can send me an HTML file that includes all your Proof-of-Personhood information and a link to the photo file. That will save me some work.

STEP 3: Verify that you have been added

To verify the status of your account at any time, you can use a Telos block explorer to inspect the system's database yourself.

I recommend the Telos EOSX block explorer. That link will take you directly to the page where you can query the olive smart contract tables.

On the forms on that page, fill in the following fields:

  1. On "Choose A Table Name", click "persons"
  2. On "Scope", write your Telos account name
  3. Click the "Refresh" link on the right-side of the screen

You should see something like the following:

That is a screenshot of my own account. Yours will look different. More importantly, your "pop:" field will be set to the "[DEFAULT]" value, which means that you have not yet told the system who you are. We will fix that in the next step, and then you will be good to go.

STEP 4: Set your POP (Proof-of-Personhood) on your account

At this point you will have an URL that publishes your profile (name and photo). For example, my POP is at http://democratic.money/olive/fabiana_reis_cecin.html. And if you sent me your data for me to host, then your URL will be similar (I will let you know where exactly I put your profile).

To configure your POP, go into your Telos wallet and prepare a transfer of the OLIVE token with the following parameters:

The Srql dialog would look something like this:

This will send no tokens to the token contract, but the contract will understand your "--pop http://some.web/page" memo as a command to set your own Proof-of-Personhood. If all went well, you should see your POP URL in the EOSX block explorer table as explained in Step 3 above.

If your wallet allows it (Sqrl doesn't, unfortunately), you can set your own account name as well on the "To:" field.

If your wallet doesn't allow for a transfer of zero tokens, you can put any value there really. The value will be ignored. But if you misspel the command, the contract will interpret the command as a real token transfer and debit your tokens.

STEP 5: Claim your first OLIVE Basic Income

You will only start accumulating OLIVE tokens two (2) full days after your account is registered in the Olive network. After that period, you can claim any pending daily OLIVEs simply by sending any non-zero quantity of OLIVE tokens that you already own to any other account in the system (you can send them to me, ge2damjqgage, if you have no one else).

So claiming UBI (Basic Income) in OLIVE works the same as in ACORN, except you cannot use the contract's "open" action to claim the UBI.

If I created your account, then I will also have sent you a small quantity of OLIVE along with it, so you can start claiming your own OLIVE basic income.

You can send as little as 0.0001 OLIVE, which is the smallest possible OLIVE amount, to attempt an UBI claim. If you run out of tokens, you will need to ask someone to send you some more.

That's it! You're in. If you want to add other people to the network and learn about the reputation (score) system, read the Advanced Guide to the Olive network.

OLIVE is part of the Democratic Money Project