The Grantcoin Foundation, a U.S.-based 501(c)(3) nonprofit organization, has announced that they have distributed Basic Income grants of Grantcoin – a Blockchain-based currency to more than 250 people.
This is the first time that a currency has been distributed into circulation with the specific intention of providing equal access to growth of a money supply through a Universal Basic Income.
The first quarterly distribution of Grantcoin Basic Income was distributed to 255 self-selected applicants in at least 17 countries: the United States, Canada, the United Kingdom, Australia, New Zealand, Germany, France, Belgium, Denmark, Switzerland, Portugal, Russia, China, Bangladesh, Indonesia, Ghana, and Cameroon.
“The Grantcoin Foundation is proud to show a way for the people of the world to create an equitable, sustainable monetary system based on fair global issuance of the money supply,” said Grantcoin founder and Executive Director Eric Stetson.
“We believe Grantcoin is doing something historic and of world-changing importance. We want to thank everyone who signed up to be part of it — you’re helping put Grantcoin on the radar screen of the Basic Income movement and the broader movement for financial system reform.”
If you missed the first distribution of Grantcoin Basic Income, sign up by September 21 to be included in the next quarterly distribution, which will occur on September 30.
Economic Value Distributed This Quarter
A total of 5,255,129.132815 GRT was distributed in the first quarterly distribution of Grantcoin through Basic Income grants and referral bonuses. At today’s price of Grantcoin on Bittrex, the largest exchange where the currency is traded, that is worth approximately $1,322.19 in U.S. dollars.
The average recipient received 20,608.349540 GRT. At today’s price of Grantcoin, that is worth approximately $5.19 in U.S. dollars.
People who signed up for Grantcoin who did not create their own wallet will be sent the address and private key of a wallet the Grantcoin Foundation has created for them. They will send this information by encrypted email within the next few days.
Redistribution of Grantcoin Sent to Unverified Recipients
The Grantcoin Foundation will not send private keys of the wallets they have created for people who have signed up but not yet completed the verification process. Unverified applicants for Grantcoin Basic Income have until September 21 to verify their account, or else will forfeit the Grantcoin that is being held for them.
Forfeited Grantcoin from this quarter will be added into the distribution to occur on September 30.
Accounting and Evidence of First Distribution of Basic Income Grants
In accordance with the Grantcoin Foundation’s plan to add 3.5% per year to the Grantcoin money supply through Basic Income grants, 0.875% was added in this way in the first quarterly distribution of Grantcoin. 439,453,307.271707 GRT was in circulation (i.e. not held in reserve by the Grantcoin Foundation) yesterday before the distribution occurred, so 3,845,216.438627 GRT was distributed from a Grantcoin Reserve wallet designated for Basic Income Grants (wallet address:GV9ns15UAPwnxs4Bo4mNZ2SwN2RTaSNayR).
Each recipient received 15,079.280151 GRT in Basic Income.
Evidence of this distribution can be found in these blocks of the Grantcoin Blockchain, broken down into groupings as follows:
- Verified participants:
- Set up their own wallets:
- Wallets set up for them by the Grantcoin Foundation:
- Not yet verified:
- Attempted to verify but are suspected of fraud (multiple signups by the same person), and will be required to submit further identity verification before the wallets set up for them by the Grantcoin Foundation may be provided to them:
- Everyone else who has not yet completed the verification process:
Accounting and Evidence of First Distribution of Referral Bonuses
1,409,912.694188 GRT in referral bonuses were distributed from a Grantcoin Reserve wallet designated for Growth Incentives (wallet address: GSopxVrRWDM3hnBtoJFKTf7qamz7H3S5R4).
Referral bonuses per recipient ranged from 7,539.640076 to 150,792.801515 GRT, depending on whether they were referred by somebody else and how many people they referred to the program who signed up and verified. (Note: If you referred or were referred by a person who signed up but has not yet verified for the program, you will not receive the corresponding referral bonus until they verify.)
Evidence of the distribution of referral bonuses can be found in these blocks of the Grantcoin Blockchain, broken down into groupings as follows:
- Verified participants:
- Not yet verified:
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017
- Bitfury Group and Government of Georgia Expand Blockchain Land Titling Project - February 10, 2017
- Expanse Project Announces Launch of the Expanse Bond System (EBS) - February 10, 2017
- WISeKey to Establish IoT Blockchain Center of Excellence in New York - February 10, 2017
- Blockchain Startup Coinfirm Gets $700k Growth Equity Via VC Funding - February 10, 2017
- Blockchain Health Startup Hashed Health Raises Nearly $2 Million in Initial Funding Round - February 10, 2017
- IBM Kicks Off Blockchain Initiative with Dubai Government - February 10, 2017
- Blockchain Pioneer Medici Ventures Invests in Factom, Inc. - February 7, 2017
- Canadian Blockchain Startup Equibit Raises Quarter Million Dollars in Day One of Initial Coin Offering (ICO) - February 5, 2017
- Blockchain-Fuelled Grantcoin Foundation Distributes Universal Basic Income (UBI) Grants To 1,132 People In 79 Countries - February 5, 2017
- Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet - February 3, 2017
- dotBlockchain Music Project Announces Partners - February 2, 2017
- Switzerland Promises to Ease Rules for Fintech and Blockchain Startups - February 2, 2017
- Netherlands’ ING Bank Completes 27 Blockchain POCs - February 2, 2017
- South African Blockchain-Based AR Game nears $1 Million in ICO Funding Goal - February 2, 2017
- The Wall Street Blockchain Alliance Announces New Blockchain Assets Working Group - February 2, 2017
- Tel Aviv’s Colu Launches Local Digital Currency for Liverpool – East London Next - February 2, 2017
- South Africa Mulling Over Blockchain Digital Currency - February 2, 2017
- Nine in Ten Governments Investing in Blockchain by 2018 Says IBM Study - February 2, 2017
- NATO Awards Estonian Blockchain Company Guardtime Contract for Next-Generation Cyber Range - February 2, 2017
- Microsoft and Tierion Collaborate on Attestations and Blockchain Proofs - February 2, 2017
- Irish Funds and Deloitte Trial Blockchain Proof-of-Concept - February 2, 2017
- Cambridge Blockchain Raise $2 Million for Digital Identity Enterprise Software - February 2, 2017
- National Altcoins – a Toy for Market Sharks or Godsend for Local Communities? - February 1, 2017
- TaaS, the First Fully Transparent Closed End Fund dedicated to Blockchain Assets, Announces ICO - February 1, 2017
- SibCoin – the Cryptocurrency Conquered Siberia and Outsailed Dash - February 1, 2017
- PayCommerce Leverages Blockchain Technology to Transacts Their First Live Real-Time Cross-Border Payment, Clearing and Settlement. - January 31, 2017
- Acronis’s New Personal Backup Solution Offers Blockchain-Based Capabilities and Anti-Ransomware - January 31, 2017
- Blockchain Intelligence Group Announces it is Now a Member of the Blockchain Alliance - January 30, 2017