The Grantcoin Foundation, a U.S.-based 501(c)(3) nonprofit organization, distributed Basic Income grants of Grantcoin digital currency to 757 self-selected applicants in at least 69 countries around the world on October 1, 2016. This is about three times as many people in four times as many countries as the previous distribution of Grantcoin Basic Income on June 30.
“Grantcoin is solidifying its position as the leading cryptocurrency that issues its money supply as a Universal Basic Income,” said Eric Stetson, founder and Executive Director of the Grantcoin Foundation. “A big thank you to all the people who signed up and verified your accounts for Grantcoin’s second quarterly distribution. You are early adopters of something very special — the first currency in world history that’s backed by a nonprofit NGO and designed to help create a more fair global distribution of wealth.”
Over 1,650 people have signed up to receive Grantcoin Basic Income, but about 900 of them did not verify their account by September 29, and therefore were not included in this round of Grantcoin distribution. If you missed it this time, sign up to be included in the next distribution in December — or if you already signed up but haven’t yet verified, please follow the instructions you received by email to verify that you are a unique human being.
Economic Value Distributed This Quarter
A total of 10,647,758.620924 GRT was distributed in the second quarterly distribution of Grantcoin through Basic Income grants and referral bonuses. At the October 1 price of Grantcoin on Bittrex, the largestexchange where the currency is traded, that is worth approximately $5,323.88 in U.S. dollars.
The average recipient received 14,065.731335 GRT. At the October 1 price of Grantcoin, that is worth approximately $7.03 in U.S. dollars.
The price of Grantcoin has doubled since the previous distribution of Grantcoin Basic Income on June 30. This is in keeping with the theory of the network effect, that the value of the currency should increase as the number of participants grows.
Redistribution of Grantcoin Sent to Unverified Recipients
Last quarter, the Grantcoin Foundation created wallets for people who signed up but did not yet complete the verification process or who attempted to verify but were suspected of fraud. We sent Grantcoin Basic Income and referral bonuses into those wallets, but we did not give unverified recipients access to the funds — pending their successful verification for the program.
During the past three months, the Grantcoin Foundation reached out to all of these people with reminders and instructions to verify. Some of them verified their account for Grantcoin but most did not. As stated in our blog post on June 30, “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 [next quarter’s] distribution.”
429,759.484332 GRT of referral bonuses was forfeited and sent back to the originating Grantcoin Foundation wallet (see block 537816).
As a result, the amount of Grantcoin distributed on October 1 was larger than normal. This quarter, we discontinued the practice of including unverified applicants in the distribution.
Accounting, Evidence, and Geographical Breakdown 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 second quarterly distribution of Grantcoin. 451,521,313.915013 GRT was in circulation (i.e. not held in reserve by the Grantcoin Foundation) on October 1 before the distribution occurred, so 3,950,811.496756 GRT — plus the additional 1,839,672.178422 GRT that was forfeited and redistributed from last quarter — was distributed from a Grantcoin Reserve wallet designated for Basic Income Grants (wallet address: GV9ns15UAPwnxs4Bo4mNZ2SwN2RTaSNayR).
Therefore, total distribution of Basic Income this quarter was 5,790,483.675178 GRT. Each recipient received 7,649.251883 GRT in Basic Income.
Evidence of this distribution can be found in these blocks of the Grantcoin blockchain, broken down into geographical groupings as follows:
- United States: 227 people
- Puerto Rico: 114 people
- Germany: 84
- United Kingdom: 30
- Canada: 22
- Portugal: 20
- Ghana: 15
- Australia: 14
- France: 11
- Dominican Republic: 10
- Philippines: 10
- Spain: 10
- South Africa: 7
- Sweden: 7
- Switzerland: 7
- Austria: 6
- Belgium: 6
- Nigeria: 6
- Barbados: 5
- Denmark: 5
- Greece: 5
- Indonesia: 4
- Mexico: 4
- Romania: 4
- Brazil: 3
- India: 3
- Netherlands: 3
- Nicaragua: 3
- China: 2
- Democratic Republic of Congo: 2
- Finland: 2
- Italy: 2
- Japan: 2
- Russia: 2
- Saint Lucia: 2
- Sierra Leone: 2
- Slovenia: 2
- Ukraine: 2
- 31 other countries: 1 person each (Azores, Bangladesh, Belarus, Botswana, Bulgaria, Cameroon, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Estonia, Gambia, Honduras, Israel, Jordan, Kenya, Luxembourg, Malaysia, Morocco, New Zealand, Norway, Papua New Guinea, Paraguay, Senegal, Singapore, South Korea, Sri Lanka, Trinidad and Tobago, Turkey, United Arab Emirates)
- Unknown country: 61 people
Imagine the possibilities of a large database of Grantcoin wallets grouped by geographical location. As the Grantcoin network grows, we will begin to break them down into even more specific groupings such as state/province or region, and city/town or community. Smart contracts can be set up to enable charitable givers to donate money directly, instantly, to the people of nations and localities — for example, if there is a natural disaster that strikes a particular place in the world. Grantcoin could therefore become a powerful tool for direct charitable giving.
Accounting, Evidence, and Leaderboard for Referral Bonuses
4,857,274.945493 GRT in referral bonuses were distributed this quarter from a Grantcoin Reserve wallet designated for Growth Incentives (wallet address: GSopxVrRWDM3hnBtoJFKTf7qamz7H3S5R4). These transactions were sent on October 2.
480 people received a referral bonus this quarter. 102 people referred at least one person to the program (worth 7,649.251883 GRT per referral), and the others received a bonus (3,824.625941 GRT) for signing up with somebody’s referral code. Note: If you referred somebody 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:
- Top 20 referral bonus recipients:
- 757,275.936417 GRT — L.M.T.L. of Puerto Rico (99 referrals)
- 325,093.205027 GRT — R.F. of Germany (42)
- 168,283.541426 GRT — A.L.C.S. of Puerto Rico (22)
- 149,160.411718 GRT — F.R. of the United States (19)
- 122,388.030128 GRT — C.D. of unknown country (16)
- 107,089.526362 GRT — E.S. of the United States (14)
- 107,089.526362 GRT — M.P. of Germany (14)
- 95,615.648537 GRT — A.M. of the United States (12)
- 80,317.144771 GRT — B.H. of the United States (10)
- 72,667.892888 GRT — A.A. of unknown country (9)
- 61,194.015064 GRT — N.R. of Barbados (8)
- 53,544.763181 GRT — R.D.L. of the Philippines (7)
- 53,544.763181 GRT — M.B. of Greece (7)
- 45,895.511298 GRT — B.C. of the United States (6)
- 45,895.511298 GRT — L.G. of the United States (6)
- 45,895.511298 GRT — M.M.F. of Denmark (6)
- 38,246.259415 GRT — T.R. of the United States (6)
- 38,246.259415 GRT — R.H. of the United States (5)
- 34,421.633473 GRT — G.D. of Ghana (4)
- 30,597.007532 GRT — B. of Germany (4)
- Everyone else who referred more than one person
- Everyone who signed up with a referral code and referred one person
- Everyone else who referred one person
- People who signed up with a referral code; no referrals: block 539646, 539654, 539668, 539676.
The top referrer this quarter earned the Grantcoin equivalent of $378 U.S. dollars — great job! And it took less than 100 referrals to do it.
Thank you to everyone who participated in the Grantcoin referral program. You’re helping Grantcoin grow exponentially, which, if it continues, will give this currency a good chance of world-changing success. In some countries Grantcoin could soon be on the verge of going viral, thanks in large part to your efforts to spread the word. Let’s keep the momentum going!
Wallets To Be Distributed This Week
When people verified their signup for Grantcoin Basic Income, they were given the option of either creating their own Grantcoin wallet and sending us the address, or having the Grantcoin Foundation create a wallet for them. Most people chose the latter option.
We distributed Grantcoin into all of these wallets, but people who didn’t create their own wallet don’t have access to the funds yet. We will provide the address and private key to each person for whom we created a wallet — this information will be sent by encrypted email within the next few days.
Automation, Web-Based Distribution, and the Future of Grantcoin Basic Income
In closing, some quick thoughts on what we’re working on to improve the methodology and user experience for our Basic Income program.
The first two quarterly distributions of Grantcoin Basic Income have been done with a LOT of manual labor. Now that Grantcoin is becoming popular, we’re investing in automation to make it easier to grow at a faster rate without overwhelming our human personnel. We expect that by the end of October, the signup and verification process will be fully automated, except for a small percentage of manual audits.
We’re also setting a goal that Grantcoin distribution will be automated by the end of this year. Participants will be able to receive and spend their Grantcoin through Ekata.social, a web-based social media platform. For the average Grantcoin user — most of whom are not familiar with cryptocurrency technology — that means an easier user experience compared to the desktop QT wallet software.
We Need Your Help
If you like what they are doing and you want to see the Grantcoin project continue to grow and achieve greater milestones of success, please help. Donate to the Grantcoin Foundation, buy Grantcoin, or volunteer your time and talent.
Together with Grantcoin you can create a world in which money:
“…shall be issued to all people as a human right, as a universal basic income to be enjoyed by all — to compensate, at least partially, for the accidents of birth and circumstances of fortune that have blessed or condemned different people and regions of the world to wealth or poverty.”
That’s the Grantcoin Mission, and they are doing their best to bring it to fruition.
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 20, 2017
- Pundi X integrates NEM blockchain to Bring Cryptocurrency Payments Into Retail Stores - November 20, 2017
- Fujitsu Develops Security Technology to Safely Connect Blockchains - November 20, 2017
- Jibrel Network Announces a Highly Successful Pre-sale Round - November 20, 2017
- KRAFTWERK on Blockchain - November 20, 2017
- MintHealth: Empowering Patients to Take Control of their Health and Data via Blockchain Technology - November 20, 2017
- IBM Completes PoC Of Blockchain-based Shared KYC With Deutsche Bank, HSBC, MUFG And Cargill, IBM Treasuries - November 20, 2017
- LetsEnhance.io to process images on Neuromation Platform - November 20, 2017
- Blockchain And AI Researchers Propose A New Model To Return The Control Over Human Life Data To The Patients And Accelerate Biomedical Research - November 20, 2017
- Storiqa Makes Cryptocurrency Closer To The World – Usual E-shop With A Few Peculiarities For Unusual Currency - November 17, 2017
- American Express Cuts Deal with Ripplenet – Giving Visibility and Speed to Global Commercial Payments - November 16, 2017
- CapLinked Named One of 20 Most Promising Collaboration Technology Providers By CIO - November 16, 2017
- Global Blockchain Technologies Corp. Announces $20M Fund to Invest in Steem SMTs - November 16, 2017
- Augmate Announces First IoT Device Management Platform Using Distributed Ledgers - November 16, 2017
- BitDegree Teams up with Zcoin to Develop Cryptography Course - November 16, 2017
- With Backing from the Biggest Poker Names, CoinPoker Launches Pre-ICO - November 15, 2017
- Jeff Garzik – Metronome GitHub is now public - November 14, 2017
- Livestreaming Pioneer YouNow Doubles Down on Decentralization with Storj Labs Partnership - November 14, 2017
- OriginTrail – Winner of Walmart 2017 Food Safety Innovation Award Announces Presale - November 14, 2017
- Revain Announces Release Of The First Test Version Of The Platform - November 13, 2017
- PikcioChain Receives Huge Pre-ICO Boost by Winning a Place on BNP Paribas’ Fintech Accelerator - November 13, 2017
- Fluree PBC Launches FlureeDB — Scalable, Blockchain Cloud Database - November 13, 2017
- CoinTracking – The Personal Portfolio Monitoring Tool and Tax Tracker for Digital Currencies - November 13, 2017
- OTC Exchange Network Announces that DMALINK has Joined their Early Adopter Program OTC Exchange Network Announces that DMALINK has Joined their Early Adopter Program - November 13, 2017
- Leondrino Exchange, Issuer of Digital Branded Currencies, Announces Its Own Digital Currency XLEOLeondrino Exchange, Issuer of Digital Branded Currencies, Announces Its Own Digital Currency XLEO - November 13, 2017
- Blockchain Executive and Cryptocurrency Investor David Drake joins eSport and Gaming platform Play2Live Advisory Board - November 13, 2017
- UHUB.IO Seeks to Bring Their Decentralized E-commerce Platform to Life - November 13, 2017
- Eidoo Hits 100,000 Downloads As Cryptocurrency Customers Seek A Simpler Way To Store And Use Their Assets - November 13, 2017
- Ethereum Goes to Hollywood – Award-Winning Crypto Film Project Premieres in Hollywood - November 13, 2017
- Santa Claus Is Moving To Blockchain! Bye, Bye Chimney! - November 13, 2017
- Safinus Platform Wants to Unite Investors and Traders in One Place - November 13, 2017
- Exscudo Uses Multisignature Technology To Protect User Accounts - November 13, 2017
- Lykke To Support ERC20 Tokens In Latest Lykke Wallet Release - November 13, 2017
- Can Blockchain Revolutionise The Third Sector? Introducing The World’s First Recycling Intiative - November 13, 2017
- JBOX Announces Initial Coin Offering for Blockchain-Powered Decentralized Video Platform - November 13, 2017
- Perkins Coie Selected as a Founding Steward in Self-Sovereign Identity Network - November 13, 2017
- Waves Claims it Will Become the Fastest Blockchain Platform in the World - November 13, 2017
- Binary.com Announces ICO - November 13, 2017
- Finova Financial Announces The JOBS Crypto Offering (JCO): A Path To A Regulated Public Securities Offering for Non-Accredited Investors Using Cryptocurrency - November 13, 2017
- Dash Transactions Now 215 Times Cheaper Than Bitcoin After New Network Upgrade - November 13, 2017
- Tech Bureau’s mijin Opens Applications for Powerful New Enterprise Blockchain - November 13, 2017
- Human Discovery Platform Launches Token Sale to Build the Largest Storage of Human Behavior Powered by Blockchain - November 13, 2017
- CarFix Will Repair Your Vehicle For A Fraction Of The Price, With Help From The Ethereum Blockchain - November 13, 2017
- Neufund, Receives 10M Euro In Funding To Create ‘Equity Token’ - November 13, 2017
- Beenest Begins Decentralized Future For Short-term Housing Rentals - November 13, 2017
- CanYa Wants to Eliminate Crypto Volatility within Online Gig Economy Marketplace - November 13, 2017
- Allianz Pioneers Blockchain Prototype for the Captive Insurance Market - November 13, 2017
- Third Generation Cryptocurrency SkyCoin Aims to Shake up the Market - November 7, 2017
- DAO PlayMarket 2.0 – a New Era of Mobile Applications - November 7, 2017
- The International Scientific and Practical Association Jus Naturale – The first NGO with Blockchain-Based Membership - November 7, 2017