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:
- Scottish Blockchain Company Hypervine Signs with European Space Agency Data To Improve Efficiency And Transparency For The World’s Mining Industry - February 22, 2020
- Loyyal Signs Three Year Production Agreement with The Emirates Group for Use of Blockchain Loyalty and Rewards Platform - February 21, 2020
- Enjin Platform Enables Game Developers to Integrate Blockchain Assets Without Blockchain Coding Experience - February 18, 2020
- Blockchain Project Cashaa Protecting Crypto Companies to Survive Fifth Money Laundering Directive and New FCA Rules in 2020 - February 8, 2020
- US SEC Boss Hester Peirce Suggests Three Year “Safe Harbour Period” For Token Sales - February 6, 2020
- China’s Hyperchain Plans to Take on Coronavirus With Blockchain-Fueled Donation Platform - February 6, 2020
- Blockstack Proposes Using Bitcoin, Novel ‘Proof of Transfer’ To Accelerate A Truly User-Owned Web 3.0 - February 6, 2020
- Hack Blockchain To The MAX! €15.000 Prizepool at MAXathon in Berlin April 18-19, 2020 - February 6, 2020
- Chiliz And Enjin To Launch Blockchain Collectibles Using NFTs For The Likes of Juventus, Paris Saint-Germain, Atlético de Madrid and West Ham - February 6, 2020
- MIT Researchers Claim to Boost Bitcoin and Cryptocurrency Blockchain Transactions By 4x with New ‘Spider’ Routing Scheme - February 4, 2020
- Canada’s Blockchain Intelligence Group Signs USD$540,000 Contract with United States Feds - February 4, 2020
- The United States Marshals Services to Auction 4,040.54069820 Bitcoin – USD$37 Million - February 4, 2020
- OpenLegacy Project Gets $20m Strategic Investment from Japan’s SBI Holdings – Focus on Blockchain - February 4, 2020
- Fastest Growing and Highest Revenue Mobile Messenger App in the World, Japan’s LINE to Launch LINK Cryptocurrency - February 3, 2020
- Insolar to Launch MainNet on February 3, 2020 – Debuts Insolar’s New XNS Token - February 3, 2020
- Blockchain-Based Social Media App Vid with VI Tokens – To Launch April 1, 2020 – After VC $10 million USD Investment in 2019 - February 3, 2020
- UK FCA Licenses BCB Group as First Crypto Company to be Regulated as Authorised Payment Institution - January 31, 2020
- Virgil Griffith Pleads Innocent in Blockchain North Korea Event Case – Faces Up To 20 Years in Prison if Convicted - January 31, 2020
- University College London Centre for Blockchain Technologies Releases New Report on Supply Chains - January 31, 2020
- World’s Leading Research and Advisory Company Gartner Says Blockchain Smart Contracts Can Increase Corporate Overall Data Quality by 50 Percent - January 31, 2020