Proof Of Humanity

https://gov.proofofhumanity.id/t/phase-2-hip-14-lock-the-1-ubi-hour-person-issuance-rate/626

Simple Summary The proposal is to elevate the issuance rate of 1 $UBI/hour/person to a formal decision and allow no other form of $UBI issuance. Furthermore to lock the decision using the locking mechanism proposed in HIP-10.

Abstract The issuance rate of $UBI is 1 $UBI/hour/person, which seems to be very satisfactory to the community. However, we lack a decision specifying this issuance rate. This proposal formally adopts this issuance rate and bans all other forms of issuance - for instance putting tokens directly into the DAO account. In addition, the decision will be locked using the new HIP-10 mechanism, which will need to pass before this proposal can be put to a final vote. The decision is mostly about sending a signal to ourselves and others that the issuance rate is holy and will not be changed, ever.

Motivation A good currency needs dependability - if it operates under rules that are unlikely to change then people will be more likely to trust it. The burning rate question will be left open, but just fixing the issuance rate will already make future supply much easier to predict. And future problems can be addressed within changing issuance:

If we need to raise the income, then we but increase the value of the token. If we need money, we but get outside funding or increase revenue.

Locking Motivation Locking the decision will send a signal to ourselves and others that $UBI will never be changed. This will deflate arguments against investing time and money in the currency because “the DAO could just put 3 million in its account at any time.”

Specification The $UBI token will be issued at a rate of 1 $UBI/hour/human. No other issuance of $UBI will be allowed.

Rationale This proposal was split off from HIP-10 as a separate proposal because it had too great an impact on the future of the DAO.