The Grantcoin Foundation, a 501 (c) (3) non-profit organization that has its own digital currency, distributed “basic income grants” to people this month in 17 countries. The organization is devoted to providing a universal basic income.
The currency is traded on exchanges, the largest being Bittrex. The average recipient received $5.19 USD. Applicants can sign up by Sept.21 to be included in the next quarterly distribution on Sept. 30.
The first quarterly distribution sent Grantcoin to 255 self-selected applicants in the United States, the United Kingdom, Canada, Australia, France, Germany, Russia, China, Australia, New Zealand, Denmark, Belgium, Portugal, Bangladesh, Ghana, Cameroon and Indonesia.
Eric Stetson, Grantcoin founder and executive director, said the foundation demonstrates a way for people worldwide to have a sustainable, equitable monetary system based on global issuance of the money supply.
Basic Universal Income Movement
“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,” Stetson said. “We believe Grantcoin is doing something historic and of world-changing importance.”
The first distribution was a total 5,255,129.132815 GRT in basic income grants and referral bonuses. The Grantcoin price on Bittrex at this report was $1,322.19 USD. The average recipient received 20,608.349540 GRT, worth around $5.19 USD.
Individuals who signed up for Grantcoin but did not create a wallet will receive a private key to a wallet created for them. The Grantcoin Foundation will send the address for the wallet via an encrypted email.
People who signed up for a wallet but did not complete the verification process will not receive private keys. Unverified applications for basic income must verify their account by Sept. 21 or forfeit the Grantcoin being held in their name.
Forfeited Grantcoin Returns To Supply
Forfeited Grantcoin will be sent to the Sept. 30 distribution.
The foundation plans to add 3.5% annually to the Grantcoin supply through basic income grants; 0.875% was added in the first quarterly distribution.
A total 439,453,307.271707 GRT circulated (not held in reserve) prior to the recent distribution, meaning a Grantcoin reserve wallet designated for basic income grants sent 3,845,216.438627 GRT. The basic income grants wallet address is GV9ns15UAPwnxs4Bo4mNZ2SwN2RTaSNayR.
Each recipient received 15,079,280151 GRT in basic income.
The Grantcoin reserve wallet sent a total 1,409,912.694188 GRT in referral bonuses. The wallet address is GSopxVrRWDM3hnBtoJFKTf7qamz7H3S5R4.
Referral bonuses per recipient ranged from 7,539.640076 to 150,792.801515 GRT. The amount depended on whether they were referred by someone and how many people they referred to the program.
The distribution breakdown can be found in Grantcoin blockchain blocks on the Grantcoin website.
Grantcoin will publish a blog about what it learned from the first distribution and how to improve the program.
Also read: Bitcoin and charity: time to step up!
‘Currency With A Conscience’
Grantcoin calls itself “currency with a conscience.” It notes on its website that 62 people own more than half the world’s wealth while more than 2 billion people live on less than $2 per day.
Grantcoin had a market capitalization of $8,646 (13 BTC) on July 10, according to coinmarketcap.com, with an available supply of 38,325,312 GRT and a total supply of 10,038,325,312 GRT.
Featured image from Shutterstock.