Key facts:
-
People registered with Proof of Humanity receive 1 UBI per hour.
-
At the time of writing, each UBI is trading at USD 0.047.
The creator of Ethereum, Vitalik Buterin, certified to be a real human according to the slogans of the platform Proof of Humanity (PoH). Since Yesterday, July 18, his identity is tokenized on the Ethereum blockchain and, if no one proves that his certification is false or that he has made any mistake, in 2 days he will start receiving a basic income on the UBI token.
“I certify that I am a real human and that I am not already registered in this registry,” says the 27-year-old developer in the 4-second video uploaded to the network. In accordance with the PoH regulations, along with its verbal statement, it displays a computer screen on which you see one of their Ethereum addresses.
Proof of Humanity, a project led by Federico Ast and Clement Lesaege, seeks to associate identities of verified individuals with their respective Ethereum addresses.
To achieve the verification, another user is required to certify its existence, or in the Hispanic jargon of PoH, to “vouchee”it. In the case of Buterin, the “voucher” was made by Ning Fidel, assistant general of Kleros, a conflict resolution protocol that is used in PoH.
The PoH website presents it as”a system that combines networks of trust, with reverse Turing testing and dispute resolution to create a list of humans resistant to Sybil attacks.”
Several are mentioned possible use cases for such a system. Among them, the development of decentralized autonomous organizations (DAO) with verified human users; quadratic financing; certifications on the blockchain; social recovery wallets; credit score on DeFi; launch of airdrops; and antispam tools.
Universal basic income in the UBI token
One use case that is already up and running is delivery of a basic income in the Universal Basic Income token (UBI) for all those registered in Proof of Humanity.
Every verified human receives one UBI per hour. At the time of writing, each UBI is worth USD 0.047, as can be seen in CoinGecko. Therefore, the rent you get is around USD 1.41 per month.
According to the Argentine developer Santiago Siri, director of the organization Democracy Earth, which is behind the UBI project, the objective is that the income earned by each person is a few ” hundreds of dollars a month.”
This was achieved during the first months ofthe project, but the UBI token could not decouple from the price of the rest of the cryptocurrencies. As Crypto News has reported, following in the footsteps of bitcoin (BTC), the entire crypto asset market, in general, has been in the red since May.
The arrival of Buterin to Proof of Humanity caused expectation in some UBI holders regarding a possible price increase. “That’s good news of Vitalik (founder of ETH) joining PoH, isn’t it? Hopefully this will take PoH to the clouds, “a member of the Telegram group”Proof of Humanity en español” wrote yesterday. “Elon Musk is missing and we face bitcoin,” another user said. So far, the expected increase in the price of UBI has not occurred.
Despite the current price that does not favor those who receive UBI, the community around this project remains hopeful. For example, Felipe Álvarez, founder of the Colombian initiative REDmocracia, wrote in the aforementioned Hispanic Telegram group:”all of us here understand that this is going to be very big.”
Own Buterin is optimistic about PoH. As reported by this media, the Russian-Canadian developer is a member of the Proof of Humanity English Telegram group and has occasionally interacted with participants. Buterin considers that ” decentralized governance and airdrops as UBI they are definitely the two most important use cases” for PoH.
Other recognized personalities who receive UBI for having tokenized their identity in Ethereum are the CEO of MercadoLibre, Marcos Galperín, and former Argentine baseball player Emanuel “Manu” Ginóbili.