How is ImpactMarket solving poverty with Universal Basic Income (UBI)? - Crypto in Plain English - Episode 275 - by cryptohunt.it

How is ImpactMarket solving poverty with Universal Basic Income (UBI)?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

As you know, we are huge fans of the potential that blockchain technology has in solving some of the world's biggest problems.

Today, we talk about ImpactMarket, a blockchain project that is tackling one of those problems: Providing financial access and support to the communities that need it the most.

ImpactMarket is most known for providing universal basic income - short UBI - to those in need. By our estimates, it may actually be the largest UBI project in the world, having distributed about $3 million dollars to over 40000 people. Using those $3m, their recipients have generated over $7 million in total monetary movement - this is because money changes hands multiple times as economic activities happen.

But you'll ask, and rightfully so: do we really need a blockchain to do this?

Well, we don't. Except that our system is broken. For every dollar you give to a traditional charity, double digit percentages end up in executive salaries, marketing, and the like. Take the Red Cross for example: Both CEO and COO made over $700,000 (!) dollar each per year. The Salvation Army, as another example, downright refuses to detail exactly how much money reaches people in need.

Don't get us wrong, these organizations do good things. But you can judge those numbers yourself, because we certainly do. Either way, fact is: A large organization has overhead.

Enter blockchain technology, like the one used by ImpactMarket: It puts most of the administrative effort into computer code, making it mostly overhead free. And because everything is on the public record, you can see where your money went.

And there is more: Donors get the PACT token, and can use that to vote on the communities who are applying to join the universal basic income program.

We hope you are as excited as we are about projects like this one, because it gives us an opportunity to solve problems in better ways. Check them out at ImpactMarket.com.

This podcast is produced by Cryptohunt.it the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.