encointer -- Local Community Cryptocurrencies with Universal Basic Income
Alain Brenzikofer
TL;DR
Encointer introduces a blockchain platform enabling local community cryptocurrencies with universal basic income, using demurrage for money supply control, proof-of-personhood for Sybil attack prevention, and privacy-preserving features.
Contribution
It presents a novel blockchain system combining local currencies, UBI distribution, and privacy with mechanisms to prevent Sybil attacks and adjust transaction fees.
Findings
Effective local currency issuance with UBI
Robust Sybil attack prevention through pseudonym signing
Privacy-preserving transaction features
Abstract
Encointer proposes a blockchain platform for local community cryptocurrencies. Individuals can claim a universal basic income through issuance of fresh money. Money supply is kept in proportion to population size through the use of demurrage. Sybil attacks are prevented by regular, concurrent and randomized pseudonym key signing parties to obtain a proof-of-personhood. Encointer features privacy by design and purchasing-power adjusted transaction fees.
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Taxonomy
TopicsBlockchain Technology Applications and Security · Spam and Phishing Detection · Privacy, Security, and Data Protection