South Africa’s RightfulShare Unveils Universal Basic Income (UBI) Scheme Using Digital Currencies in Partnership with GoodDollar

The first initial transfer recipient was sent directly to Delano, a local agriculture entrepreneur from the small town of Groblershoop in the Northern Cape province of South Africa, a region where the formal unemployment rate is around 50%, with many young adults trying to find creative solutions like small businesses and entrepreneurship to earn a living.

RighfulShare, an independent initiative by a former South African Member of Parliament, has launched an unconditional universal basic income transfer with UBI protocol, GoodDollar, in South Africa.

The first initial transfer recipient was sent directly to Delano, a local agriculture entrepreneur from the small town of Groblershoop in the Northern Cape province of South Africa, a region where the formal unemployment rate is around 50%, with many young adults trying to find creative solutions like small businesses and entrepreneurship to earn a living.

The GoodDollar protocol is a community-driven, distributed framework designed to generate, fund, and distribute global basic income via the GoodDollar token (G$). G$ is an ERC-20 digital asset built on the Ethereum blockchain that operates within the emerging ecosystem of decentralized and open finance. GoodDollar leverages new protocols and smart contracts across the ecosystem to deliver its basic income economy.

“We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans and nourishing the creativity and entrepreneurial spirit present in the country ,” says Karen Jooste, Founder of RightfulShare.

According to RightfulShare, this is a pioneering step for fairer income access bringing both resources and Web3 solutions to a small town in the country.

With the introduction of an unconditional universal basic income (UBI), RighfulShare aims to show that changing the current socio-economic system that disadvantages those without funds is possible by supporting individuals to meet their basic needs and expand their opportunities.

Alongside the basic income transfer, beneficiaries will also have access to mentoring and learning opportunities. These will range from business development to Web3 education, to introduce and expand the opportunities participants can access.

The project is also being replicated in the metaverse, with the entire town of Groblershoop being built so those across the world can gain context. Those who contribute will be issued a social yield to document their investment on chain, the project says.

 

 

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