Decentralized Universal Basic Income (DUBI)

What is Purpose (PRPS) and Decentralized Universal Basic Income (DUBI)?

Purpose (PRPS) is an ERC-20 token designed to facilitate altruistic investment. It’s built on the Ethereum blockchain with the core objective of supporting the concept of Decentralized Universal Basic Income (DUBI). The project aims to create a system where individuals can contribute to the funding of a UBI through the holding and utilization of the PRPS token. In essence, PRPS acts as a mechanism for accumulating value and supporting the eventual distribution of DUBI.

DUBI, also an ERC-20 token, is intended to be the actual UBI distributed to individuals. The underlying concept behind DUBI is to provide a basic income to people worldwide, regardless of their employment status or income level. The developers and community envision a future where DUBI is distributed on-chain, managed by smart contracts, and potentially even incorporating automated taxation features for government compliance, though this remains a longer-term aspiration.

The unique relationship between PRPS and DUBI is key to understanding the project. Holding PRPS generates DUBI, with the rate of DUBI output tied to the amount of PRPS held. This provides an incentive for holding PRPS and contributing to the ecosystem, as it directly translates into future DUBI earnings. The project emphasizes community involvement and has a dedicated team of volunteer developers working to enhance both PRPS and DUBI’s value and functionality.

How Does Purpose (PRPS) Work?

The functionality of Purpose revolves around its ERC-20 token structure and its capacity to generate DUBI. Users invest in the PRPS token, essentially contributing to the project’s overall capitalization. The premise is that as more individuals invest in PRPS and the platform grows, the value of PRPS will increase. This growth is intended to indirectly fund the eventual distribution of DUBI.

The crucial aspect of PRPS’s operation is its ability to generate DUBI tokens for holders. The amount of DUBI generated is proportional to the amount of PRPS held, creating an incentive for participation. The specifics of this generation rate (e.g., the ratio of PRPS to DUBI output) are determined by the project’s smart contracts and can be subject to change through community governance or developer updates. This mechanism effectively turns PRPS into a yield-bearing asset, where the yield is paid out in the form of DUBI.

Looking at the distribution of DUBI, the ultimate goal is to facilitate on-chain distribution. The development team is working on an allowance contract. The allowance contract is designed to automatically distribute DUBI to individuals at a set rate. A unique feature being explored is the incorporation of optional automated taxation. This would allow governments to potentially collect taxes on DUBI distributions directly, streamlining the process and ensuring compliance. This is a more futuristic vision that is not active at this time, but it shows an ambitious goal to ensure future compliance with government regulations.

Purpose (PRPS) Key Features and Technology

Purpose (PRPS) leverages several key features and technologies inherent to the Ethereum blockchain to achieve its goals. Being an ERC-20 token, PRPS benefits from Ethereum’s security, transparency, and established infrastructure.

One of the most significant features is the smart contract functionality. The entire system, including the generation of DUBI and its eventual distribution, is governed by smart contracts. These self-executing contracts ensure transparency and immutability, meaning that the rules are predefined and cannot be altered without consensus. The allowance contract will be developed to automate the distribution of DUBI, reducing the reliance on centralized entities and increasing the overall decentralization of the project. The smart contracts can also be programmed to handle various parameters, such as the DUBI generation rate, distribution schedules, and any taxation mechanisms.

Furthermore, the use of Ethereum allows for interoperability with other DeFi protocols and decentralized applications (dApps). PRPS and DUBI can potentially be integrated into various DeFi platforms for staking, lending, or other financial services. This integration could further increase the utility and adoption of the tokens. The community involvement, with a dedicated team of volunteer developers, is also a crucial aspect of the project. This ensures continuous development and improvement, adapting to the evolving needs of the ecosystem.

What is Purpose (PRPS) Used For?

The primary purpose of PRPS is to act as an investment vehicle to support the concept of Decentralized Universal Basic Income. Investors purchase PRPS with the expectation that its value will increase over time, driven by community growth, project development, and increasing adoption of DUBI. By holding PRPS, individuals are essentially contributing to the potential future distribution of DUBI.

The utility of PRPS extends beyond simple investment. It also serves as a means to participate in the project’s ecosystem. Holders of PRPS earn DUBI, providing them with a stake in the UBI system. This incentivizes participation and encourages long-term holding of PRPS. In theory, the PRPS token can also be used to influence future developments of the DUBI ecosystem through governance proposals and voting mechanisms.

Furthermore, Purpose aims to foster a community of activists and individuals who believe in the principles of UBI. By investing in PRPS, users are not only supporting a financial project but also aligning themselves with a broader social and economic cause. The platform also aims to facilitate activist events, enabling the community to promote the ideas and aims of the overall project.

How Do You Buy Purpose (PRPS)?

Buying Purpose (PRPS) involves several steps. Since it is an ERC-20 token, you’ll need an Ethereum-compatible wallet and access to an exchange or decentralized exchange (DEX) that lists PRPS. First, research which exchanges or DEXs currently support PRPS trading pairs. Popular options often include decentralized exchanges like Uniswap or centralized exchanges that list smaller altcoins.

Once you’ve identified an exchange, you’ll need to create an account and complete any necessary verification processes (KYC/AML) if required by the platform. Next, fund your account with Ethereum (ETH) or another cryptocurrency that can be traded for PRPS. This typically involves transferring ETH from your personal wallet to your exchange account.

Navigate to the trading page for PRPS, usually paired against ETH. You can then place an order to buy PRPS using your deposited ETH. Depending on the exchange, you might have options for market orders (executed immediately at the best available price) or limit orders (executed only when the price reaches a specified level). After the order is filled, the PRPS tokens will be credited to your exchange wallet. For enhanced security and to generate DUBI, it’s recommended to withdraw your PRPS to a personal Ethereum wallet that you control.

How Do You Store Purpose (PRPS)?

Storing Purpose (PRPS) requires an Ethereum-compatible wallet. Since PRPS is an ERC-20 token, it can be stored in any wallet that supports the Ethereum blockchain and the ERC-20 standard. There are several types of wallets to choose from, each with its own security characteristics and ease of use.

Software Wallets: These are applications that you install on your computer or smartphone. Popular options include MetaMask, Trust Wallet, and Exodus. Software wallets are generally convenient and easy to use, but they are more vulnerable to malware and hacking than hardware wallets.

Hardware Wallets: These are physical devices that store your private keys offline, making them much more secure. Ledger Nano S/X and Trezor are well-known hardware wallet brands. Hardware wallets provide the highest level of security, as your private keys are never exposed to the internet.

Browser Extension Wallets: These are wallets that exist as browser extensions, like MetaMask. They offer convenience for interacting with decentralized applications (dApps) directly from your browser. However, they are also susceptible to browser-based attacks, so it’s essential to practice good security habits and use reputable extensions.

Mobile Wallets: These wallets are specifically designed for smartphones and tablets. They often offer features like QR code scanning for easy transactions. Trust Wallet and Coinomi are examples of mobile wallets that support ERC-20 tokens like PRPS.

When choosing a wallet, consider your security needs and how frequently you plan to access your PRPS. For long-term storage and maximum security, a hardware wallet is generally the best choice. For everyday use and convenience, a software or browser extension wallet may be more suitable.

Future Outlook and Analysis for Purpose (PRPS)

The future outlook for Purpose (PRPS) and its associated Decentralized Universal Basic Income (DUBI) project is dependent on several factors. The project’s success hinges on its ability to attract a strong community, develop robust smart contract infrastructure for DUBI distribution, and ultimately, achieve widespread adoption of the DUBI token as a viable form of basic income.

One of the biggest challenges facing the project is the scalability and sustainability of the DUBI distribution model. As more users join the ecosystem, the demand for PRPS and the amount of DUBI generated will increase. The project needs to ensure that it can effectively manage this growth and that the underlying economic model remains viable. This may require exploring alternative funding mechanisms or adjusting the DUBI generation rate.

Another key area of focus will be regulatory compliance. As the cryptocurrency landscape evolves, governments around the world are increasingly scrutinizing digital assets. Purpose needs to ensure that its operations comply with all applicable regulations, particularly concerning taxation and KYC/AML requirements. The project’s ambition to incorporate automated taxation features into the DUBI distribution system is a step in the right direction, but it will require careful planning and collaboration with regulatory bodies.

The project’s success will also depend on its ability to address any security vulnerabilities in its smart contracts and infrastructure. Regular audits and security reviews are essential to identify and mitigate potential risks. The community-driven nature of the project is a strength, as it allows for decentralized oversight and collaboration in identifying and resolving issues.

The overall vision of PRPS and DUBI is ambitious, aiming to create a financial system centered around the well-being of people. There is potential for PRPS to provide a means to finance UBI initiatives and help achieve these types of goals.

References

• CoinGecko: https://www.coingecko.com
• CoinDesk: https://www.coindesk.com
• Ethereum: https://ethereum.org/en/