Project 2 Overview: The Kiwicoin Online Basic Income

by coinewzealand

The Kiwicoin (KWC) is a digital currency different than the standard altcoins. We plan to use it for a basic income. The principle aim and challenge of the Kiwicoin would be to keep it pegged to the New Zealand dollar at a fixed rate, so that it can provide a real basic income for all adult New Zealanders. We have devised a number of ways to maintain this peg, from alternative network structures to smart contracts/property to colored coins to more exotic structures. We have an initial implementation we’re aiming to develop, and adjust our approach from there.

Much of the principle rests on the charity being the only issuer of Kiwicoins. There would be no mining, per se, but there would be a decentralized network of computers running software to ensure network security and stability. The payment size and peg may require adjustment over time, but COINZ would try to ensure reserves of both currency and cash. Any proceeds that COINZ receives from the process, as well as a fixed amount of Kiwicoins per month, would be converted to cash and automatically moved into a “national wealth fund” for New Zealand to fund research, infrastructure, and education. The size of our reserves and total Kiwicoins in circulation would be publicly displayed, as to improve transparency.

In addition, we’d make our software open source to assist with development and refinement of this technology. We’re keen on spurring the development similar programs for other national fiat currencies as well: US dollars, British pounds, Euros, yuan, yen, and so on. Doing so would create a worldwide system for basic income and civic investment. In time, we may build other features onto this platform, such as a direct democracy voting protocol to assist with allocating priorities for national wealth funds. There are already similar programs in development, such as Eris.

The Kiwicoin project currently exists as a white paper, but we will be explaining more in the near future.