UBI-Vault technical overview. 14062019
UBI-Vault (1) takes Ethereum (crypto money) from sponsors, (2) UBI-Vault app registers users called citizens and
(3) UBI-Vault distributes Ethereum to citizens.
organizations and governments can sponsor Ethereum to the UBI-Vault`s public
address. They can chose (directly on the UBI-Vault web-interface or re-directed
to this interface from the mobile phone sponsor button) that their
contributions are made public on the website.
can register as a UBI-Vault citizen by using the UBI-Vault citizen mobile phone
app. The app has the following fields to be filled in: First name, last name,
address, city, country, public address of citizen`s wallet. This implies that
the citizen has a wallet installed and is able to copy her public address to
the app. An info field tells the citizen (a) how to get a wallet and (b) how to
copy the public address to the app. The citizen`s public address is stored on the public Ethereum
blockchain (a smart contract) so that it is added to the UBI-Vaults` distribution process (3). The other info is stored on the phone (for quick access for the status info) and on a web-server (checking for
multiple registration attempts with different public addresses (multiple
wallets) from the same name and mobile phone number). After successful
registration the app shows status info e.g. about transfers from the UBI-Vault
to the citizen`s wallet.
A app checks for uniqueness of public
address (check against blockchain or web-server)
B app checks for uniqueness of phone number with SMS verification
- The UBI-Vault distribution sysem (smart contract) has the following functions:
95% of incoming Ethereum is distributed among citizens, 5 % is for maintenance of
Available Ethereum= AE
Amount of citizens= AC
Amount of basic income=AB
Once a week when AE/AC> AB then transfer AB to every citizen`s wallet.
The UBI-Vault back end server controls the registration of the users` public wallet addresses in the UBI-Vault smart contract and initiates the smart contracts`distribution system.
BigchainDB will be used in the future for scalability and response time optimization