encointer -- Local Community Cryptocurrencies with Universal Basic Income

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.