In the nearest time, Basic Income Foundation (BINCOME) will be established in the USA, Delaware.
Basic Income Foundation (hereinafter referred to as BINCOME) is a non-profit organization created to help CENTUS Seigniorage Network participants by accruing Universal Basic Income (UBI) to their Stellar addresses during periods of economic instability.
The assets of BINCOME include funds formed from CENTUS tokens specially allocated for financing its activities, and from other contributions, including cryptocurrency and fiat assets, as well as movable and immovable property.
BINCOME has one main function: Providing financial assistance to participants of CENTUS Seignorage Network on terms of perpetuity, irrevocability and gratuitousness through the accrual and payment to their Stellar addresses.
Participation in BINCOME
- Any person registered in the CENTUS Seigniorage Network can be a participant of BINCOME.
- To receive assistance, the participant must have at least 100 CENTUS tokens (1 USD) on their personal Stellar address.
- The participant can sell the CENTUS tokens received as financial assistance at any time.
- Any participant, if desired, can popularize the activities of BINCOME at the level of their country, state, province, city, district, etc. Such participants contributing to the successful development and activities of BINCOME through posting links, publishing posts on their social media pages, creating video materials , conducting personal communication, performing administrative activities, etc. can receive rewards in the form of special BONUS tokens, which can be converted into CENTUS tokens at a rate of 1:1.
BINCOME Governing Bodies
- BINCOME participants form the BINCOME governing bodies, consisting of the Supervisory Board and the Executive Committee.
- The Supervisory Board is formed by voting for the candidates who nominated themselves to BINCOME Board.
- The Supervisory Board members elect BINCOME Executive Committee that performs day-to-day activities of the BINCOME related to the accrual of basic income to its participants.
When voting for candidates to the governing bodies, votes are taken into account in proportion to the volume of CENTUS on the Stellar addresses of BINCOME participants. The decision is made by a simple majority of votes.
Powers of the Supervisory Board
The Supervisory Board is the supreme governing body of BINCOME and has the right to:
- Reject any initiative of the Executive Board
- Inspect the work of the Executive Board
A member of the Supervisory Board may also be a member of the Executive Committee.
Powers of the Executive Committee
The Executive Committee is a single permanent executive, administrative and coordinating body of BINCOME.
The Executive Committee organizes the work of BINCOME and takes the following measures to ensure its financial efficiency:
- Develops principles for encouraging participants who take an active part in BINCOME activities
- Invests surplus funds of BINCOME in order to increase their value in the most efficient way
- Ensures the accrual and payment of financial assistance to the CENTUS Seignorage Network participants
- Deals with other matters relating to BINCOME management.
Requirements for candidates to BINCOME Executive and Supervisory Bodies
- Active support of other participants, which is confirmed by the presence of at least 10 active junior partners (in both 1st and 2nd lines) in their partners network.
- Every candidate to the Executive Committee must hold at least 50,000 CENTUS of own funds on their Stellar address, and at least 1,000,000 CENTUS of own funds in total must be hold on their junior partners’ accounts.
- Every candidate to the Supervisory Board must hold at least 100,000 CENTUS on their Stellar address, and at least 2,000,000 CENTUS of own funds in total must be hold on their junior partners’ accounts.
- In some cases, by BINCOME participants’ decision, a high active participant might be considered as a candidate, even if they does not have the required CENTUS amount.
Members of the Executive and Supervisory Boards receive remuneration that directly depends on the financial performance of BINCOME, which, in turn, depends on the effectiveness of BINCOME management bodies activities.
The financial performance is determined by the amount of financial assistance provided in the form of CENTUS tokens accrued to the Seigniorage Network participants’ Stellar addresses (the more assistance provided, the higher the remuneration of BINCOME governing bodies).
- The Election Commission is appointed from among the most active participants of the CENTUS Seigniorage Network by open voting. The Election Commission checks the candidates for eligibility and approves or rejects the nominated candidates.
- The Election Commission is an ad-hoc body formed, if necessary, only for electoral periods.
- The Supervisory Board and the Executive Committee take decisions by voting.
- At each meeting, the governing body members shall elect the Chairman by a simple majority of votes.
- At the first general meeting, a Secretary shall be appointed to formalize the meetings results.
- The meeting is competent to make decisions if attended by a qualified majority of the Board or Committee members (75%).
- The decision is considered adopted if more than half of those present at the meeting has voted for it.
- Any discrepancies in the Principles and Rules relating to BINCOME are subject to interpretation by developing consensus among the Supervisory Board members.
BINCOME has the right to establish structural divisions (representative offices) based on the territorial basis: for countries, states / provinces / provinces, cities, districts, streets, and so on:
- Each country, represented by a representative office, elects its national director, as well as heads of representative offices of states, provinces, cities, districts, streets…
- Structural unit heads are entitled to remuneration. The size and type of remuneration depend on the performance of the structural unit head activities.
- In accordance with clause 2, it shall be proposed to BINCOME Supervisory Board to determine the amount of remuneration and minimum social security packages for BINCOME national representatives.
The remuneration and the minimum social security package for the director of the country level BINCOME representative office may, but not necessarily, include:
a. apartment (rent);
b. car (rent);
c. medical insurance;
d. pension/insurance package.
e. wages in the amount of at least 100% of the average monthly wage in the country of residence (at least 200–1000 US dollars per month, depending on the country).
The funds for remuneration and minimum social package for the representative office director are taken from BINCOME funds based on the amount of an assistance provided in the respective country — the more assistance is provided, the more remuneration and the size of the social package the director of the representative office can count on.
- The regional corporate structure (country/province/city/district/street) shall be formed in accordance with the laws and traditions of the countries participating in BINCOME.
- Country directors shall be elected by participants of the CENTUS Seignorage Network in the respective country and approved by BINCOME Supervisory Board.
- The representative offices directors determine the structure of the subordinate units in their country, as well as the minimum amount of remuneration for the subordinate executive bodies (at the state-province/city/district/street level).
Only Basic Income Foundation participant can be BINCOME representative office director. Simultaneously, the representative office director shall be one of BINCOME directors, representing and protecting his country’s interests in BINCOME.
What does BINCOME representative office director receive:
In addition to remuneration for their work in BINCOME and a social package, the BINCOME director has the right to receive additional remuneration in the amount of 2% of the basic income amount accrued to all participants based in his country. The reward is paid in BINCOME tokens, which are converted to CENTUS at a rate of at least 1:100.
An annual bonus based on the performance of BINCOME representative office, depending on its actual performance.
The basic income will then be paid directly in BINCOME tokens, which can be instantly exchanged to USD, CENTUS and other popular crypto-currencies right in your CENTUS wallet through the Swap option. The BINCOME token is also pegged to USD (1 BINCOME ≈ 1 USD), but it may cost more as there is no direct sale of tokens.
The total number of BINCOME issued on the Stellar blockchain is 1,000,000,000 and can be increased after the full distribution of the initial token issue.
Deprivation of powers
- Every member of the Supervisory Board is obliged to raise the issue of the deprivation of powers of any Executive Committee or Supervisory Board member, if there are reasonable suspicions that they uses their powers for purely personal purposes, and not in the interests of the members of BINCOME (conflict of interest).
- When considering a conflict of interests, BINCOME managing member, whose deprivation is being considered, cannot participate in voting.
This draft rules and principles is not final, all parameters are subject to agreement with interested participants in the CENTUS Seigniorage Network. The final version is subject to final agreement and approval by BINCOME Supervisory Board after its establishment and the election of BINCOME governing bodies.
BINCOME offers the large MLM market representatives to consider any programs for mutually beneficial cooperation: We are interested in attracting new consultants for countries and other local territorial entities.