Basic Income Foundation (BINCOME) Establishment

All stakeholders are encouraged to participate!

BINCOME Mission

Participation in BINCOME

  1. Any person registered in the CENTUS Seigniorage Network can be a participant of BINCOME.
  2. To receive assistance, the participant must have at least 100 CENTUS tokens (1 USD) on their personal Stellar address.
  3. The participant can sell the CENTUS tokens received as financial assistance at any time.
  4. 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

  1. BINCOME participants form the BINCOME governing bodies, consisting of the Supervisory Board and the Executive Committee.
  2. The Supervisory Board is formed by voting for the candidates who nominated themselves to BINCOME Board.
  3. 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.

Powers of the Supervisory Board

  1. Reject any initiative of the Executive Board
  2. Inspect the work of the Executive Board

Powers of the Executive Committee

  1. Develops principles for encouraging participants who take an active part in BINCOME activities
  2. Invests surplus funds of BINCOME in order to increase their value in the most efficient way
  3. Ensures the accrual and payment of financial assistance to the CENTUS Seignorage Network participants
  4. Deals with other matters relating to BINCOME management.

Requirements for candidates to BINCOME Executive and Supervisory Bodies

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Election Commission

  1. 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.
  2. The Election Commission is an ad-hoc body formed, if necessary, only for electoral periods.

Formal aspects

  1. The Supervisory Board and the Executive Committee take decisions by voting.
  2. At each meeting, the governing body members shall elect the Chairman by a simple majority of votes.
  3. At the first general meeting, a Secretary shall be appointed to formalize the meetings results.
  4. The meeting is competent to make decisions if attended by a qualified majority of the Board or Committee members (75%).
  5. The decision is considered adopted if more than half of those present at the meeting has voted for it.
  6. Any discrepancies in the Principles and Rules relating to BINCOME are subject to interpretation by developing consensus among the Supervisory Board members.
  1. Each country, represented by a representative office, elects its national director, as well as heads of representative offices of states, provinces, cities, districts, streets…
  2. Structural unit heads are entitled to remuneration. The size and type of remuneration depend on the performance of the structural unit head activities.
  3. 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 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.

  1. 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.
  2. Country directors shall be elected by participants of the CENTUS Seignorage Network in the respective country and approved by BINCOME Supervisory Board.
  3. 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).

What does BINCOME representative office director receive:

BINCOME token

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

  1. 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).
  2. When considering a conflict of interests, BINCOME managing member, whose deprivation is being considered, cannot participate in voting.

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.

We are grateful to the participants who prepared this draft of the fund’s rules and principles — BIG THANKS!!!

Action Team

JOIN OUR TEAM!

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