RightfulShare is creating a more accessible and fair economy using blockchain technology and tokenomics. Starting with a small rural town in South Africa, where almost 70% of the youth are unemployed, we provide a crypto-based basic income and tailored support to on-board marginalised young people into the digital world and kickstart their businesses. Project beneficiaries also gain exposure to blockchain, crypto and new income-generating opportunities.
We address South Africa's dual crisis of work and welfare, tackling escalating income inequality. Despite increased productivity, global wage spending has dropped, leaving a third of employed South Africans unable to meet basic needs. Unemployment affects almost 70% of young people, with no social security benefits. We disrupt this cycle, introducing innovative solutions like crypto basic income and tailored support to empower young people through blockchain, creating new income opportunities.
South Africa's income inequality stems from unemployment and wide wage gaps. Our approach involves deploying crypto basic income, and supporting marginalized youth to harness blockchain technology for self-sufficiency. They receive a digital UBI via digital wallets and exposure to various dApps, offering services and income opportunities. Training and mentoring are available to all. Recipients can exchange the UBI for FIAT or contribute to building a complementary economy by keeping the token.
Long-term outcomes include entrepreneurs' familiarity with entrepreneur and business skills as well as Web3 material. RightfulShare envisions beneficiaries utilizing their basic income as 'start-up' capital and diversifying their income streams. The ultimate social impact aligns with SDG 10, reducing inequalities. Young people leverage their digital basic income and newfound skills to break the cycle of exclusion and poverty, creating opportunities that disrupt inequality within the country.
This project has provided additional documentation in a PDF file (projdoc.pdf).