Blockchain News

Globle is a Democratic, Blockchain-Based Innovation Platform

Globle is a Democratic, Blockchain-Based Innovation Platform June 21, 2018 10:08 am
Globle is Democratic Ideas Funding with a UBI Bent

Photo Credit: Anna Om/123RF

Globle is a decentralized platform built on the blockchain that allows a community of voters to decide which ideas are the best, and then provide funding to make those proposals a reality. When projects are successfully brought to market, the entire community sees a slice of the pie, a twist on UBI that Globle’s founders believe will help spark innovation and allay the cost of the tech-related jobs crunch.

The project is something of a mix between Kickstarter and Quora, with blockchain technology as the underlying basis. It works when a concept or idea is posted on Globle. Next, the community of Globle users is up-voted, down-voted, and endorsed with cryptocurrency-based stakes in a given idea so that the most popular – and presumably the most consumer-friendly – ideas float to the top.

In line with the fully-democratized nature of Globle, a leader for the project is then elected by the community. It is then the project lead’s responsibility to define a roadmap to get the project moving from the idea stage into the actualization process. This includes creating job openings to be filled by other members of the Globle community. In this way, the platform is one where not only innovative opportunity, but employment opportunity is inherent.

The funding stage is next, and it is critical. While the up-voting system is a strong determinant of which ideas offer the most promise, the crowdfunding stage is where not only an idea, but a project team and their project strategy are endorsed tangibly by the community. Those who do invest are granted project tokens, giving them governance rights, access to project updates, and a share of profits from the project.

Then, if all goes smoothly, the project is ultimately implemented. The successful completion of a project sees much of funds returned to the inventors, team members, and investors. But, the remainder of those funds are split between the Globle community equally, which is the facet of the platform that is considered akin to universal basic income, or UBI.

Co-founder of Globle, Simon Tian, is a Thiel fellow who, along with his partner Ken Yang, envisions Globle as a part of the solution in an upcoming tech-related jobs crunch, as well as a means for incentivizing innovation.

With the impending technological unemployment caused by the rise of automation and AI, we see an increasing need for a democratized innovation model where creativity and entrepreneurship can be fully fostered and harnessed, Tian said. The wealth created from this ecosystem will be fairly distributed to contributors and to everyone else through a universal basic income (UBI).