Everyone agrees with Andrew Yang that we should get paid for our data, but how to do it…
People should be paid for their data. Andrew Yang recently argued this on the Democrat Debate Stage recently. But how? He advocates a “Freedom Dividend,” a universal basic income (UBI) of $1k per month for US adults, paid for by a new Value Added Tax. I argue we need a data central bank.
Obstacles exist to realizing this method of paying people for data. 1) It may never pass through Congress. 2) It only serves US citizens (not “universal” as the title suggests). 3) Americans hate taxes since as far back as the Boston Tea Party in 1773.
Unfortunately, Andrew Yang’s plan is the only solution that pays you a meaningful amount of USD for your data. Because even if Facebook shared 10% of net profits with you directly, average US Americans would only earn about $5 a year.
However, one other solution can work and avoid the pitfalls of the UBI proposal…
A data central bank
A first ever data central bank won’t need to pass any legislature, serves the global citizenry, and requires no new taxes. Like Andrew’s proposal, it delivers $1,000s to US Americans each year – but it doesn’t stop there – and would reward people all around the world for data.
The catch? Well, who wants to receive a new currency in exchange for data? Today, everyone in the US accepts the USD; everyone in Europe accepts the Euro; and so on and so forth. A central bank that creates a new global currency would have to fight for it to be accepted everywhere.
Tree of Wally (TOW) addresses this problem with a Facebook and Patreon crossbreed on top of a data central bank. On TOW, priced user generated content, sponsored posts, promotions, and ads may only be purchased in Wallys, a new data currency.
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