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BioMatrix introduces PoY, World’s 1st UBI token with 60yrs Issuance Commitment

May 7, 2024
Cloud PR Wire
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What is BioMatrix?
Introducing PoY and BioMatrix

DUBAI, UAE — BioMatrix, an L1 blockchain wealth distribution platform aimed at providing a globally accessible UBI to everyone, is set to launch the PoY token, marking a significant milestone in the pursuit of universal financial inclusion. This launch aligns with the Beta unveiling of the BioMatrix platform at Token2049 in Dubai on April 17, 2024.

A Leap Towards Universal Basic Income with Blockchain

In an era of increasing financial inequality, BioMatrix introduces PoY (Proof of You), a revolutionary token that intertwines users’ biological identity with blockchain technology, setting a new benchmark for Universal Basic Income (UBI).

With PoY, BioMatrix isn’t just launching a token; it’s a commitment by BioMatrix to leverage the potential of blockchain and AI technologies for the greater good, promoting a more inclusive digital economy where everyone, anywhere, can partake in secure wealth generation.

The Essence of PoY

At the heart of BioMatrix, PoY stands as a testament to individuality and empowerment. Each PoY token is a unique representation of the user, created from their BioID.

This process not only champions true decentralization but also ensures that the benefits of UBI (Universal Basic Income) are directly and fairly distributed among users. Through the innovative use of AI and ML, BioMatrix simplifies the authentication process, enabling users to seamlessly receive PoY tokens and participate in a broader economic ecosystem, addressing gaping inequalities in today’s society.

Empowering Users through UBI

BioMatrix commits to a 60-year issuance plan for the PoY tokens, fostering long-term engagement and continuous ecosystem growth. This sustainable approach supports users in educational pursuits, entrepreneurial ventures, and community projects, reinforcing the platform’s role in enhancing users’ lives.

This sets a precedent in sustainable UBI programs, encouraging early adoption and participation, and rewarding users progressively.

Built on Robust Technology

The PoY Chain, a proprietary Layer 1 blockchain developed by BioMatrix, exemplifies BioMatrix’s commitment to delivering high-speed, secure, and cost-effective digital transactions.  By integrating advanced cryptography, such as Zero-Knowledge Proofs (ZKP) for enhanced security, it ensures the privacy of user data without compromising transaction validity.

This pivotal technology not only underpins equitable wealth distribution but also scales the Universal Basic Income (UBI) concept, broadening its impact across various digital and real-world applications. In doing so, it maintains a strong focus on user privacy, marking a significant stride towards a more inclusive and secure digital economy.

Revolutionary Consensus Mechanism

BioMatrix sets itself apart through the innovative Delegated Proof of Credit (DPOC) consensus mechanism, rewarding participants in the network for their contributions by assigning a “good credit score.” This approach redefines and sets a new standard in the blockchain landscape, offering a novel alternative to conventional models like Ethereum’s Proof of Stake, and establishing a new benchmark for blockchain efficiency and fairness.

Tokenomics: A Future-Proof Design

With a maximum supply of 21 billion PoY tokens, BioMatrix introduces a tokenomics model designed for sustainability and growth. This supply is strategically allocated as follows: 1 billion tokens are exclusively reserved for user sign-up bonuses, which aim to boost initial engagement and participation in the ecosystem. Of the remaining 20 billion tokens, 80% (16 billion) are distributed directly to users, supporting the platform’s core initiatives and fostering active participation, while the remaining 20% (4 billion) are allocated to support other facets of the ecosystem, such as operational costs and developmental projects. First-stage early adopters stand to benefit significantly from this allocation strategy, receiving the greatest advantages through early access incentives and a larger share of the allocated sign-up bonuses. This ensures that their crucial role in the platform’s early phase is both recognized and adequately rewarded.

PoY is planned to be listed on several exchanges in the coming months leading up to the official listing in September.

A User-Centric Approach

BioMatrix’s unique unlocking mechanism, where user participation directly influences the availability of operational and reserve tokens, exemplifies a user-first philosophy.

This approach not only democratizes access to blockchain and AI technologies but also aligns with BioMatrix’s vision of a more equitable digital future.

BioMatrix and PoY are leading the charge in blending tech innovation with social responsibility, striving for a world where technology serves humanity.

Whitepaper and More Information:

About BioMatrix:

Founded by Silicon Valley experts, BioMatrix is dedicated to reshaping financial inclusion via the PoY token and Universal Basic Income, using biometric scans for secure, feeless crypto transactions. We aim to bridge financial gaps and revolutionize wealth distribution globally. Our technology stands at the intersection of Web2 and Web3, broadening the utility of cryptocurrencies.

Join us in our mission to democratize financial access, embodying our mantra: Build your ID, Invest your future, Own your worth.

BioMatrix is having a huge giveaway now on their twitter, with 600 USDC up for grabs!

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Media Contact:

Name: Media team

Email: press@biomatrix.ai

Organization: BioMatrix

Website: https://Biomatrix.AI

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Insta Daily News journalist was involved in the writing and production of this article.