Here are the key points from the PR.
1.) Bots is renaming the First Bitcoin BIT currency to "Basic Income Token" - Not a huge deal but we'll see where it goes.
2.) Bots shareholders will receive 1 BIT for every BTZI share that they own. The BIT coin is currently trading for approximately $.0023 ea.
3.) Crypto currencies use a programming technology called Blockchain which involves multiple computers recording every coin transaction and thus tracking the ownership of each coin. This makes it difficult to hack into the system to steal coins because the hacker would need to update every computer in the chain at the same time. Traditional crypto blockchains utilize the computers of miners who try to solve some difficult algorithm to create new coins and who are rewarded with those additional coins. This method is called Proof of Work (POW). The BIT coins use a new method called Proof of Stake (POS). Coin owners would store their coins in digital wallets. Their wallets would be used to record every coin transaction just like the computers of the miners in the traditional method. as long as the owner's computer is on and their wallet is open, they are participating in the tracking of all of the BIT coins in the crypto universe. Instead of trying to solve an algorithm, however, there is no competition. The coin creator is chosen by an algorithm based on the wallet owners stake (i.e. the number of coins they own). The coin creator is then rewarded with a transaction fee. So if you get your BIT dividend and keep your wallet open you can get additional income 24/7. Moreover, since the number of open wallets in this scheme is virtually unlimited, it becomes virtually impossible to hack the system so security is guaranteed.
4.) Bots and First Bitcoin have jointly produced a new cryptocurrency they're calling Universal Basic Income (UBI). The value of this coin will apparently derive from Bitcoin since it is built on the Bitcoin blockchain using a software platform called Omni. Everyone in the world will be allowed to receive 1,000 UBI each month by simply requesting them from Bots. Bots and First Bitcoin will share 1% of a nominal transfer fee. Unique software bots will be used to sign up individuals.
Item 4 is a bit unclear. It seems that people are getting free money but paying a transfer fee. Why is the money free? Are they in effect getting a small piece of a bitcoin? Will the bots be collecting customer data for advertisers? Is the transfer fee paid in cash or subtracted from the 1,000 coins/month?
In any event, the strategy seems interesting and could conceivably turn out to be quite lucrative.
