Manna is a new cryptocurrency (like Bitcoin) created by advocates of a Universal Basic Income (UBI). You can buy, sell, and mine Manna, just like other cryptocurrencies. However, you can also receive a small amount of the currency every week for free, just by signing up on the platform, Mannabase.
How Manna Works and How to Get Free Manna (Money): Mannabase Review
Manna is a cryptocurrency managed by a non-profit, The People's Currency Foundation. Their goal is to use cryptocurrency to provide a global Universal Basic Income (UBI).
As with any new cryptocurrency, the creators get to decide how to use and distribute the currency. The team behind Manna has decided to slowly increase the amount of Manna in circulation by 3.5% every year – evenly distributing this amount to anyone who opts-in.
Anyone who creates and verifies an account will receive a weekly distribution of Manna. You can learn more by downloading the Mannabase white paper.
Continue reading to learn how to create an account, explore the validity of a UBI, and see the pros and cons of Manna.
How to create a Mannabase account and receive free Manna
If you're interested in receiving a small amount of free money every week (and who isn't?), here are the steps necessary to sign up and verify your account. We'll also look at the steps necessary to turn your Manna into USD or other fait (government-backed) currencies.
1. Create a Mannabase account
Manna is distributed through the platform on Mannabase. You must create an account here to start receiving the weekly distributions.
Once on the Mannabase homepage, click the Sign Up tab at the top of the page.
Fill out the required information. Create a username, add your email address, and create a password.
Click the link in the confirmation email to verify your email address.
2. Opt-in to the Manna UBI distribution using phone verification
Once you have created an account, you then need to prove that you are human in order to start receiving the Manna Universal Basic Income payments. This is to prevent fraud.
- To verify your account, click on the verification button under the UBI Signup Status
- Enter your phone number. This must be a real phone number (from anywhere in the world). A VOIP (i.e., Google Voice) number will not work.
- Type in the verification code sent to your phone and wait for your approval.
3. Receive a weekly Manna Universal Basic Income distribution
Once your account is approved, you will receive a small amount of Manna in your Mannabase wallet every week.
As with other cryptocurrencies, the value of Manna is based on what people are willing to pay for it. Manna started at well under a penny ($0.01) in value.
The first weekly distribution on March 1 gave every user just over 40 Manna. At a value of $0.02/each (which Manna is nearing now) that comes out to about $0.80/week. As more users join the platform, the weekly distribution of Manna will decrease.
Of course, the hope is that the value of Manna will continue to increase as has happened with other cryptocurrencies. For example, Bitcoin which went from under a penny in 2010 to over $10k now. If Manna reaches $1.00 each, then those who received Manna in week one will actually have $40 of extra cash.
4. What can you do with Manna once you receive it?
There are four things that you can do with the Manna you receive. Save it, give it, use it, or sell it.
Right now there are not many places that accept Manna, so it's hard to spend. However, the Mannabase team has been actively working with global non-profits in hopes of using Manna as a currency for small businesses around the world.
To cash out Manna, you will need to exchange it for another currency on the platform SouthXChange, and then cash it out from there. Right now, this is a little complex. However, the Mannabase team plans on creating easier ways to cash-out Manna in the future. You can also give Manna to anyone you want — including donating it to specific groups. At some point you should be able to donate your Manna to orphans, refugees, single mothers, citizens of specific countries, or specific charities.
Finally, you can save Manna as an investment. If you had purchased $5 worth of Bitcoin in 2010, you would have about $20 million today. Most cryptocurrencies haven't increased to over $1,000 in value, and it's unlikely that Manna will. But it's still possible that the value of Manna will increase over time. Those free distributions now could be worth thousands in the future.
If you're ready to start receiving a free weekly distribution of Manna, jump over to Mannabase and create your account.
What is a Universal Basic Income and is it legitimate?
The concept of a UBI has been around for hundreds of years. Supporters have included Founding Fathers of the United States, activists like Martin Luther King Jr, economists like Milton Friedman, and modern business leaders including Elon Musk, Richard Branson, and Mark Zucherberg.
Proponents of a Universal Basic Income believe that everyone should receive enough money to cover the basic necessities for life (food, shelter, clothing, etc.) – without any requirements (it's unconditional).
Many forward-thinking business and tech leaders support this philosophy because they see the dangers of automation for the workforce. As self-driving cars, automated checkouts, robotic doctors, and other forms of AI replace millions of jobs, there needs to be a safety net to protect these individuals.
Although the ideology is still in its infancy, there are multiple experiments currently taking place. Current UBI projects include the Manna cryptocurrency, Give Directly, Stockton California, and on a smaller scale, our very own A Richer You basic income giveaway. There's even a 2020 presidential candidate running on a Universal Basic Income (although he is a Democrat, there are Republicans and Libertarians who also advocate for a UBI).
For more details on a UBI, you can watch this video:
The Pros of Manna
Manna has many pros and I personally hope that the project succeeds. Some of the benefits of Manna include:
- By signing up you receive Manna for free – making the cost to get started $0.
- Other cryptocurrencies have increased in value by thousands of dollars, and a small amount of Manna could be worth much more in the future.
- The basic income distribution is a great marketing strategy and could make the value of Manna increase quickly overtime as more people use the currency.
- A Universal Basic Income has the potential to eliminate poverty around the world. Whether or not Manna is that solution, it will get the conversation started and could provide additional financial security to millions.
- Cryptocurrency is an inexpensive way to provide a UBI.
- Mannabase is actively partnering with nonprofits to encourage donations to orphans, small business owners, refugees, and others who may need financial support.
The Cons of Manna
Although it has many benefits, there are certainly cons to Manna – both as a cryptocurrency investment and as a Universal Basic Income. Let's look at these cons separately.
Drawbacks to Manna as a cryptocurrency investment:
- There are thousands of cryptocurrencies and few will ever become mainstream. Can Manna maintain its relevance in a competitive market?
- Will increasing the supply of Manna by 3.5% every year, and distributing it for free, make the currency worthless? This will depend on whether or not there are other reasons to buy and use the currency.
- If the UBI proves to be a valid marketing strategy for Manna, other cryptocurrencies could copy-cat and decrease the value of Manna.
- Governments are taking steps to regulate cryptocurrencies, which could negatively impact the value and usability of Manna.
Drawbacks to Manna as a Universal Basic Income:
- The amount of Manna distributed is fixed, so the more people that join, the fewer Manna everyone receives.
- Early adapters receive an unfair advantage because more coins are distributed per person early on — meaning that their holdings will be substantially higher than later comers.
- The first week's distribution is now worth about $0.80. Because Manna is distributed globally, rather than at a national level, the value of the distributions will likely never be worth more than a few dollars a month. This means that it could, at most, be a supplemental income for people in developing countries – and will likely never be able to provide a financial safety net to citizens of western countries like the US.
- Because the distributions are equal for everyone who signs up, if the value of Manna does increase, it will improve the financial wellbeing of citizens in developing countries more than the citizens in the US/UK/etc.. This could enhance the ethnically charged socio-political stresses currently visible in the west – as the hostility in western countries is largely tied to changes in the global financial landscape.
- Manna has no government or tax support, meaning that the only way the basic income can be funded is through the creation of new coins – this could limit the fiscal sustainability of the project.
As you can see, there are both pros and cons to Manna. Since Manna distributions started on March 1st, 2018, it will take some time to see whether or not Manna succeeds as a valid cryptocurrency and as a supplemental form of UBI.
If you're thinking about buying Manna, you should do further research. However, because you can receive a small amount every week for free (possibly forever) just by signing up, there's zero risk in getting started with Manna.
Is Manna a Scam?
Anytime something is offered for free, it's smart to ask whether or not it's a scam.
I've met with the founding team of Manna and can confidently say: Manna is legitimate. Manna is not a scam.
The team behind Manna is committed to making the world a better place and anticipate providing a large portion of their own wealth to a variety of non-profits around the world. They're passionate about using technology to help others, and I have been very impressed with the team's overall integrity. Especially during Manna's launch, there were multiple issues, but the team was quick to resolve these issues and do what was needed to make things right.
That being said, the founders of Manna do currently own a combined 19% of the total amount of Manna in circulation, with another 36% held by Mannabase to use for funding the development of the platform and paying other team members. This means that 55% of the total amount of Manna is held by the for-profit portion of the project and it's owners/employees.
Although this is common for many cryptocurrencies (Ripple still owns about 60% of their currency), and the Manna team states that much of this will be sold to fund the project and/or donated to charities, if the founders keep their 19% and the value of Manna increases to $1, the 3 founders will be splitting about $400 million.
Making money isn't bad. And the Manna team has put in years of work to launch this project, so they deserve a return for their risk. However, if a non-profit makes its founders billionaires, it may be necessary to evaluate the true legitimacy of the project as a non-profit.
I think it will be important to watch how the founders/employees manage and spend their share of Manna to determine if it truly is “The People's Currency” and distributed to be fair for all (rather than a get-rich-quick-scheme for a few). But again, I'm optimistic about the team and concept.
Manna Referral Bonus
Just by signing up for Manna, you'll receive an equal portion of the weekly distribution – which seems to be worth a few dollars a month starting out.
Mannabase also has a referral program for the first 10 years of the project. If you refer a friend to Manna, not only will they receive a weekly basic income payment, but you will receive an additional weekly payment for an entire year!
In other words, if the UBI equals 40 Manna a week (about $0.80), when you refer someone who signs up, you'll receive 40+40 Manna a week (about $1.60) for a year. The actual amount you receive will be based on the number of people who are currently signed up. But even at $0.50/week for a year, referring someone nets you $24! This makes Manna one of our favorite refer a friend bonuses.
Manna Alternatives: Other Cryptocurrency UBI Projects
Right now Manna is the only active cryptocurrency UBI project that I've been able to find. However, there are several others in the making, and we will include those here as they become active.
Finally, if you're interested in creating your own basic income through traditional means, explore these 6 ways to earn a residual income.
In Conclusion: Is Manna Right for You?
Cryptocurrency is still in its infancy, and I always tell people to only invest what they're willing to lose. If you're using an app like Coinbase or Robinhood to buy traditional cryptocurrencies, you are certainly taking a risk, and you should invest cautiously.
The same goes for Manna – only buy with money that you can live without.
However, it's 100% free to sign up for the Manna Universal Basic Income distribution and receive a small amount of the currency on a weekly basis. Therefore, there is ultimately no risk to receive the weekly payouts. If Manna grows in value, your holdings could be worth thousands of dollars one day – all for free.
Although I don't see Manna becoming a global UBI that eliminates poverty, I can see a lot of opportunities for Manna — being used as a way to distribute wealth to refugees, orphans, or the homeless. And, as long as the founding team continues to work as hard as they have been, and maintain the same degree of integrity, I think Manna will provide tremendous value to the world.
What do you think about Manna, cryptocurrency, and a Universal Basic Income? They're all innovative and controversial topics – and I'd love to read your thoughts in the comments below.