eToro Deploys Blockchain-Based Experiment to Fight Wealth Inequality
Social trading and investment platform operator eToro announced the GoodDollar experiment, an initiative aimed to reduce global wealth inequality.
eToro, which operates a CFD trading and investment platform, is investing $1 million into GoodDollar, an open source community project that is seeking to address the world’s wealth inequality. The project revolves around a cryptocurrency that allows the unbanked and needy to benefit from a “social interest” income. Initially, the GoodDollar initiative will be in an experimental phase that aims to promote the non-speculative coin to support the creation and distribution of a universal basic income (UBI) via smart contracts. Verified participants will be able to get the coins for free.
According to Yoni Assia, CEO of eToro, one of the greatest challenges today is global wealth inequality. Last year, the experts estimated that 1% of the world’s population owned more than 50% of the wealth. Assia says that with the rise of technology unemployment, the tech space has to be more inclusive, aiding those with less to contribute to the economy.
“The merging of blockchain technology, growing support for UBI and the realization that wealth inequality must be reduced, may finally converge into a new global economic system that would give all humans the financial freedom to pursue their purpose and happiness,” the CEO added.
The company revealed that its teams in its London and Tel Aviv offices were already working on the project, but more partners, experts, and ambassadors are invited to join in.
eToro has created a separate website for the GoodDollar initiative, whose homepage demonstratively displays the huge discrepancy between the rich and poor. The webpage says that the 42 wealthiest people in the world have more wealth than the combined wealth of the poorest 3.7 billion people.
The GoodDollar cryptocurrency is deployed to reduce the wealth inequality, and the team behind the project calls for the involvement of anyone who cares. The cryptocurrency will be accessible to anyone, fairly distributed, and exchangeable to other currencies.
On Wednesday, we reported that eToro launched proprietary cryptocurrency wallet, which can store multiple cryptocurrencies.