eToro Global Cryptocurrency
eToro aims to leverage blockchain technology to reduce wealth inequality in the world. The international trading platform has launched GoodDollar. The nonprofit blockchain projects seek to address wealth inequality around the globe. GoodDollar initiative seeks to enhance the distribution of money using the principle of universal basic income. The mission is to position GoodDollar as a global cryptocurrency for distributing money. The token up for development will be universally accessible. People will also be able to exchange the cryptocurrency with other global currencies.
eToro intends to distribute the GoodDollar tokens for free, with a view of creating a global open universal basic income. The company is yet to shed light on the process that they intend to use for verification and distribution of the proposed token airdrop. The multi-asset brokerage firm has already invested $1 million as part of the blockchain experiment. According to eToro, the 42 richest people in the world have a combined wealth that is more than that of the poorest 3.7 billion. The vast disparity is in part because of lack of opportunities due to increased technology use and automation. EToro CEO, Yoni Assia maintains that a global cryptocurrency could offer a solution to the underlying issue.
For this reason, eToro Intends to provide people around the world with an unconditional and periodic cash payment system.
“The presence of a transparent, immutable ledger of account, capable of executing scripted smart contracts, capturing significant complexity, provides the necessary tooling for a novel implementations of broadly redistributive fiscal policies,” said Omari Ross professor of Computer Science at the University of Copenhagen.
A move by eToro to a lunch a global cryptocurrency comes as a surprise. Mid this year the company’s CEO reiterated that not all tokens in the sector will survive the ongoing sell-off.
GoodDollar is still in the early stages of development with the UBI System. Engineers and product developers are currently working on the prototype and model. However, the team already has advanced formulas as well as smart contract development. The GoodDollar team faces an uphill task to bring the project to completion. The team is currently seeking help to sort out some underlying issues as part of the project. One of the issues that the project seeks to address pertains to social identity.
The team is exploring ways of positioning GoodDollar in such a way that it is KYC-friendly while capable of discerning people’s identity. Such a system should also work for individuals without access to the banking system. The researchers are also seeking help in coming up with a mechanism capable of preventing or limiting inflation.
The system should also leverage smart contracts in a bid to redistribute surplus value. GoodDollar also hopes to come up with a governance structure that communities can use to govern their economies by way of DAO. EToro has also started promoting the concept of GoodDollar on social media. It is also encouraging interested parties to join the project’s Github team to be early adopters.