The social trading and multi-asset brokerage company, eToro has announced a new experiment that will use the blockchain technology to bridge the gap between the world’s richest and poorest individuals. The new project, dubbed Good Dollar was unveiled by eToro’s CEO Yoni Assia at the ongoing Web Summit in Lisbon.
By employing the Universal Basic Income (UBI) model, eToro plans to distribute money in a way that solves the global financial inequality problem. Yoni Assia pointed out that UBI can help many people around the world get out of the poverty trap and participate in the economy.
According to the information we found on the project website, the project will be a non-profit experiment and will include the development of a new, global, open-source cryptocurrency called Good Dollar.
NGOs, ethical investors, crypto supporters, and anyone who cares about reducing inequality are invited to participate in the Good Dollar Experiment by simply submitting their emails and following any further instructions.
Bridging The Financial Inequality Gap With Good Dollar Token
A distressing statistics on the project homepage is that 94% of the world’s wealth is controlled by only 20% of the total people living on earth. This means that over 80% of people are struggling every day in order to survive hardship.
These afflictions could be reduced with the Universal Basic Income (UBI) model which guarantees all citizens receive a stipulated amount as monthly income regardless of their employment situation. This notion is backed by some of the world’s biggest personalities including Martin Luther King Jr, Barack Obama, Mark Zuckerberg, Elon Musk, and many more.
With such an income model built on a blockchain, there will be no barrier to global distribution. The Good Dollar token is expected to feature very low transactions fees as well as equal distribution. It will also be easy to convert Good Dollar to standard global currencies after it is released.
Whether the non-profit project will live up to expectations is a question only time can answer, but eToro’s goodwill means that there is a huge chance that the financial equality dream will come true at some point.