eToro announces GoodDollar blockchain experiment

eToro's boss says: “Inequality is the crucial economic challenge of our time. In 2017 just 1% of the world’s population owned more than half of the wealth. With the rise of technology unemployment, the tech industry needs to find solutions for those with less to participate in the economy and pursue their purpose"

eToro has unveiled a blockchain powered project, GoodDollar, that aims to reduce global wealth inequality.

The investment platform has stumped up $1 million in funding and is calling for more ‘brains, ambassadors and funders’ to join the initiative. It will research implementing a cryptocurrency that pays social interest to those who have less, and is continuously distributed to any verified participant for free, creating a global, open, universal basic income (UBI).

“The success of new technologies should not be measured only by their ability to power new industries and disrupt old ones, but also on their ability to affect positive change in the world. Too often the tech world focuses on generating commercial value, rather than societal value,” says Yoni Assia, eToro Co-founder and CEO.

“Technology should be used to tackle the great challenges of our time. This is especially true of blockchain, which has been harnessed in many creative ways, but hasn’t yet been used to tackle our really big challenges.”

Engineers, product designers and economists are currently developing a mass-market cryptocurrency prototype.

“We’re looking for experts in the fields of decentralised identity, governance, local and global adoption of financial products, and wealth distribution. We are also on the hunt for ambassadors to help spread the word about the project, and for funders to help us deliver GoodDollar. So if you’re passionate about using technology for social good, please get in touch,” he says.

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