eToro, a European social buying and selling and multi asset brokerage firm, has introduced the launch of the GoodDollar experiment, an open supply neighborhood mission that seeks to scale back wealth inequality by introducing a brand new cryptocurrency and blockchain platform.
eToro is initially injecting US$1 million into the mission and is looking for extra “brains, ambassador and funders” to hitch the experiment. The mission is being incubated by the corporate in London and Tel Aviv.
“We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a UBI. Engineers, product designers and economists are currently developing the prototype. Today is just step one on a long, ambitious journey,” mentioned Yoni Assia, co-founder and CEO of eToro.
“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.”
The GoodDollar experiment goals to create a brand new financial framework with a cryptocurrency that will be out there to everybody and which might pay “social interest to those who have less.” The cryptocurrency could be minted and constantly distributed to any individual totally free, based mostly on social identification verification on a blockchain platform.
The cryptocurrency is a part of a broader try to create a worldwide, common primary earnings (UBI).
The idea of a UBI has been historically imagined as a authorities subsidy however the improvement of cryptocurrency and blockchain expertise in recent times has offered advocates with a brand new approach to implement the idea.
“The merging of blockchain technology, growing support for a 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,” Assia mentioned.
The GoodDollar experiment will conduct exams and analysis specializing in fixing key challenges related to using cryptocurrency and blockchain expertise to create a UBI. These embody figuring out a worldwide different to conventional KYC options, making a cryptocurrency that’s neither inflationary nor speculative and which depends on a distribution mechanism that deploys sensible contracts, in addition to designing GoodDollar’s future governance mannequin as a decentralized autonomous group (GoodDAO).
Assia calls out to any events to hitch the experiment. In specific, the crew is at the moment in want for consultants within the fields of decentralized identification, governance, native and international adoption of monetary merchandise, 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,” he added.