LONDON, UK / ACCESSWIRE / September 9, 2020 / Multi-asset investment platform, eToro, is excited to announce that it has launched GoodDollar: a non-profit initiative to deliver a distributed basic income on a global scale. First proposed at Web Summit 2018, the concept has since advanced into a working model and official non-profit with the potential to deliver a universal basic income (UBI).
The launch of GoodDollar means that anyone with an internet connection and phone number can receive its native crypto-asset, G$, store it in the GoodDollar wallet, and transact. A pool of G$ is given away daily to users, who can use the digital asset to facilitate barter and trade locally and globally.
Backed by a monetary reserve of cryptoassetss, G$ can be bought and sold directly via the GoodDollar reserve. Its value is derived from the interest generated by individual and corporate supporters who stake cryptoassets in third-party permissionless protocols, which generate yield. Through the amassed reserve interest, G$ coins are minted and a daily amount is set aside to be distributed as basic income. The model, which works similar to a social impact bond or endowment model, allows for holders of capital to sustainably support social impact initiatives, the next evolution of social impact investment model.
"We want to connect the 1.7 billion people that remain unbanked to the financial world and offer every person access to basic financial assets," says GoodDollar founder, Yoni Assia. "Thanks to blockchain technology, now anyone with an internet connection can have their own digital wallet to hold digital assets. We hope GoodDollar will serve the next 100 million crypto-users, through freely distributing a new form of internet money that can be used to generate more local and global economic activity. And just as importantly, we are offering a framework for wealth creation and distribution that is sustainable and unites the interests of capital holders and basic income recipients."
In the wake of the coronavirus outbreak, based on recent study, 71% of Europeans now support some form of basic income and more than 20 nations are exploring UBI as a key policy proposal. By utilizing the tools of blockchain and decentralized finance, GoodDollar turns the UBI concept into reality, launching a ‘trickle-up' value structure that delivers purchasing power directly to the hands of people, and is transparent and fair.
GoodDollar leverages the monetary redistribution mechanism afforded by decentralized finance protocols, and has built a simple application to direct new digital money outwards to a global population and placing money in the hands of those who need it most. Thousands of GoodDollar wallets have already been created by users from over 40 countries, including: South Africa, Nigeria, Ghana, Kenya, Senegal, Argentina, and Venezuela.
The next phase of GoodDollar's development will introduce referral bonuses for users who share and promote the network, enhanced features for individual and corporate partners to fund the system, and expanded tools to facilitate trade, barter, and merchant partnerships.
About GoodDollar
GoodDollar is a people-powered framework to generate, finance, and distribute global basic income via the GoodDollar token (G$). Its goal is to provide a baseline standard of living and reduce wealth inequality through the creation of a universal basic income. The project was founded by Yoni Assia, the Co-founder and CEO of eToro, the global investment platform with over 14 million registered users, and based on his theory of social money first presented in 2008. eToro has financed the GoodDollar project as part of its corporate social responsibility initiatives. To learn more, visit: www.gooddollar.com.
About eToro
eToro was founded in 2007 with the vision of opening up global markets so that everyone can invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. Its global community of more than 14 million registered users can share their investment strategies and anyone can emulate the most successful traders. Due to the simplicity of the platform, users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want. To learn more, visit: www.etoro.com.
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SOURCE: eToro