• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
blockchain

eToro Invests $1 million in Blockchain Experiment to Reduce Wealth Inequality

Davit Babayan by Davit Babayan
5 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 2 mins read

eToro has invested $1 million out of its pocket to launch a blockchain experiment that would research how to reduce wealth inequality.

The multi-asset brokerage company announced on Friday that “GoodDollar Experiment” will test a cryptocurrency that pays social interest to the economically underprivileged. These tokens will be distributed among verified participants for free with a sole aim to create a global, open, universal basic income (UBI). However, eToro didn’t mention the process that will go behind the verification and distribution of the planned token airdrop.

GoodDollar Vision

GoodDollar in general aims at creating a direct corridor to help exchange money, property, shares, or any source of value, in a transparent, conflict-free manner. The token, according to eToro, will be universally accessible and exchangeable to other global currencies.

“The cryptocurrency will be minted and freely distributed to any person, based on social identity verification on the blockchain. The currency will have a built-in social interest/inflation, which gives more to those who have less,” the eToro press release read.

In a longer run, a UBI system could prove beneficial when it comes to identifying individuals with limited access to the mainstream economy. The unspent tokens could prove an individual’s ownership of them. It would makes it easier for the governments to arrange and distribute state wealth accordingly. Economic subsidies, for instance, could reach the poor directly without being exposed to corrupt intermediaries.

Yoni Assia, co-founder, CEO of eToro, assured that their team of product designers, engineers, and economists are developing a prototype that features smart contracts.

“We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a universal basic income,” he said.

“The merging of blockchain technology, growing support for 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.”

Team Expansion

Stressing that just 1% of the world’s population owners half of the wealth in 2017, Assia called out for the support from veterans and experts hailing from technology, economy, politics and other similar fields.

“I would like to invite more partners to join this important experiment,” he added. “We’re looking for experts in the fields of decentralized identity, governance, local and global adoption of financial products, and wealth distribution.”

Assia also announced that their team is looking for ambassadors to help spread the word about the GoodDollar Experiment project. The eToro chief also sought funders – investors and capitalists – that could provide financial support to their project.

“So if you’re passionate about using technology for social good, please get in touch,” he added.

Tags: blockchaincryptoetoro
Tweet123Share196ShareSend
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

With BTC Hovering Under $30K, Investors are Switching to WSM, YPRED, and LPX for Diversified Returns

With BTC Hovering Under $30K, Investors are Switching to WSM, YPRED, and LPX for Diversified Returns

45 mins ago
ARPA Price Prediction After Over 100% Rally in May – 3 Best Low Cap Crypto Gems to Buy in June

ARPA Price Prediction After Over 100% Rally in May – 3 Best Low Cap Crypto Gems to Buy in June

53 mins ago
Ethereum staking

LSD Tokens Rally As Ethereum Staking Ramps Up, Here Are The Leaders

3 hours ago
Masternodes: The Driving Force Behind Blockchain Adoption

Masternodes: The Driving Force Behind Blockchain Adoption

3 hours ago
Lido Centralization Concerns on Ethereum

Lido Centralization Risks On Ethereum Raises Concerns: Will LDO Crash?

16 hours ago
Gate.io

Gate.io Faces Insolvency Issues Amid Multichain’s CEO Arrest: $130 Million Net Outflow In 24 Hours

17 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    2 days ago
  • Willing to buy new crypto: Here are the best 10...

    2 days ago
  • Best Crypto Meme Coin Presales in 2023

    2 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • LUNC developers showcase Parity Upgrade Roadmap and...

    8 mins ago
  • These Two Projects are the Future of Web3: Launchpad XYZ...

    1 hour ago
  • $WSM Hype Peaks as the Presale Blasts Past $1.5 Million in...

    3 hours ago
  • Dogecoin Volatility Set to Erupt: Wall Street Memes and...

    3 hours ago
  • XRP to hit 5$ Dogecoin chart suggests volatility Tradecurve...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.