eToro Launches GoodDollar to Reduce Income Inequality
Citing the fact that the 42 richest people on Earth have more wealth than the poorest 3.7 billion, social trading platform eToro made an announcement this week that it is supporting the social good through a new project. The Israel and London-based company's new initiative, GoodDollar, is a non-profit, open source project that seeks to reduce income inequality with a new cryptocurrency. And the GoodDollar project is already off to a good start. eToro announced it has injected $1 million into the project and is calling for more innovators to join in. GoodDollar leverages smart contracts, which help parties transparently exchange money, property, shares, or any unit of value. Overall, the project aims to use a new cryptocurrency to establish universal basic income (UBI) by paying "social interest" to individuals who have less. To reduce wealth inequality, GoodDollar will operate on four basic principles: its available to anyone, exchangeable with other currencies,…
