European trading platform eToro unveiled the GoodDollar experiment, a Blockchain-based social project focused on tackling worldwide wealth inequality. The project was presented at the WebSummit that was held in Lisbon, Portugal this week.
Fighting Financial Inequality
According to the press release, eToro has already invested $1 million in this project and is now looking at more partners to join the team. This project is going to be initially incubated in Tel Aviv and London.
GoodDollar’s focus is on providing economic tools for those who are either disenfranchised or unbanked. By doing so, the project hopes to create a non-speculative cryptocurrency token that will be used to find methods in which financial inequality across the world can be reduced.
The decentralized solution being proposed by the project claims that it will establish a direct ownership connection between users’ identities and the cryptocurrency. This would help to route the funds directly to the person in need without middlemen interfering.
According to the co-founder and Chief Executive Officer of eToro, Yoni Assia, they believe that they can create a mass market crypto token which is engineered to reduce inequality and also provide its users a UBI. He stated that currently product designers, engineers and economists were working on the prototype and that this announcement was just the first step in a long journey.
eToro, which is the first website to trade Binance’s in-house cryptocurrency Binance Coin (BNB) this year in October, concurrently announced that it was launching its own in-house cryptocurrency wallet. At first, this new wallet will provide support for BTC (Bitcoin), ETH (Ethereum), BCH (Bitcoin Cash) and LTC (Litecoin).
Cryptocurrency and Charity
Blockchain is being used in numerous charity and social projects in recent years. For example, a division of the United Nations focused on women’s rights is using decentralized ledger tech to pay out remunerations to refugees that are working camps in Jordan. Besides being paid without the banks being involved, refugees who are a part of this program can also pay for what they buy by using an iris scan.
Another example of Blockchain being used for social upliftment is Binance, which recently announced the launch of its Blockchain Charity Foundation project. This new project ensures that all donations made by organizations or individuals go directly to the beneficiaries – there are no middlemen. In fact, this new project will be the first one to raise funds for victims of the recent floods and landslides in Eastern Uganda.