eToro is quickly becoming a global leader in terms of cryptocurrency trading. The company focuses on online trading and investing alike. A new open source community project by the name of GoodDollar will reduce global wealth inequality. Those who own less of the currency will earn “social interest”.

Cryptocurrencies are very difficult to grasp for the average person on the street. eToro acknowledges this fact and decided to support it sown open source project. Known as GoodDollar, it will be a non-speculative currency which is distributed for free. It is a different take on creating a universal basic income which relies on smart contract technology.

GoodDollar is a Viable Universal Basic Income

For eToro, this concept has a lot of merit. So much even that the firm will pump $1m into backing this cryptocurrency. A team in London and Tel Aviv is working on this particular concept at this time. For now, it remains unclear if and when it will become available to the masses. The payments of “social internet” should help address wealth inequality on a global basis.

eToro CEO Yoni Assia adds:

“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. Too often the tech world focuses on generating commercial value, rather than societal value. Technology should be used to tackle the great challenges of our time. This is especially true of blockchain, which has been harnessed in many creative ways, but hasn’t yet been used to tackle our really big challenges.”

The topic of a universal basic income has been kicked around several times. Achieving such a project cannot happen without sufficient financial backing. While $1m is a good starting point, it will not make much of a difference right away. Offering an income like this will require billions, money that is mainly in the hands of the rich and wealthy who don’t mind this financial inequality.

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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