Blockchain Leaders Must Collab-orate For Humanity’s Sake – And Provide Real-World Solutions For The Four Billion People In The Developing World - Global Coin Report
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Blockchain Leaders Must Collab-orate For Humanity’s Sake – And Provide Real-World Solutions For The Four Billion People In The Developing World

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By Ziv Keinan, Legal Lead, GoodDollar

Given the developing world has a population of around four billion – and counting – there is an enormous opportunity to use blockchain technology for the betterment of humanity. We should embrace this chance to be a force for good, to fight poverty and provide financial inclusion to as many people in the world. However, to achieve meaningful success for the largest possible number of people, tech solutions must solve real-world challenges, be inexpensive for the user, and – most crucially – be deployable at speed and at scale.

This was the hard-hitting conclusion of the Global Solutions Summit, which took place at the United Nations headquarters in New York City on May 13, a day before the United Nations Science and Technology and Innovation Forum (UN STI), on the first day of New York Blockchain Week 2019. I was one of approximately 500 delegates, and welcomed GSS Chairman Alfred Watkins’ straight talking.

The United Nations building in New York

The developing world is going to be the engine of humanity in the coming years, and many young people are ready and willing to adopt technological innovations – if they are easily accessible and the price is right. Tech has the transformational potential to empower these societies and significantly improve social good and wellness.

“It is an incredibly lucrative market – it is going to be the market of the future,” said Alfred, a former World Bank executive. He urged tech companies to concentrate their solutions for “the bottom four billion, who live in the least-developed countries and emerging markets”. He continued: “That is where the population growth will be over the next decade – and that is where the need is.

“[Businesses] can do good and well at the same time. It makes good business sense, and it also makes good sense for humanity. We need research that focuses on products that are affordable for this bottom four billion. If we stop at the lab, we haven’t accomplished the objective, which is to improve the lives of the bottom four billion, and to leave nobody behind.”

The GSS Chairman acknowledged that delivering life-improving products – such as breast cancer checks for as little as $1, or devices that make water potable – is a huge challenge for the science and technology communities. It is, therefore, essential to collaborate and grow the ecosystem.

“The last step in this process is to figure out how to get these products to the market,” Alfred added, naming this the ‘deployment imperative’. “How do we take these scientific inventions and insights, embed them into products, and then embed those products with business models so [they reach] thousands of villages across dozens of countries around the world at an affordable price?”

Blockchain application BanQu was held up as a great example of a business empowering the so-called “unbankables”. Some 90,000 farmers, across Zambia, Uganda, and most recently India, now have access to modern financial infrastructure because of being able to prove, to banks, their transactions on an immutable digital ledger.

The GSS event shined a light on the reality of the difficulties that most blockchain companies focused on social impact currently face. That includes GoodDollar, the not-for-profit payment network with the central aim of reducing global wealth inequality, who I was representing in New York.

The GoodDollar project explores how decentralised ledger technology may enable models based on universal basic income (UBI). To bring this message of the great potential of blockchain technology, I attended the GSS, UN STI and G-Stic events throughout New York Blockchain Week 2019.

I spoke at a side event of the UN STI, about the need to use decentralised blockchain technology as a force for good. “Unlike artificial intelligence, which can be a dangerous tool for totalitarian regimes, with blockchain we can create systems that are distributed and not controlled by a single entity, who can use and manipulate them,” I said. “This UN committee should focus on this technology and see how we can use it to do good.”

It was pleasing to attend the third OpenUBI meeting, in Brooklyn, with GoodDollar so instrumental in its establishment at the end of last year. The successful event continued into the night, and it was overwhelming to see how many people are interested in the concept of crypto UBI (see here for the article celebrating its launch in Berlin, written by Gilad Barner, GoodDollar’s Community and Operations Manager). I also learnt, at GSS, a laboratory at Stanford University is dedicated to experimenting with UBI in this space.

Ziv Keinan at GSS

And it was very encouraging to meet Xiaochen Zhang, President of FinTech4Good, at the US-Asia Institute. We discussed the possibility of a collaboration between FinTech4Good and GoodDollar during the World Responsible Technology Forum event, which is scheduled in September, also at the UN headquarters in New York. The central aim of that event is to develop and implement solutions for a better world, and that is at the heart of what we are doing at GoodDollar. Our core aim is to reduce global wealth inequality.

Pleasingly, many people I discussed GoodDollar with in New York believe that it has all the characteristics of a successful social impact project. It is cheap, scalable, focused on improving humanity, and exactly the kind of solution the international organisations like the UN are looking for. Together we can make the most of the opportunity to empower the “bottom four billion” and humanity as a whole.

GoodDollar: Change Wealth Inequality – For Good

Do you have the skills to help the GoodDollar project? We need builders, scientists and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Contact us at hello@gooddollar.org, via our social media channels (Twitter, Telegram, or Facebook), join the OpenUBI movement, or visit our GitHub page. Our YouTube channel is worth checking out, too.

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Bitcoin of 2020: On the Rise, Better Established, and Much More Stable

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Why Bitcoin is Continuing to Climb, from More Solid Ground Than Ever

Last night saw Bitcoin once again soaring up the market, with a 6% increase over the course of three hours. This continues a fantastic start to the year for the world’s largest decentralized currency, which is up 30% since January 1st, and pulling along with it several other primary cryptocurrencies, including Ether, Litecoin, Ripple, and Dash.

A Significant Moment for Bitcoin

January 2020 is certainly proving highly significant for Bitcoin. The sharp increases and painful falls of the past pale into comparison with now, as the current increase seems to come from a far better-established position with much more stability. Furthermore, the activity around Bitcoin is expanding in exchanges, banks, and other financial institutions, together with its legitimacy and relevancy.

World Economic Forum 

Last week, at the World Economic Forum annual summit at Davos, Switzerland, Bitcoin, cryptocurrencies, and blockchain technology were honored guests. Many of the billionaires, bankers and treasury ministers who gathered in Davos are still fairly skeptical about the decentralized economy, but despite this, they also realize that they cannot stop it.

The World Descends into Chaos, And Bitcoin is on the Rise

It seems that the more agitated the world agenda, the more Bitcoin’s popularity grows, and strengthens its status as a hedge against the traditional markets. The continuous climb of the stock…

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World’s Richest 22 Men Are Worth The Same As All 325 Million Women In Africa — New Oxfam Report Reveals

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“Wealth inequality remains shockingly high.” This is the sobering conclusion of Oxfam’s latest report, published on the eve of the World Economic Forum Annual Meeting 2020.

The 162 richest people on the planet boast the same wealth as the poorest 50 percent — 3.85 billion — in the world.

From Tuesday, January 21, close to 3,000 delegates — including 53 heads of state — from 117 countries, will participate in the WEF summit in Davos-Klosters, Switzerland. According to the website blurb, the WEF Annual Meeting is “the foremost creative force for engaging the world’s top leaders in collaborative activities to shape global, regional and industry agendas at the beginning of each year”.

This year’s topic, for the great and the good of the business world and politics, is “stakeholders for a cohesive and sustainable world”. While the hellish fires raging in Australia fan the flames for climate change, the perverse irony that most of the 774 public speakers will have been flown into the summit will not be lost on the people who are truly concerned about the heating of the world.

Similarly, that many of the wealthiest people in the world will gather to no doubt use the WEF platform to further boost their richest, through additional business deals and contacts, while vowing to help those less fortunate is alarming to Oxfam. Hence…

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Cryptocurrency Prices Rally Towards Double-Digit Gains in 2020

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The cryptocurrency market has started 2020 with a huge bang, expanding by an impressive 23% within the first two weeks of the year. The overall market capitalization of the cryptocurrency market – a measure of the size of the market – has grown from $192 billion at the start of the year, to well over $240 billion by the middle of January.

Leading the pack is Bitcoin (BTC), which constitutes more than 65% of the overall market size. Going from just under $7,200 at the end of 2019 to a high of $8,800, Bitcoin recorded double-digit gains within two weeks. January 14 saw a spike of more than 11% in Bitcoin’s price, fuelling speculation that the two-year-long cryptocurrency recession could finally be over.

Bitcoin Price Chart

Among the many factors that contributed to Bitcoin’s price increase was the geopolitical upheaval emanating from increasing tensions between the USA and Iran, which led to a flight of safety capital by investors, to safe-haven assets such as gold. Already established as a manifestation of digital gold, it seems hardly coincidental that the prices of both gold and Bitcoin went up.

Another catalyst for the increase was the official launch of the CME Bitcoin options on January 13. The CME…

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