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Gooddollar presents a vision for global Universal Basic Income cryptocurrency at the OECD forum

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Yoni Assia, Chief Executive of multi-asset trading platform eToro, took the stage at the second Global Blockchain Policy Forum, recently hosted by the Organisation for Economic Co-operation and Development (OECD), to present the not-for-profit GoodDollar project.

The blockchain ecosystem is moving fast with pressure on governments and institutions to keep abreast of the latest innovations. At the prestigious event, held in Paris, the OECD gathered industry leaders together for the second year in a row to discuss the hype around cryptocurrencies and the possibilities that the technology brings to make social impact and lasting change.

Mr Assia told delegates that GoodDollar is launching a decentralised cryptocurrency – also called GoodDollar, or G$ – powered by blockchain, in a bid to reduce global wealth inequality and “fix one of the biggest problems in the world”.

“Today, 94 per cent of the wealth in the world is actually held by the top 20 per cent,” he said. “An even more mind-blowing number is that the richest 26 people in the world have more wealth than the lower 3.8 billion.”

“A lot of very smart and very wealthy people understand that this is a big issue and they understand the responsibility of the elite, or top percentiles, to make sure that we fix this problem before it becomes too significant.”

Mr Assia explained that because of the development of cryptocurrencies and blockchain technology in the last decade, there is “a new opportunity” to rebalance wealth distribution. GoodDollar has been created on using universal basic income (UBI) principles, whereby every one of its members receives daily income to create more inclusive economies and help reduce global wealth inequality.

He delved into the implications and opportunities for global change and outlined how GoodDollar is able to work with relevant stakeholders to bring about economic progress on a global scale.

“We are seeing a paradigm shift: new opportunities with new currencies that are not national, government-led currencies, but people use those currencies both as a unit of account as a medium of exchange and as a store of value,” continued Mr Assia, who first shared the idea of addressing wealth inequality a decade ago in an article published on November 2008 entitled The Visible Hand. “That is, in my opinion, a great paradigm shift in the history and future of money.

“In addition to that, blockchain technology also enables us to use smart contracts or actually write code into money and create out of money something that is programmable, something that we can agree on, via code.”

Many other organisations realise this unique chance, but also want to work alongside like-minded teams. GoodDollar facilitated the establishment of the OpenUBI community to encourage collaboration and discussion around UBI and its technological implementation. There has been a number of OpenUBI events all around the world since its inception in November 2018.

“We have found about 30 different teams working on what we call OpenUBI,” Mr Assia said. “As you can imagine, with these being non-profit companies, there is a lot of collaboration.”

The GoodDollar team is part of the emerging community working to build a community to define and share best practices in public blockchain initiatives across the world. The goal is to create a coalition between private and public sectors via partnerships that encourage adoption of not only the technology but the economic expertise.

Not only is the presentation of a unique, reliable financial infrastructure likely to promote economic activity, but the openness and transactability may also introduce consumers in unbanked regions to already existing solutions for microfinancing or local development loans, Mr Assia argued.

“It is, from our point of view, a very long-term project – so it can happen in three years, or 30 years,” he added of GoodDollar. “But we do believe that with a crypto rally and organisations like the OECD doing blockchain events that this is the right time to think about these concepts.”

CTA: Visit the GoodDollar website and test version of our digital wallet and coin with built-in basic income. https://community.gooddollar.org/alpha/

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EOS now available on eToroX exchange

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eToroX announces new cryptoasset and blockchain protocol, and multiple fiat pairs

3 December 2019: eToroX, the blockchain subsidiary of global investment platform eToro, today announced that the EOS cryptoasset is now available on the eToroX exchange. 

From today, EOS will be both a base and counter currency for trading pairs on eToroX, and can be traded against other cryptoassets, including multiple fiat stablecoins. The pairs comprise Bitcoin (BTC-EOS), Ethereum (ETH-EOS), Stellar (EOS-XLM), USD (EOS-USDEX), GBP (EOS-GBPX), and Japanese Yen (EOS-JPYX). 

With the launch of EOS on the eToroX Exchange, eToroX is now one of the few crypto and blockchain exchanges to have all five top cryptoassets — Bitcoin, Ethereum, Stellar, XRP and of course EOS — paired against multiple fiat stablecoins (including CADX, CHFX, and many more). 

Doron Rosenblum, eToroX Managing Director, spoke about eToroX’s vision of opening up access to the tokenized world. “We believe that we can leverage blockchain technology to open up financial markets. The flexibility, scalability, and secure processing capabilities of the EOSIO protocol significantly help the push towards mass adoption, which is an integral part of our ethos.” 

He continued, “We are extremely excited to add an EOSIO-based cryptoasset to our secure and regulated exchange. The launch of yet another blockchain protocol shows how…

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Trusted third parties should issue stablecoins, not Facebook

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eToro believes partnering with authorised partners is the key to success for Libra

If Facebook’s Libra project is to succeed it should use stablecoins issued by regulated third parties rather than create its own cryptoassets; that’s the conclusion of a new position paper published by eToro.

Libra has come under fire from politicians and regulators in the US, UK and Europe, who are worried by parent company Facebook’s scale and power, as well as its previous track record with customer data. However, eToroX Labs, the blockchain research arm of eToro, says that Libra’s aim of creating a peer-to-peer payment network that could be used by millions of unbanked consumers around the world is too great to ignore. 

Rather than create its own digital currency, dubbed ‘ZuckBucks’ by US politicians, eToro believes the issuance of stablecoins backed by fiat currencies should be delegated to regulated third party partners. This would remove Facebook from the responsibility of controlling a currency, so it could focus on Calibra becoming the first wallet to provide infrastructure for a payment system that could be accessed by over 2.7 billion users globally via WhatsApp and other Facebook platforms and benefit a huge unbanked population. 

Yoni Assia, CEO and Co-founder of eToro and co-author of the position paper, explains: “The Libra project is…

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Not-For-Profit GoodDollar Secures Funding For 2020 As UBI Project Celebrates First Birthday

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GoodDollar, the non-profit organisation aiming to reduce global wealth inequality through blockchain technology and universal basic income (UBI) principles, celebrates its first birthday this November.

The concept is that all members on the platform claim cryptocurrency – GoodDollars (G$) – every day, helping to build greater financial stability and empower the poor, lifting them out of poverty. Once launched, GoodDollar hopes to create new trade, new marketplaces, new entrepreneurs, new jobs, new economic growth, and new business for everyone.

Yoni Assia, Chief Executive of multi-asset investment platform eToro, officially launched GoodDollar at Web Summit 2018. This year, Mr Assia pressed the case for a decentralised payment and donation network that distributes its value to all users equally through built-in UBI. Read more here

Boosted by the initial $1 million funding from eToro, the GoodDollar team is on course to launch a beta version of its wallet application in early 2020, following successful testing on its alpha prototype earlier in the year.

The alpha version of the app was…

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