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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 launched in June, in conjunction with the GoodDollar Community website – part of which is GoodDollar Forum, a microsite for developers in the ecosystem.

More recently GoodDollar officially became a not-for-profit company limited by guarantee (LBG) in the United Kingdom, and the team is “working hard to establish ourselves in the eurozone, to facilitate further funding to the project”, according to Executive Director Tal Oron. 

He continues: “I’m pleased to report GoodDollar has secured additional financing for year two, helped by eToro pledging an extra $1.5m. Additionally, we have applied for a Blockchain for Impact grant from the EU Horizon 2020.”

GoodDollar has already attracted much interest in the traditional UBI community, and far beyond. In April, at UBI-Nordic 2019, GoodDollar became the first blockchain-based project to present at an international Basic Income Earth Network (BIEN) event. Dr Sarath Davala, Vice Chairman of BIEN, was encouraged. “Several people told me that they appreciated the new things they learnt, and understood GoodDollar’s vision,” he said. “It is extremely important that these two worlds [traditional UBI and blockchain UBI] meet in a humble way, so as to see what there is to learn from each other.”

Last November, just a fortnight after the Web Summit introduction, GoodDollar played a central role in establishing the OpenUBI ecosystem, which encourages collaboration and discussion around UBI and its technological implementation. The community’s Telegram profile boasts around 350 members.

Also of note, GoodDollar hosted Hackinequality – thought to be the world’s first hackathon for reducing global wealth inequality using decentralised technology – in mid-March, at eToro’s Tel Aviv offices. Ron Adam, the Israeli ambassador in Rwanda, attended the event and commented on Twitter: “Excited to be present at the first @TheGoodDollar hackathon in TLV where young Israelis compete on the most #Innovative solution to narrow the gap between poor and rich of the world using #blockchain and creating #Socialimpact to achieve the #SDGs. Ready for #Rwanda!”

Representatives of GoodDollar have been spreading the word and promoting blockchain for good at various high-profile technology conferences around the globe. For example, Legal Lead Ziv Keinan spoke at an event related to the United Nations Science and Technology and Innovation Forum (UN STI), marking the start of the influential New York Blockchain Week 2019. He said: “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. This UN committee should focus on this technology and see how we can use it to do good.”

And in September, Mr Assia presented the GoodDollar at the OECD Blockchain Policy Forum in Paris. He argued that because of the development of cryptocurrencies and blockchain technology in the last decade, there is “a new opportunity” to rebalance wealth distribution.

As it enters its second year, GoodDollar looks set to build on its impressive first 12 months. “We’re super-excited about 2020,” adds Mr Oron, “lining up partnerships to help reach the billions that need a better, cheaper, more accessible payment method, which by extension will support more people coming out of poverty.”

GoodDollar: Changing The Balance – 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), check out our community website, join the OpenUBI movement, or visit our GitHub page. Our YouTube channel is worth exploring, too.

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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…

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The Recipe that Causes Bitcoin to Rise: Economic and Geopolitical Uncertainty

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As the world anxiously watched the turbulent events in the Middle East this week, investors have turned to the known safe havens for times of crisis. Throughout history, gold has been a proven investment vehicle during similar tumultuous times, from wars to crises to economic depressions. Yet, over the last week, we saw a notable development that should be carefully analyzed. The increasing heat within the Middle East fueled an event that many anticipated, which allowed the digital heir of gold to demonstrate its intensity and power for (almost) the first time. Who is this heir? Bitcoin, of course.

The assassination of Iranian general Qasem Soleimani and the Iranian missile attacks on US forces in Iraq gave rise to aggressive statements by both the US President and Iran’s leaders and raised genuine concerns regarding potential escalation crossing into other parts of the world. “Third World War” headlines were even spotted in certain media outlets. The response of investors was short and sharp: the global stock markets fell, and everyone rushed for financial cover, many to buy Bitcoin.

Historically Speaking

Throughout history, the acknowledged destination for investment in such situations has been Gold: a scarce asset that retains its value and is detached from the possibly harmful influence of governments and the ordinary markets. And indeed, this week Gold hit a seven-year high (together…

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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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