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.
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 email@example.com, 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.
EOS now available on eToroX exchange
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…
Trusted third parties should issue stablecoins, not Facebook
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…
eToroX adds Dash, USDC, USDT and 5 new stablecoins
Institutional traders now have access to more instruments on regulated crypto exchange
12 November 2019: eToroX, the blockchain subsidiary of global investment platform eToro, has added five new fiat stablecoins, a new cryptoasset, two further established stablecoins and a crypto-commodity pair, signalling its rapid growth, having only launched only six months ago. There are now 26 tradable assets available on the exchange.
The new assets announced today are:
- Turkish Lira (TRYX), Polish Zloty (PLNX), South African Rand (ZARX), Hong Kong Dollar (HKDX), and Singapore Dollar (SGDX)
- Peer-to-peer cryptoasset, Dash
- Circle’s USDC and Tether’s USDT stablecoins
- GOLDX/BTC pairing
eToroX is committed to supporting the needs of algo traders seeking to diversify into cryptoassets on a secure and regulated platform. These new additions also demonstrate eToroX’s focus on Asian markets.
Doron Rosenblum, Managing Director of eToroX commented, “We see the addition of USDC and USDT as a way for eToroX to further meet the needs of professional and institutional algo traders, particularly in the Asian markets. Adding five new stablecoins, plus the addition of the Dash cryptoasset, demonstrates our ongoing commitment to bridge the gap between the world of…