Multi asset investment platform, eToro, is pleased to announce that it has launched GoodDollar: a nonprofit initiative that uses decentralized funding to provide a protocol for a distributed basic income. The concept was first presented at Web Summit 2018 and has since grown into a working economic model, wallet and digital basic income currency launched this week.
The launch of GoodDollar means that anyone with an internet connection and phone number can receive their own cryptoasset, G $, store it in the GoodDollar wallet and make transactions. A pool of G $ is given away daily to users, who can use the digital asset to facilitate barter and trade locally and globally.
GoodDollar presents a sustainable, financially inclusive use case that leverages new products such as staking and yield-farming, which have fueled the $ 15 billion market capitalization in decentralized finance in recent weeks. By betting on protocols such as Compound, AAVE, DMM, and others, GoodDollar supporters earn a revenue paid and also fund GoodDollar’s G $ basic income coin. GoodDollar G $ is backed by a monetary reserve of crypto assets: its value is derived from the interest generated by protocols without third party consent. G $ coins are minted from the accrued reserve interest: individual and corporate supporters receive market interest payouts in G $, and a daily amount is set aside to be distributed as basic income. At launch, DAI is the first supported cryptoasset in GoodDollar’s cash reserve, and Compound is the first integrated protocol.
“For years we have heard the hype about blockchain’s ability to deliver financial inclusion, but most of the profits in the crypto market continue to benefit a small group of smart and connected users. GoodDollar wants to close this gap by providing easy access for everyone. basic digital assets, “ says GoodDollar founder Yoni Assia. “Now anyone with an internet connection can have their own digital wallet to store and use crypto assets. We hope GoodDollar will serve the next 100 million crypto users by distributing a new form of internet money for free that can be used to generate economic activity. And just as importantly, GoodDollar offers crypto holders the opportunity to do well with their cryptocurrencies: yield-farming through GoodDollar means you can do good for yourself while doing good for others, and it unites the interests of capital holders and recipients of a basic income. ”
In the aftermath of the coronavirus outbreak, based on recent research, 71% of Europeans now support some form of basic income and more than 20 countries are examining UBI as a major policy proposal. Leveraging the tools of blockchain and decentralized financing, GoodDollar is making the UBI concept a reality by launching a “trickle-up” value structure that delivers purchasing power directly to people and is transparent and fair.
The launch of GoodDollar includes the release of the G $ token and wallet, a simple application that allows users to “claim” their G $ on a daily basis. With social login features and a non-KYC verification process, the wallet is designed to put money in the hands of those who need it most. In the days since its release, thousands of GoodDollar wallets have been created by users from more than 40 countries, including: South Africa, Nigeria, Ghana, Kenya, Senegal, Argentina and Venezuela.
The next phase of GoodDollar’s development will introduce referral bonuses for users sharing and promoting the network, features to enable individual and corporate strike, integrations with new protocols, and comprehensive tools to facilitate trading, barter and trade partnerships.
GoodDollar is a human-powered framework for generating, financing and distributing a global basic income through the GoodDollar token (G $). Its purpose is to provide a basic standard of living and reduce wealth inequality by creating a universal basic income. The project was founded by Yoni Assia, the co-founder and CEO of eToro, the global investment platform with over 14 million registered users, and based on his social money theory first presented in 2008. eToro funded the GoodDollar project as part of its corporate social responsibility initiatives.
eToro was founded in 2007 with a vision to open global markets so that everyone can invest in a simple and transparent way. The eToro platform allows people to invest in the assets they want, from stocks and commodities to crypto assets. The global community of over 14 million registered users can share their investment strategies and anyone can rival the most successful traders. The simplicity of the platform makes it easy for users to buy, hold and sell assets, track their portfolio in real time and make trades whenever they want.
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