- eToro launches social responsibility initiative GoodDollar
- The initiative is based on blockchain technology
- GoodDollar aims to help people out of the banks’ system
eToro launches a corporate social responsibility initiative dubbed, GoodDollar (G$). Launched in early September, G$ functions to bring freedom to people on a global scale.
What is GoodDollar?
The idea behind this initiative is to make it easier for citizens to receive a universal basic income (UBI). The intention behind this idea is to create this means of universal payment, but in a manner that cannot be altered or controlled by the government. Blockchain technology and the public blockchain network work together to make this concept a potential reality.
eToro provides a solution that may help citizens globally to receive a UBI through G$. Essentially, this would be a digital currency available to everyone with the only requirement being – to have a smartphone. With this access, people can easily claim UBI payments through G$ and change it for a national or any other currency. Amidst the fallout of the global Covid-19 pandemic, this solution is expected to be welcomed with open arms.
UBI would revolutionize our everyday lives
The idea of a UBI has lately caught attention and began to have its importance recognised. Many governments decided to give cash directly to their citizens. This is essentially a financial rescue package needed in this frustrating situation caused by the coronavirus outbreak.
The pandemic prompted both the US and other countries to utilize blockchain as a means of providing financial support to citizens. The problem is that the majority of governments don’t have effective mechanisms in place to deliver a UBI. On the other hand, eToro’s G$ might just be able to provide it.
Despite being introduced at the beginning of September, G$ has attracted the attention of many influential people and countries. At this moment, more than fourteen countries saw their citizens become the users of G$. G$ coin creation and transactions are automatically visible to all users, and additional usage of side-chains helps by lowering the costs of transactions.
