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Israel's EToro To Use Blockchain To Reduce Global Wealth Inequality

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Israeli social trading and investing platform eToro launched a blochchain-powered GoodDollar experiment with $1 million in funding to research how to reduce global wealth inequality.

eToro is also calling for more "brains, ambassadors and funders" to join the experiment which will use new technologies powered by blockchain. The experiment uses the principles of universal basic income (UBI).

UBI is the notion that all citizens ought to be granted a fixed, minimum wage, regardless of their employment situation, to cover basic needs, and be able to plan for a better future. UBI champions include Martin Luther King, Barack Obama, Sir Richard Branson, Mark Zuckerberg, Bill Gates, and Elon Musk.

GoodDollar, an open source community project, envisages implementing a new, global, open-source cryptocurrency called GoodDollar to distribute money. The currency will be neither inflationary nor speculative with a distribution mechanism that deploys smart contracts.

It utilizes advanced blockchain technology, specifically smart contracts, which help exchange money, property, shares, or any source of value, in a transparent, conflict-free manner.

GoodDollar's experiment is becoming relevant in a world where the richest 20 percent owns 94 percent of the world's wealth. The 42 richest people on Earth have more wealth than the poorest 3.7 billion.

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