Every now and then, it’s good to take a short break from the never-ending crypto news cycles, blockchain innovations, and stream of financial information. It’s easy to get lost in this sea of information, which is overwhelming enough that we sometimes lose track of the reason for it all. Behind all of the graphs, numbers, and pundits are the real people whose lives stand to improve as a result of this technological progress. This is why we have decided to involve ourselves in a worthy cause, to help increase awareness of an important topic.

Global wealth distribution is totally skewed: the 26 richest people on the planet own as much as the 3.8 billion people that comprise the poorest half of the globe’s population. For this reason, we announced our participation in the GoodDollar Project and decided to donate $1 million to the cause.

The GoodDollar project is an experiment and series of tests with the ultimate purpose of reducing wealth inequality through blockchain technology. It is a 100% not-for-profit project with a mission to build a global cryptocurrency and economic framework in which money can be distributed to those most in need, based on the principles of universal basic income (UBI)

What Is UBI?

The concept of UBI dates back centuries. It was last discussed during the Nixon administration, before being abandoned, leaving all subsequent discussions academic. It is a model of a no-strings-attached, guaranteed basic income, based on the premise that all human beings deserve to earn at least a minimum wage, allowing them the freedom to fulfill their potential.

There are many arguments for the idea of UBI, but the realisation that automatisation processes and technologies are moving at lightning speed, leaving millions of Americans jobless, has helped it gain urgency and traction.

The emergence of new technologies can create enormous opportunities, but also massive disruption, changing our daily lives and transforming traditional economic structures. It will require all of us to adjust ourselves in preparation for technological turmoil on a scale that has not been seen since the days of the Industrial Revolution.

Using the principles of UBI and blockchain technology, the GoodDollar project is set to distribute wealth and combat inequality around the world. GoodDollar is accessible to anyone, anywhere on the planet, and exchangeable with any other currency with low transaction fees to ensure no barriers.

We too recognise the importance of the collective responsibility that comes along with such groundbreaking technologies. eToroX is proud to spread and harness the power of blockchain technologies for the greater good and contribute to a cause as noble as the GoodDollar Project. We call you to join us in this effort and contribute to the project as ambassadors, philanthropists, NGO partners or in any other way you can.