By
Mayowa Adebajo
April 5th, 2024
Named GoodDollar, eToro’s project creates an ongoing money flow of basic income for users and aligns incentives between those in need as well as enables any human alive to receive and support a small daily income in G$ coin.
Social trading and multi-asset brokerage eToro has launched a new project to issue stablecoins. Called GoodDollar, it will create and issue a stable coin G$ and distribute it to users in the form of universal basic income.
As eToro said, it decided to issue stable coins in a bid to create more opportunities for economic growth. According to the GoodDollar whitepaper, G$ will operate within the emerging ecosystem of decentralized and open finance. With the ort of a monetary reserve of cryptocurrencies, each coin has tangible value. Notably, Dai (DAI) coins will initially back each G$ token. In addition, G$ coins are liquid and convertible to other cryptocurrencies. They will be available for trading directly via the GoodDollar GoodReserve smart contract.
eToro Handle Income Inequality with Stablecoins
As GoodDollar developers have explained, their goal is to drive economic activity in a bottom-up way. In other words, people use G$ to increase their peer-to-peer commerce and economic activity, which will result in more commerce and collaboration that does not rely on limited supplies of precious fiat currency.
Besides, GoodDollar creates an ongoing money flow of basic income for users. Further, it aligns incentives between those in need and enables any human alive to receive and support a small, daily income in G$ coin.
At the end of last year, eToro conducted a pilot test of G$ usage with 500 eToro employees in Israel. Withing the pilot, GoodDollar stimulated trade between users. Items on GoodMarket ranged from a brand new iPhone 11 (valued at G$900) to children’s toys, to a 15-minute massage (G$5), and much more. Over 50 transactions resulted totaled in tens of thousands of dollars of new commerce. Over 100,000 G$ were distributed to over 250 users during the trial.
In order to use G$ this way, it is important that others in your community also hold G$.
Origins of GoodDollar
Yoni Assia, the co-founder and CEO of eToro, first presented GoodDollar back in 2018. It became an experiment within Yoni Assia’s theory of addressing wealth inequality he first presented in November 2008. The GoodDollar project received a $1 million donation from eToro as part of its corporate social responsibility initiative as well as support from the business in London and Tel Aviv.
GoodDollar will not conduct an Initial Coin Offering. Any funds sent through the GoodDollar protocol will not be used to fund the operational budget of the GoodDollar Limited or enrich the team in any way.