Tomer Bariach : Delivering Basic Income on Ethereum

Reducing wealth inequality is arguably the greatest threat to the future of humanity, with half of the world’s population (3.4 billion people) living on less than $5.50 a day. Despite efforts to address inequality, the gulf between rich and poor is growing and continues to divide us, and has only been exacerbated by global economic fall-out from the coronavirus pandemic. Yet, this crisis has triggered fresh, wide-scale and cross-party enthusiasm to put money directly in the hands of people. Universal basic income (UBI) – the idea of providing unconditional payments to individuals – while not a new idea, has emerged as a key policy proposal in over 20 nations in the wake of the coronavirus outbreak. Yet, there is a ripe and urgent opportunity for us to use Ethereum to distribute a free, digital income to every person on the globe in a fraction of the time for federal implementations. Leveraging decentralized finance tools, Ethereum can be used to deliver a digital basic income that solves key questions that governments can't answer, such as who is going to pay for it and how to get funds into the hands of people. GoodDollar.org is a basic income protocol that presents a people-powered, distributed framework to generate, finance, and distribute a daily digital basic income. Through wrapping around existing de-fi protocol (currently, Compound), GoodDollar is able to turn any protocol or yield pay-out into a social impact initiative, that does good for the social investor and others. Since launching G$, a reserve-backed token, in September 2020, there are over 50,000 people from over 180 countries that are receiving their share of G$ every day, and have begun to use it to transact and market their businesses. Sound too good to be true? Let us share how.

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