GoodDollar

GoodDollar

Created using Figma
Created using Figma
Digital money is powering the next financial revolution
To be announced
Token Details
Ticker
G$
Total supply
4,821,093,378.41
Additional Details
Categories
Platform

About GoodDollar

GoodDollar is a blockchain protocol that draws upon the unique capabilities of decentralized finance (DeFi hereafter) to sustainably mint a basic income token for distribution to a global user network. Governed by the GoodDAO, a decentralized autonomous organization made up of highly engaged members of the community, the protocol is open, scalable and dedicated to the twin goals of bringing hundreds of millions of financially underserved individuals into the digital economy and addressing systemic inequity in the global economy.

The GoodDollar protocol presents a community-driven,distributed framework designed to generate, fund, and distribute global basic income via the GoodDollar token (hereafter “G$”). G$ is an ERC-20 digital asset built on the Ethereum blockchain that operates within the emerging ecosystem of decentralized and open finance. GoodDollar leverages new protocols and smart contracts across the ecosystem to deliver its basic income economy. GoodDollar functions as a wrapper of other protocols, and allows earnings generated in those protocols to be directed to fund the GoodDollar UBI ecosystem. Its flexible design enables it to wrap any DeFi protocol; enabling DeFi users to choose their preferred repository, and to direct their capital towards supporting UBI for all.

Inequality in wealth and income is arguably one of the greatest threats to the future of humanity and has been on the rise in nearly all nations since the 1980s. According to the 2022 World Inequality Report, the product of four years of exhaustive data mining by 100+ researchers across the globe, so-called “trickle-down” economics has proved a failure. The wealthiest 10% of the globe’s population now earns 52% of its income, whereas the poorest 50% takes home just 8% of that total. The gap is even more pronounced when it comes to wealth. Of the world’s total assets, the poorest half of the population owns just 2%, while the top 10% hold three-quarters. This gulf has only widened in recent decades with the rise in the ranks of global billionaires. Since 1995, the share of global wealth in the hands of the world’s billionaires has tripled, from 1% to 3% -- a concentration of riches that increased during the COVID-19 pandemic. According to the report, the wealth of the world’s billionaires swelled by a record amount during 2020.

In recognition of the dangers wealth and income gaps pose to global peace and security, the United Nations has singled out the reduction of both poverty and inequality in its 17 Sustainable Development Goals: the first and tenth, respectively.

This crisis has triggered fresh enthusiasm to explore new approaches to capital and liquidity distribution. While not a new idea, the notion of a universal basic income (UBI) – a flow of unconditional payments to individuals regardless of means – has emerged as a key policy proposal in nearly two dozen nations over the past several years. This presents a ripe opportunity to explore distributed, bottom-up approaches to basic income, which we believe can advance at greater speed than implementation by governments, as outlined in this white paper.

The concept is straightforward and builds on market adoption of yield farming and liquidity mining to attract and incentivize capital. Every day, a quantity of G$ is minted and distributed as basic income to verified users. G$ token is an automated-market maker - it is backed by a monetary reserve of additional cryptocurrency(ies), and hence, has instant value. The value in the reserve backing G$ is generated by people who deposit capital to decentralized third-party protocols, and direct their earnings to support the GoodDollar ecosystem. As new value is added to the reserve, G$ coins are minted. These are used to: a) pay out liquidity mining rewards to supporters b) pay out G$ to those making daily basic income claims. There is no pre-minting of G$--G$ are minted relative to the value of capital in the reserve. Over time and as more G$ supply enters the market and is adopted, slowly the currency is leveraged and more G$ coins are minted relative to GoodDollar’s reserve. The system is built to accommodate scale, whereby the value and utility of G$ to its holders increases as more supporters, recipients and merchants join the GoodDollar network.

The GoodDollar protocol presents all members an opportunity to vote with their money for a social cause they believe in, and invest in equality. GoodDollar protocol delivers a sustainable flow of free cryptocurrency to people most in need of access to capital and an onramp to the digital economy. The protocol aims to offer incentives to all who hold G$, whether they choose to participate as supporters of basic income or to claim G$ as daily UBI. This fosters a “trickle-up” basic income economy that focuses on wealth creation rather than wealth redistribution. The model creates an economic framework that aligns financial incentives with an accessible distribution method. The goal is a protocol that can successfully incorporate hundreds of millions of financially underserved individuals into the emerging digital economy by giving them access to real digital assets. GoodDollar is able to scale and sustain such a system by leveraging the unique capital infrastructure of DeFi to design a global impact economy governed by its members.

Our Mission: Trickle-Up, People-Powered Basic Income

GoodDollar is an open, people-powered decentralized protocol capable of generating a scalable and sustainable basic income token.

We strongly believe that a “trickle-up” value structure that delivers liquidity into the hands of people is preferable to the conventional trickle-down approach to capital, credit, and interest-bearing money conceived in the 1980s. The GoodDollar economy achieves this by delivering purchasing power directly to users who make daily claims while providing incentives for those whose staked capital is critical to powering the system. Aligning incentives between GoodDollar supply (users who stake) and demand (users who claim), and across all other key stakeholders, is central to the creation of a sustainable, scalable ecosystem around the GoodDollar economy.

User Experience And Value Flow - In Eight Steps

  1. The GoodDollar economy revolves around two primary user actions: claiming G$ basic income daily; and / or supporting its generation by staking capital and earning rewards.
  2. Individuals who claim G$ on a daily basis must verify that they are real and unique individuals before they make their first claim.
  3. Supporters of the GoodDollar protocol fund the supply of G$ by committing and locking funds (referred to as “staking” hereafter) to various third-party, interest-bearing protocols and mechanisms.
  4. The staked capital generates interest in a supported cryptocurrency such as DAI or ETH. That interest is moved into the monetary reserve that supports G$ (called hereafter the “GoodDollar Reserve”): a smart contract that functions as an automated-market maker, and acts as the monetary reserve for GoodDollar and mints G$ coins. The number of G$ coins minted is determined by the leverage of G$’, relative to the value of interest locked in the GoodDollar Reserve (Reserve Ratio).
  5. At inception, every G$ was fully collateralized by a supported cryptocurrency on a one-to-one ratio. For example, every 1 DAI – a decentralized cryptocurrency stabilized against the value of the US dollar (US$) – moved into the reserve produces G$ in equal value. Stakers receive G$ in a value equivalent to the interest their capital has generated in the third-party protocol(s) they have selected, as per Step 3. The reserve ratio is expected to decline over time, leveraging more G$ relative to the crypto assets in the reserve.
  6. The remaining balance of G$ minted is distributed to GoodDollar community members who make daily claims. The amount of G$ distributed as basic income is divided evenly among users who log in to claim on a given day.
  7. Initially, users will claim their G$ through the GoodDollar Wallet, though ultimately the wallet will be joined by a variety of endpoints with secure identity solutions. Before making an initial claim, a user must verify that he or she is a living and unique individual. The Wallet may request periodic reidentification to deter fraud and system abuse.
  8. G$ is liquid and convertible to other cryptocurrencies, and is available to buy and sell directly via the GoodDollar Reserve smart contract.

Activity

Followers:
19 837
VERY HIGH
Tweets:
4 956
VERY HIGH
30 Days Growth:
Members:
10 314
VERY HIGH
30 Days Growth:
-127

GoodDollar Team

Verified 0%

Attention. There is a risk that unverified members are not actually members of the team

Yoni Assia
Founder and Chairman
unverified
Tal Oron
Executive Director
unverified
Tomer Bariach
Product
unverified
Anna Stone
Commercial
unverified
Hadar Rottenberg
Engineering
unverified
Amit Baram
Creative
unverified
Dorit Dvir
Operations
unverified

Advisors

Verified 0%

Attention. There is a risk that unverified members are not actually members of the team

Omri Ross
unverified
Nir Yaacobi
unverified
Paul Chrimes
unverified
Ziv Keinan
unverified
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