FAQ

The GoodDollar protocol is 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.

The GoodDollar non-profit was founded in 2018 by Yoni Assia, founder and CEO of eToro, who is also the main corporate sponsor of the project. The protocol was initially launched in September 2020.

Any real live human being that has access to an internet connection can sign up to GoodDollar and become a Claimer to receive a small daily income in G$ coins. To become a Supporter, at this stage, please contact us directly. Please check our Terms of Use for a full list of included countries.

GoodDollar is built using public blockchains to create and distribute its global basic income system. GoodDollar operates on the Ethereum mainnet and Fuse.io, an Ethereum side-chain (read this blog post for more). G$ is a crypto asset that adheres to the ERC-20 token standard. Please see the GoodDollar White Paper for more details.

he initial GoodDollar smart contracts were released September 2020. In December 2021 the GoodDollar V2 smart contract upgrade occurred, which corresponded to the launch of the community-governance control over the smart contracts. All further smart contract upgrades will be run through the GoodDAO.

Basic income is the idea of giving a recurring cash payment directly to people. In most cases, governments consider giving basic income to a country’s citizens. GoodDollar takes a different approach, and presents a certain pool of income in G$ that is distributed equally to all users. New G$’s are released daily, and users claim their G$ every 24 hours. To receive a small daily basic income in G$, all you need to do is sign-up and create an account.

To learn more about basic income, check out this page and our blog for more resources.

Simply share the website with them and invite them to sign up. GoodDollar gets way more fun, interesting and useful when your community is in on it, too. Then you can use your G$ coins to buy, sell and barter with each other.

Thanks for participating in the demo! You will have to sign up and create a new account. You can follow the steps below:

1. Go to your GoodDollar demo wallet and wait until you see the update popup, then click “Update”.
   
2. Create a new account and sign-up.
3. Quickly go through the face verification process.
4. Claim G$!

As mentioned, all demo G$’s tokens claimed as part of the demo were “play tokens” so will not appear in your new wallet. Enjoy claiming your new real G$ coins and thank you again for helping us improve the wallet experience!

G$ digital coins are the cryptocurrency that powers the GoodDollar economy. In the GoodDollar economy, Claimers claim G$ digital coins, and Supporters receive yield payouts in G$ coins for the capital they have committed to GoodDollar. G$ adheres to the ERC-20 standard and operates both on Ethereum mainnet and side-chains.

It depends. Every day (in 24-hour cycles) there are a certain number of G$’s set aside to be distributed as basic income. This sum of G$’s are divided evenly between all active users in the system, who log-in and claim every 24-hours. Any unclaimed G$’s that are not claimed are moved to the pool of G$’s to be distributed the next day. Active users are defined as users who have claimed at least once in the past 14 days.
So the number of G$’s you receive on any day depends on two factors: 1) how many other active users log-in and claim, and 2) how many G$ are minted and given away. To learn more about how G$ are minted, we encourage you to read the GoodDollar White Paper.

There are times when you may receive a different distribution than the other members. These include:

• New Account: when you create a new account, your first time claiming you will receive 10 G$. This includes if you have deleted an account and are re-registering.
• Account Reactivation: If you haven’t claimed for 14 days you will need to re-activate your account. You will receive 10 G$ when you first re-activate your account, and an equal amount of G$ for every day afterwards.

Every day at 11:40:12 GMT the new pot of G$ coins are released to be distributed.

You are able to claim G$’s once in any 24-hour cycle.

This means new G’s are released for claiming at: 4:40:12 AM in San Francisco; 7:40:12 AM in New York; 12:40:12 PM in London, 13:40:12 PM in Cape Town; 18:40:12 PM in Bangkok.

G$ tokens can be used in a number of ways that strengthen the GoodDollar ecosystem. First is as a payment token; G$ can be sent and received to your friends and contacts, enabling their use for peer-to-peer commerce. G$ can also be used to strengthen the overall DeFi ecosystem using G$, such as providing liquidity on DEXes, staking for gaining GOOD tokens or in a range of community campaigns. For those looking to swap their G$ for other currency types, this is not offered in the GoodDollar wallet, but is offered through third-party providers such as DEXes or community-run offramps.

Check out this user guide on how to send and receive G$.

G$ is currently not listed on exchanges, but will be available in the future.

To claim G$ coins, we need to confirm that you are a live and unique individual. The goal is for every user to only have one GoodDollar account. We do this through asking you to take a selfie, and then verifying that your face is unique and distinct from other users. We do this through maintaining an anonymized dataset of the facemaps of all that people that register and for every new user the technology verifies that the face submitted does not already exist in the dataset.

We encourage you to read more in this blog post. 

We do not ask you for any personal information for identification purposes.

GoodDollar was launched with an initial price of 1 G$ = .0001 USD. This was part of the initial system parameters. After launch, the price is variable and determined by market demand.

GoodDollar operates with different kinds of Automated Market Maker (AMM) setting the price. A primary market own by the protocol, the GoodReserve, and secondary markets (CEXes and DEXes) which prices will be set according their own policies and market interactions.

The wholesale price of GoodDollar from the reserve contract is tracked on the dashboard.

Great question! Check out How G$ Works to get an overview. In short, G$ is a reserve-backed cryptocurrency that holds other crypto assets in its monetary reserve. For those who are looking to learn more, we encourage you to read through the LitePaper and the GoodDollar White Paper to learn more about how value for G$ is created, and our theory of adoption.

Every day a certain number of G$ are minted. The amount of G$ that are minted are determined by two factors: 1) the amount of interest that is moved into the GoodReserve, and 2) the Reserve Ratio, a number that reflects the ratio between crypto-assets locked in the GoodReserve vs. the G$ out in circulation. The minting logic and other parts of the GoodDollar monetary policy are detailed in the GoodDollar White Paper.

The decentralized stable coin DAI is the first crypto-asset in GoodDollar’s monetary reserve. 1 DAI is equal to $1 USD. You can read more about DAI and the MakerDAO protocol.

Compound is the first supported protocol. The interface for staking will be released in the second half of 2020. The roadmap will enable users to support GoodDollar through a wide-range of permissionless protocols. If you are interested in staking on Compound, please reach out to us directly by completing the form on Support G$.

oodDollar is a fixed supply currency with the total number of G$ coins to be minted set at 2.2 trillion. However, the numbers of G$ coins in circulation are variable and depends on the value located in the GoodReserve and the reserve ratio policies set by the protocol. Please note that no G$ are pre-minted, and all G$ are minted according to the logic clarified above. The reasoning behind the GoodDollar monetary policy are detailed in the White Paper and are subject to be updated by the GoodDAO.

GoodDollar operates across two blockchain networks: the Ethereum mainnet, and Fuse.io, which is an Ethereum sidechain. Claiming G$ occurs on the Fuse network, and you can read more about how Fuse enables us to distribute basic income at scale in this blog post. As the industry is evolving towards a multi-chain paradigm, so will GoodDollar.

No, not by default. You can set up your MetaMask to interact with the Fuse network by adding Fuse rpc to metamask (rpc.fuse.io) and can add the G$ token to appear: (0x495d133B938596C9984d462F007B676bDc57eCEC)

A send/receive transaction should take approximately 5 seconds, which is the Fuse block time.

Fees to send and receive G$ while you are using the GoodDollar wallet are subsidized, so there are no fees for users. If you decide to use a third-party wallet, you will need to pay Fuse gas fees.

All information on our contracts and the block explorer can be found on our Github, https://github.com/GoodDollar. To learn more about our architecture and monetary policy, we encourage you to check out the GoodDollar White Paper.

All information on our contracts and the block explorer can be found on our documentation, https://docs.gooddollar.org, our Github, https://github.com/GoodDollar. To learn more about our architecture and monetary policy, we encourage you to check out the GoodDollar White Paper.

All of our code is open-source and can be found on our GitHub,  https://github.com/GoodDollar

Check out our collection of User Guides on our Help Center, which will show you how to sign up and get started.

You can find common questions and a range of user guides in our Help Center. Still not finding what you need? For individual inquiries, you can submit a help request.

GoodDollar officially supports Chrome and Safari, though the app should work on other web browsers. If you are using GoodDollar on an iPhone, you must work with Safari as GoodDollar interacts with your camera (face verification, QR codes).

Users are responsible for individual use of the GoodDollar services and compliance with all laws and regulations applicable to it. To learn more about geographies where GoodDollar use is prohibited, please read our Terms & Conditions.

We believe that it is important to protect your data privacy. Your personal data is collected, processed and stored lawfully and transparently by us, and meets international standards, including GDPR.

We collect basic sign-up information (email, name, mobile phone number) for wallet interaction, and errors to improve the wallet experience.

The GoodDollar app is a blockchain wallet that is secured by your private key, of which only you have access to. GoodDollar operates on the Fuse blockchain, which transparently presents all transactions in a way that is trackable and fully auditable.

You can access our complete Privacy Policy here.

es, if you would like your personal information to be deleted from our systems, you can submit a request to <[email protected] and our team will handle your request.