GoodDollar Basic Income Launch – We Are Now Live!
After Almost Two Years Of Working, We Are Extremely Delighted To Report That The GoodDollar Basic Income Launch Is Here
The GoodDollar basic income launch is live!
GoodDollar is a global basic income coin (G$) and wallet. That means that you, me, everyone can start to claim a daily income in G$. G$ is backed by other types of cryptoassets so it has an immediate – albeit modest – value.
This blog explains how the process works and – with luck – will help answer most of the questions you may have. You can always consult the FAQ page and even contact us directly if you have more queries.
- To start receiving G$, go ahead and create a new account. It works on either desktop or mobile – so long as you have internet access.
- Sign-up! You’ll need to do a quick face verification to confirm you are a real, unique human being. Face verification is done anonymously and is just to ensure a fair distribution of G$.
- Claim G$! These G$ are backed with DAI (more on which below).
How Many G$ Do I Receive Daily?
Well, it depends. Your first day claiming you will receive 1G$; from then on, you will receive an equal amount of all G$ given away as basic income on that day. You can read more on this exact topic here.
Please note that if you participated in the private launch, use the same log-in method you used to access your wallet.
How To Use G$
GoodDollar is meant to be used as a payment token to unlock commerce and standardize barter. Transactions between G$ holders are free. Looking more to see how GoodDollar is meant to be used? Read this blog post.
How The Model Works
GoodDollar wraps around yield-generating decentralized finance protocols. Those funds are used to mint a reserve-backed crypto-asset (G$), which is used for yield-payouts to Supporters who staked capital, and distributed daily as basic income to users. For those who are interested to understand more, the GoodDollar White Paper explains all the key monetary policy and monetary tools.
- GoodDollar is a reserve-based token
- cDAI is the first supported currency in the Reserve
- GoodReserve Smart Contract: 0x5C16960F2Eeba27b7de4F1F6e84E616C1977e070
Staking For GoodDollar
- Compound is the first protocol integrated with GoodDollar
- All interest generated from Compound is moved in cDAI to the GoodReserve
- GoodStaking Smart Contract: 0xEa12bB3917cf6aE2FDE97cE4756177703426d41F
Money Flow in the GoodDollar Ecosystem
Smart Contract Architecture
- Supporter “stakes” cryptoasset to GoodStaking contract
- Currently only accepting stakes in DAI
- GoodStaking deposits crypto-asset to a permissionless protocol
- Currently integrated only with Compound
- Permissionless protocol issues a “staking token”: cDAI
- GoodStaking issues a non-transferable record to the Supporter’s wallet
- Supporter can withdraw “stake” at any time
- GoodDAO contract sends a daily request to GoodStaking to collect earned interest
- GoodStaking sends interest to GoodReserve
- GoodDAO triggers the GoodReserve to mint G$ and sends newly minted G$ to the GoodDAO. G$ minted are used for interest yield-payouts (currently inactive) and a pool of daily basic income
- Interest payouts are sent back to GoodStaking (currently inactive)
- GoodDAO sends G$ for pool of daily basic income to the UBI Scheme Smart Contract, via the Fuse bridge
- G$ in the UBI Scheme Smart Contract is divided between all “active” users/Claimers
- Each Claimer has a 24-hour window to log-in and claim their share of the daily basic income pool
Initial System Parameters
On the day of smart contract launch, the system is set to the following parameters:
- Amount Staked = US$1,000
- GoodReserve = US$500
- Reserve Ratio = 1
- Expansion Rate – 20% annually
- Reserve Token: cDAI
- Transaction Fees = 0%
- Exit Contribution: 3%
- Referral Rewards = 0%
- Price of 1G$ in US$: 1G$ = US$0.0001
How To Get Involved
- Sign up to begin to claim G$
- Follow GoodDollar on Twitter and Facebook
- Join our Telegram group
- Sign up to receive the weekly GoodNews on basic income and open finance
Want to keep up with the latest updates on the GoodDollar and global UBI?