GoodDollar Basic Income Launch – We Are Now Live!

GoodDollarHQ Sep 07, 2020 4 min read
GoodDollar Basic Income Launch – Ready For You
GoodDollar Basic Income Launch – Ready For You

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 Reserve
Staking For GoodDollar

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 

Resources

How To Get Involved

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GoodDollar Basic Income Launch – We Are Now Live!
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