GoodDollar’s Money Flow And Smart Contracts – A Brief Explainer
Are You Interested To Know How GoodDollar’s Money Flow Works, And What Smart Contracts The Basic Income Project Uses? You’ve Come To The Right Place …
Within three days of the launch of GoodDollar’s basic income, on September 7, almost 3,000 new wallets were opened, with Claimers registering from all around the world – from Australia, Albania, Argentina, and Austria, and over 80 countries starting with other letters in between. While it has been thrilling for the team to see the excitement many people have for the project, it’s clear that some folks want to better understand GoodDollar’s money flow.
We hear you, and want to help. This blog explainer blog will hopefully answer your queries on GoodDollar’s money flow – how it works, who the various stakeholders are, and more. Further below, for fellow blockchain fans, there’s also some good stuff on the smart contract architecture we have established.
Follow The Money … Flow – Understanding GoodDollar
GoodDollar wraps around yield-generating decentralized finance protocols. Those funds are used to mint a reserve-backed crypto-asset (G$), which is used for yield-payouts to Supporters who staked capital, and distributed daily as basic income to users. Consider GoodDollar’s money flow graphic, highlighting the nine key stages, from Supporters’ staking to Claimers receiving daily basic income.
For those who are interested to understand in even more detail, the GoodDollar White Paper explains all the key monetary policy and monetary tools. The below notes, on our smart contract architecture, should assist, too.
Smart Contract Architecture
- Supporter “stakes” cryptoasset to GoodStaking contract
- Currently only accepting stakes in DAI
- GoodStaking deposits crypto-asset to a permissionless protocol
- Currently integrated only with Compound
- Permissionless protocol issues a “staking token”: cDAI
- GoodStaking issues a non-transferable record to the Supporter’s wallet
- Supporter can withdraw “stake” at any time
- GoodDAO contract sends a daily request to GoodStaking to collect earned interest
- GoodStaking sends interest to GoodReserve
- GoodDAO triggers the GoodReserve to mint G$ 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
GoodDollar’s Core Smart Contracts And API
The GoodDollar Protocol is deployed on both the Ethereum mainnet and on the Fuse sidechain. Contracts like the GoodReserve are only on mainnet, and other contracts like the UBIScheme are only on the Fuse sidechain. Certain contracts, such as the DAO and G$ Token contracts, are deployed on both networks.
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
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