GoodDollar’s February Update

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February was a big month of growth at GoodDollar, with 115,000 new members joining the community.

In the last four weeks, the GoodDollar global community more than doubled in size and bringing the total number of wallets to 183,000 (!!!). We are thrilled that this was the month that we blasted past the 100,000 wallets mark, a huge milestone for any community. It’s almost surreal – and definitely humbling – that there are now this many GoodDollar users around the world. Plus, in February a total of 107 million G$s were distributed. And it’s just the beginning…

Fueling this growth was the release of the marketing referral program, that rewards current users for inviting their friends to join GoodDollar. This feature was in the works for quite some time, and was one of the top requests from GoodDollar users. To date, 87,000 users have joined via the the marketing referral program, and 53,000 of those have started claiming G$s as active users. 

What does this mean for you? Every day a certain number of GoodDollars are minted, and they are divided equally between all users in the system. As more users join GoodDollar and the number of active claimers increase, it affects the number of GoodDollars each user receives. We refer to this as the “basic income equilibrium” as discussed in the Whitepaper, which is our hypothesis of when the supply of GoodDollar distributed meets the user demand for GoodDollars. Ultimately, scaling both the supply and demand sides are critical to healthy growth of the ecosystem – and this remains our key focus. We’re working hard to continue to release new ways for people to use and stake with their crypto to increase the supply of GoodDollars distributed, which will enable the system to grow at scale.

GoodDollar grows in India, Indonesia, Nigeria

Excitingly, the release of the referral feature is expanding GoodDollar to new communities across the globe. Over the past few weeks, India, Nigeria and Indonesia emerged as the countries with the highest percentage of G$ users. Are these the new high-growth geographies for new GoodDollar users? It’s too soon tell, but we are looking forward to seeing and sharing more and more use cases that emerge from these new digital communities.

And people are really using GoodDollar, and returning day after day. Do you know that GoodDollar is one of the top projects globally regarding our daily active user count? We are excited that this activity is now being tracked via dapp.com, which shows that there are over 37,000 users returning to the app each and every day to claim. 

Digital financial literacy will be key

With all the new users joining our community, we have realized that education in digital assets is more critical than ever. We have seen that for many of our new users, GoodDollar is their first experience interacting with a digital currency, let alone getting set-up an on-chain wallet. Education is critical, and people are hungry to understand how and where to use their GoodDollars, and why it matters to them. Providing more actionable user guides and content is a key focus for us, and we would love to partner with community members to advance this. If this sounds like you, get in touch!

Where and how can you use your G$s?

Using GoodDollars to build digital communities 

More and more use cases are emerging from digital entrepreneurs using G$s to score marketing and design services, and a built-in brand audience. Fred Stuckey is an entrepreneur who has recently launched ETH Cities – a new platform for building communities. In need of a new tagline for his business, he went directly to the GoodDollar community and sourced the crowd for ideas.

He announced the “Meet the Mayor” contest – an open call for slogans for the ETH Cities platform that would then be voted on and selected by the GoodDollar community, with a 100,000 G$ bonus for the winner. The winning slogan? This past week he announced the winner and the winning slogan: Balogun Lydia and her winning slogan: “My dream is to fulfill your dreams.”

Inspired? Interested to participate? Fred has run a number of contests for the GoodDollar community and he is just getting started. Thank you Fred, Lydia and all other participants for your participation and all you do! 

We’re improving the onboarding funnel

  • We know that some of you have faced challenges passing the Face Verification – we deployed a new version that should improve the process
  • Improved instructions and UI to explain the Face Verification process
  • G$ marketing referral program is live 🙂 

Are you a developer? See all the latest updates on Github.

What’s coming next

Native G$ wallet (Android first)

As GoodDollar expands across borders, our product team is working on releasing a Native version of the wallet for both Android and iOS users. The app will enable you to get push notifications for G$ sent to you, allow for faster transactions by choosing phone contacts to send money to, and it will also allow you to set a reminder to Claim everyday.

We are looking for people to launch and test it with us! If you’re interested in joining our beta, fill out this form and we will send you an email update with more information closer to the beta launch.

GoodDollar Ambassadors

We are actively looking for ambassadors from India and Indonesia who can help us spread the word, translate materials, and become local representatives in these countries. Apply here! 

GoodDollar making waves

Get involved with GoodDollar

  • Create a wallet. It takes 30 seconds, literally. 
  • Invite your friends (and get bonus G$s for it). Access your personal referral link and share it directly from your wallet.
  • Subscribe to the newsletter to receive the top weekly headlines circulating our own Slack channels and global news feeds. Stay up to date on the future of currency, blockchain, decentralized finance and basic income. Plus, it makes for really great dinner table conversations.
  • Be a part of the conversation and join our Telegram, Twitter and Facebook channels. Drop us a like, share our articles, and start some interesting discussions.
  • Donate and create digital basic income for all, forever 🙂
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