GoodDollar is a project that aims to address wealth inequality and poverty through the implementation of a blockchain-based Universal Basic Income (UBI) system. GoodDollar has built a wallet that enables any human with an internet connection to sign up and claim a small daily income in G$ coins.
GoodDollar was launched publicly on September 7, 2018 by the e-trading brokerage eToro as a corporate social responsibility (CSR) initiative, a non-profit organization founded personally by eToro CEO Yoni Assia with an initial capital of 1 million dollar.
It was launched initially on the Ethereum blockchain via an open-source code on GitHub. Subsequently it was launched on the Fuse blockchain first, and Celo blockchain after. It aims to provide a digital UBI to global communities via a decentralized cryptocurrency called gooddollar, G$. There is a limit supply of 2.2 trillion G$ coins, and ±66MG$ coins have been already claimed by users.
Users can earn money by creating a GoodDollar wallet, signing up via their emails or social media accounts, and earn over 50G$ coins as a starting point. To sign up, users are required to create a video selfie showing their faces and identifying themselves. The wallet enables users to collect G$ by clicking a “claim” button each day on the website, which provides a variable number of coins based on the “Reserve Ratio”.
Reserve ratio is a number that reflects the ratio between crypto-assets locked in the GoodReserve, the staked coins of the people who fund the G$ supply by staking their capital, vs. the G$ out in circulation. According to whitepaper, every G$ coin is collateralized in a supported cryptocurrency on a one-to-one ratio. For example, every 1 ETH (or another supported cryptocurrency) moved into the reserve produces G$ coins in equal value.
The gooddollar coin is not yet listed on any centralized exchanges, however users can exchange the earned G$ coins to Ethereum and DAI using the GoodApp, with MetaMask on Ethereum blockchain, or using the Voltage Finance App on the Fuse blockchain.
Currently, theG$ coin is not accepted as a payment method by major businesses. However, people have used G$ coins for buying and selling homemade birthday cakes, vegetables from personal gardens, used iPhones, tutoring or babysitting services and many other goods or services on the Good Dollar marketplace.
Really interesting. Thank you for reporting