What is GoodDollar?

GoodDollar (G$) is a digital asset that strives to provide a form of universal basic income (UBI) to its registered users. It is a reserve-backed token, initially backed by DAI, and is distributed daily to users. The model is sustained by supporters who deposit underlying assets onto the platform and then yield farm on supported DeFi protocols. A portion of the accrued interest is returned to supporters, with the rest collateralized for new G$ tokens that are distributed each day. GoodDollar is a non-profit initiative funded by donations, with a mission to financially empower individuals around the globe using decentralized technology.

How does GoodDollar work?

GoodDollar operates by leveraging the power of decentralized finance (DeFi) to issue and distribute G$ tokens daily to registered members as a form of universal basic income (UBI). Supporters deposit underlying assets onto the platform and yield farm on supported DeFi protocols. The interest accrued is partially returned to the supporters, while the rest is collateralized for new G$ tokens that are distributed each day. This system seeks to create a sustainable model for UBI, making cryptocurrency accessible and useful to anyone who wants it.

What are the potential use cases for GoodDollar?

GoodDollar can be used in various ways. It can serve as a tool for financial empowerment, providing a form of universal basic income to registered users. It can also be used to explore and experience decentralized applications (dApps), DeFi, and NFTs. Furthermore, GoodDollar can be integrated into dApps to drive usage and access to the GoodDollar community. It can also be used to support non-profit work through donations. GoodDollar seeks to make the transformational power of Web3 and blockchain accessible and inclusive for billions around the world.

What is the history of GoodDollar?

GoodDollar was established in 2018 with the aim of using decentralized technology to financially empower individuals around the globe. It is a non-profit initiative funded by donations. Since its inception, GoodDollar has been recognized for its use of blockchain for financial inclusion by organizations such as the World Economic Forum, Crypto Council for Innovation, and INATBA. The project has experienced growth, with new wallets being created in countries like South Africa, Nigeria, and Venezuela.