GoodDollar Insight

GoodDollar (website) is a decentralized, user-centric protocol with a mission to create a sustainable and scalable basic income token. Founded by Yoni Assia, the co-founder and CEO of eToro and GoodDollar envisions a "trickle-up" economic structure. Instead of relying on the conventional top-down approach, it aims to provide liquidity directly to the people who need it the most.

Setting itself apart from competitors, GoodDollar's value proposition revolves around the creation of G$, a reserve-backed token. G$ is sustainably funded as a public good and designed to flow freely to individuals where it will be used most productively. The core of the protocol is the GoodReserve, an automated market maker contract that functions as GoodDollar's reserve. As funds are added to the GoodReserve, GoodDollars are minted, while returning GoodDollars to the contract results in them being burned.

In just a short period, GoodDollar has proven to be a disruptive force in the sector. Within three months of joining the Celo project, GoodDollar attracted nearly 80,000 monthly active users and established itself as the world's largest global UBI community. To date, GoodDollar supports over 530,000 UBI recipients across 181 countries. A recently published Proof of Concept highlighted the project's potential, revealing that over $50,000 in G$ was distributed to more than 1,000 users globally within a year.

The project is backed by solid financial support, with a total of $1 million raised in a venture round in November 2018. Additionally, GoodDollar received a significant grant from the Celo Foundation, with over 80% of it allocated to fund GoodDollar UBI. This financial support strengthens GoodDollar's position as a key player in eradicating poverty through DeFi

Looking to the future, GoodDollar has a promising roadmap. The team is set to launch a community grants program and implement improvements to the GoodDollar Protocol. They plan to deploy on Layer 2 and side chains, aiming to increase the reach and utility of G$ and strengthen the GoodDAO. Alongside these developments, updated documentation on V2 of the GoodDollar protocol will be released. The establishment of a GoodDollar TokenEngineering Study Group further underscores the project's commitment to continuous learning and growth, paving the way for GoodDollar's ongoing success in creating a more equitable economic landscape