GoodDollar Launches Key Protocol Upgrade to Expand Crypto-Backed UBI Ecosystem

This significant upgrade enhances protocol functionality to increase the value of GoodDollars delivered as UBI.

GoodDollar, the impact-first protocol and DAO that leverages decentralized finance to mint and distribute a global crypto basic income, today announced that it launched a major upgrade to its contracts to enable it to scale. This significant upgrade enhances protocol functionality to increase the value of GoodDollars delivered as UBI, opens liquidity rewards to protocol supporters, and introduces a new, community-led governance model.

GoodDollarV2 Coincides with the Introduction of the Community-Owned GoodDAO

Anna Stone, one of the founding team members, said:

“GoodDollarV2 provides the world’s first decentralized impact economy with all the tools necessary to realize our founding vision: offering an onramp to the digital economy for tens of millions of financially underserved individuals through incentivizing people with capital to do good for others. All made possible due to an open finance infrastructure, which demonstrates the power of DeFi to solve for greater  financial inclusion.”

GoodDollar protocol was initiated as a limited Proof of Concept (PoC) in September 2020 with a closed contract system and single staker: eToro, GoodDollar’s corporate sponsor. Even with those early limitations, the PoC exceeded all expectations and has already delivered free cryptocurrency in the form of the G$ reserve-backed token to nearly 300K people in more than 183 countries. eToro has sponsored the building of the GoodDollar protocol and DAO as part of its corporate social responsibility initiatives, with the vision of GoodDollar to be fully community-led and governed to achieve its purpose .

The launch of GoodDollarV2 marks a new, expansive phase for the protocol that opens its social, financial and governance benefits to all, along with the GoodDAO, the community governance mechanism over the protocol contracts. GoodDollar leverages yield farming and liquidity mining rewards to encourage the flow of capital toward the protocol, enabling the sustainable generation of UBI. With the introduction of V2, GoodDollar leverages “yield farming for good”: all users will now be able to stake capital in third-party protocols such as Compound or Aave via the GoodDollar Trust, earning market-rate liquidity rewards while at the same time supporting the generation of crypto UBI.

GoodDollar members will also be able to buy and sell G$ directly inside the GoodDollar Reserve, a key feature designed to enable the economy to grow and thrive.

Most importantly, V2 coincides with the introduction of the community-owned GoodDAO, the decentralized autonomous organization that will determine the future path of the GoodDollar economy. To facilitate this change of control, non-transferrable GOOD tokens were distributed to the entire GoodDollar community: both those who claim G$ and those who contribute to its generation. As a result, those most actively engaged with the protocol will be those with the most say over its future. Ongoing distributions will adhere to the same principle.

The launch of GoodDollarV2 marks a new period of purpose for DeFi itself. With GoodDollar, the open and decentralized financial infrastructure that has helped millions profit will now help foster financial inclusion and empowerment across the planet.

GoodDollar is an impact-first blockchain protocol and DAO that leverages the tools of decentralized finance to provide a universal basic income (UBI) in the form of G$, an ERC-20 digital asset. The initial build of the GoodDollar protocol was sponsored by social investing platform eToro, as part of its corporate social responsibility (CSR) initiative and commitment to improving financial education and empowerment, globally. All GoodDollar code is open source and operates on the Ethereum mainnet and Fuse.io, an Ethereum side-chain. Users with an Internet connection and the GoodDollar Wallet app can sign up to receive a small amount of G$ daily.

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Source: cryptobriefing.com