Jan 26, 2022
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Service categories
Service Lines
Blockchain
Cloud Consulting
Software Development
Web Development
Domain focus
Banking & Financial Services
Frameworks
Node.js
React.js
Challenge
GoodDollar (one of the E-toro’s projects of the well-known company) is a people-powered framework to generate, finance, and distribute global basic income. It provides a baseline standard of living and reduces wealth inequality through the creation of a universal basic income (UBI).
The goal of the project was to develop a web application for new protocols and smart contracts to deliver a “trickle-up” value structure that places money in the hands of those who need it most.
GoodDollar (one of the E-toro’s projects of the well-known company) is a people-powered framework to generate, finance, and distribute global basic income. It provides a baseline standard of living and reduces wealth inequality through the creation of a universal basic income (UBI).
The goal of the project was to develop a web application for new protocols and smart contracts to deliver a “trickle-up” value structure that places money in the hands of those who need it most.
Solution
GoodDollar is the reverse of the conventional trickle-down approach to capital, credit, and interest-bearing money. Its digital asset that operates within the emerging ecosystem of decentralized and open finance. Each coin is backed by a monetary reserve of cryptocurrencies and thus has tangible value. G$ coins are liquid and convertible to other cryptocurrencies and will be available to buy and sell directly via the GoodDollar GoodReserve smart contract.
The main idea was to build a new, global, open-source cryptocurrency – called GoodDollar – to distribute money using the principles of universal basic income (UBI). GoodDollar for – the ultimate purpose of reducing wealth inequality through blockchain technology.
GoodDollar is the reverse of the conventional trickle-down approach to capital, credit, and interest-bearing money. Its digital asset that operates within the emerging ecosystem of decentralized and open finance. Each coin is backed by a monetary reserve of cryptocurrencies and thus has tangible value. G$ coins are liquid and convertible to other cryptocurrencies and will be available to buy and sell directly via the GoodDollar GoodReserve smart contract.
The main idea was to build a new, global, open-source cryptocurrency – called GoodDollar – to distribute money using the principles of universal basic income (UBI). GoodDollar for – the ultimate purpose of reducing wealth inequality through blockchain technology.
Results
GoodDollar wraps around yield-generating decentralized finance protocols. Those funds are used to mint a reserve-backed crypto-asset (G$), which is used for yield-payouts to Supporters who staked capital, and distributed daily as basic income to users.
GoodDollar wraps around yield-generating decentralized finance protocols. Those funds are used to mint a reserve-backed crypto-asset (G$), which is used for yield-payouts to Supporters who staked capital, and distributed daily as basic income to users.