The GoodDollar Protocol is a new standard to sustainably fund free money as a public good in G$ token. Its mission is to enable money to sustainably flow freely to people who need it most, where it will be used most productively, as a peer-to-peer currency. It does this through the funding and issuance of GoodDollar token - G$ - a reserve-backed token that functions as an automated market maker. The protocol and its core tokenomics seek to offer a flexible, permissionless architecture to support the funding and distribution of G$ token, through multiple engagement models that could suit a range of different stakeholder types.
The protocol architecture is designed to leverage the composable and permissionless nature of DeFi to fund and pay for a free flow of currency that can benefit millions of people, at scale. The architecture is based upon funding the GoodDollar reserve, which enables funding for to be routed, permissionlessly, from a range of funding sources and crypto assets across the decentralized finance space. Those funds are directed toward the GoodReserve, the automated market maker contract that functions as GoodDollar’s reserve (GoodReserve). As funds are added to the GoodReserve, GoodDollars are minted; if GoodDollars are sent back to the GoodReserve contract, they are burned.
This flexible architecture suits the many different financial instruments and asset types that constitute DeFi today, enabling money from a range of sources to all productively fund a UBI designed to support the people who most need new assets.
V3 Smart Contract Architecture
GoodDollar protocol and G$ token is a multi-chain EVM compatible protocol, designed to function in a multi-chain paradigm. The core protocol smart contracts that govern the monetary policy of the GoodDollar protocol operate on Ethereum mainnet, which includes governing the minting of G$ tokens to be distributed as UBI. G$ UBI distribution occurs on EVM-compatible L2s and side-chains that are better accommodate low-value, high-volume transactions. To date, all distribution of G$ UBI minted from the GoodDollar protocol has been distributed on Fuse Network, to whitelisted wallets that pass GoodDollar’s identity scheme.
G$ UBI Recipients
GoodDollar is an open UBI protocol that is designed to enable any person with a smart phone to be able to create a non-custodial wallet account, begin to receive real crypto in it, therefore enabling them to learn by doing. It is open to anyone on the planet, but to reduce abuse there is a unique identification screening to ensure 1 person, 1 GoodDollar associated-wallet, 1 G$ UBI.