Leveraging the growth of DeFi to build a more inclusive economy
Decentralized finance was developed as a way to dissolve generations-old barriers to entry in the global financial system.
Yet even after a boom in value that saw assets locked in various DeFi platforms quintuple to a record $88 billion in May from just $17 billion in January, activity remains concentrated in relatively few hands, most in the world’s wealthiest economies. And while the appetite to be part of the crypto economy is large and growing, many potential participants feel they lack the technical tools, know-how, and capital to join in.
GoodDollar is using DeFi’s cutting-edge capabilities to rebalance that equation. Our mission? To onboard the next billion cryptocurrency users by giving people in every corner of the globe the means and the knowledge to join the digital economy. To do this, we have built a groundbreaking blockchain-based protocol that uses smart contracts to continually and sustainably mint a digital token–G$–that anyone can claim via our decentralized non-custodial wallet app.
The elements of the GoodDollar Protocol—the mission-driven philosophy, the GoodDollar Trust, the simple wallet—form the basis of an innovative distribution model designed to harness market forces and the principles of social investing to offer everyone everywhere a chance to take part in the crypto wealth boom.
And for those who want to help us achieve this ambition, GoodDollar offers a new paradigm for impact-oriented capital: one that draws on the flexibility of DeFi to deliver material as well as psychic rewards to supporters.
Proving a truly decentralized economy
GoodDollar is the brainchild of eToro co-founder Yoni Assia, whose growing concern about the dangers of growing global inequality back in 2008 led him to envision a new breed of financial system, one owned by its users and operated transparently for the benefit of all. Ten years later, he charged the GoodDollar Foundation with bringing his concept to life.
After experimenting with several blockchain-based income-distribution models, the team settled on the current incarnation and launched the GoodDollar Proof of Concept in September 2020.
As a currency, GoodDollar is also both liquid and highly stable. This is because although G$ is . not a stablecoin, it is backed by leading cryptocurrencies. Despite its tiny initial market cap of less than $200,000, G$ has proved more stable than the top 100 cryptocurrencies, along with many government-issued currencies–particularly those in volatile economies.
What the GoodDollar model proves that growing the pie is possible without redistributing money from the rich to the poor. Since all the cryptocurrency claimants receive is freshly minted each day, everyone gains a share of a growing pie.
The birth of a movement
Above all, the PoC has demonstrated that GoodDollar is far more than a new use case for smart contracts. GoodDollar is a movement: one that has already touched a quarter million people in more than 181 countries around the globe. And we’re only getting started.
Our community, meanwhile, has grown to some 220,000 members across four continents, including between 40,000 to 80,000 active daily users. This highly engaged group has helped make the GoodDollar wallet app one of the most popular distributed applications (dapps) in the blockchain universe. Transactions in G$ are growing as well, with a 55% increase in the past three months, resulting in an average of 594 transactions a day from community-built marketplaces and innovative ideas from our members collaborating with one another.
More info on GoodDollar coming soon!
(content reposted by a project enthousiast from gooddollar.org with permission of gooddollar.org)
