This article briefly explains the economy behind a protocol that allows you to claim GoodDollar's token, then it follows a guide to take part on it.

What is GoodDollar?

GoodDollar refers to both the name and the token of a De-Fi project that seeks to fight income inequality by enlarging financial opportunities. It runs in a combination of a side-chain called Fuse (fuse.io) and also in Ethereum (it is ERC-20 compatible). In practice, the mechanism starts with the Good Staking working inside an "incentivized" liquidity pool (it has currently an APY of 3.66% in Compound, in the future AAVE and DMG will provide theirs too with annual yields of 6.66% and 6.36 respectively) where the DAI yield supporters recieve stays in the Good Reserve as a collateral to issue GoodDollars, in exchange they recieve half of their DAI yield worth in G$ while the rest is distributed to claimers. It is worth noting that the value of 1 DAI equals aproximately to 7407.40740741G$ (this price fluctuates but today this is my specualition based on Uniswap transactions), therefore, believing that G$ will one day reach the price of one United States Dollar outlooks a strong long-term investment opportunity. On the other side, Claimers might save their GoodDollars (which is good for accumulation), or consume products and services with them in the GoodDollar market place.

Set your wallet to claim your G$

The UBI (Universal Basic Income) protocol demands two things: verifying your identity and creating a wallet (of course, you do this on the official website), on the wallet interface you will find a claim button that allows you to recieve G$ per day (the ammount may vary depending on the ammount of G$ "mined" and the ammount of active claimers that day). It is important that you verify your identity so that claimers are forced to have only one account instead of several, stealing the income of others.

Stake your funds to acquire G$

You can think of supporting the project as a Yield Farming protocol, by staking DAI you "farm" G$s with the excepction that you do not keep the entire ammount of the token that you earned, every two farmed Gooddollars only one is kept by the supporter as a reward, the other is destinated to Claimers. If you are not familiar with liquidity pools and yield farming i highly recommend watching this and this.

Buying G$

GoodDollars are thought fit for commerce, so from the very begging you are able to trade them between wallets, but may buy them on fuseswap or Uniswap (this one has very high fees so i prefer the other) too as an speculative asset since their price is currently very low.

3 ways in which you can acquire G$:

a. Fuseswap.com (lower gas costs), (User Guide).

b.  goodswap.xyz (an application created by a community member). (User Guide).

c. Uniswap.org, i saw in Reddit a comment suggesting an specif route to do this Here. It involves buying Cdai or Compound Dai which makes sense given the architecture of the project.

BEWARE: DEXs or swaps involves gas fees and do not provide 100% succesful transactions, as you will see in the comment section on the reddit post i cited, uniswap didn't work for someone. Please do your own research and use risk capital (money that you can afford to lose).

See Project status here.

Disclaimer: This is not financial advice, the purpose of this article is to share information.

What other projects do you wish that i cover? What do you think of this project? Tell me in the comment section and feel free to tip and to share!