GoodDollar unveils fresh upgrades to expand crypto-backed UBI ecosystem

abdelaziz Fathi

eToro-backed non-profit initiative, GoodDollar is making significant strides to push forward the utility of its native token through a string of technological improvements and business measures that aim to bring financial inclusion to the masses.

GoodDollar

GoodDollar, launched publicly in September 2020, has rolled out a new push to broaden the reach of G$, strengthen the GoodDAO and forge new links within the DeFi ecosystem.

Over the next 12 to 18 months, the blockchain startup will adopt measures to build out the GoodDollar impact economy as the concept of a universal basic income (UBI) remains more relevant today than ever before. The protocol will forge new connections within the DeFi ecosystem and work with the community to expand the number of places and ways G$ can be used.

eToro’s corporate social responsibility initiative will also upgrade its protocol to ensure all members of the GoodDAO community have the tools and knowledge to actively contribute to the future of the GoodDollar economy.

“GoodDollar has made major progress toward our goal of building a bridge to web3 for the world’s financially underserved. “Already, more than 340,000 people have joined the digital economy through GoodDollar. And they didn’t need either specialist equipment or specialist knowledge to begin their crypto journeys – just access to a smartphone and an internet connection,” said Anna Stone, co-founder of GoodDollar.

“The changes we plan will ensure that more DeFi users can learn about and support our mission, more projects can build on us, and more UBI recipients can claim through us,” added GoodDollar co-founder and Technical Lead Hadar Rottenberg.

Product Lead Patricia Pedrosa also touched on the development, adding that the different elements of the roadmap played critical roles in GoodDollar’s mission. As she put it: “We are working to create a unified journey that will take GoodDollar users seamlessly from first crypto use through to financial self-determination.”

Basic income made possible by blockchain

The ability to transact between fiat and cryptocurrency is a critical component for GoodDollar’s implementation and adoption as the social impact project currently has over 350,000+ members from over 181 countries.

By working with partners, GoodDollar tackles the challenges faced by millions of unbanked people and enables them to transact using a financial model they are familiar with.

GoodDollar is the brainchild of Yoni Assia, founder and CEO of e-trading brokerage eToro. The open source community delivers a solution that empowers people around the world to claim basic income through a non-speculative cryptocurrency that any cell phone owner can claim, and convert to local currency.

The product roadmap also calls for reducing global wealth inequality through a digital coin that acts as a blockchain-based banking and settlement system.

GoodDollar protocol differs from other projects in that it delivers free funds daily to all of its users. This is to achieve another of the project’s objectives which is to allow anyone to use cryptocurrencies.

GoodDollar token is backed by a monetary reserve of crypto assets. Supporters receive market-rate yield-payouts in G$, and a daily amount is set aside to be distributed as basic income. They store their assets in the GoodDollar wallet, and transact whenever they want using a financial model they are familiar with.

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