I am a proponent of UBI (Universal Basic Income) and I believe it will be useful in mitigating the risks of unemployment. Hence providing every person in this world with an unconditional sum of money regardless of employment status.
When I heard about the GoodDollar project, naturally I decided to sign up for it. After using it for 12 days, I have received a total of 91.89 G$.
So, what is the GoodDollar project all about? Is it too good to be true? Here is what I think of eToro’s GoodDollar project.
The GoodDollar project: Using technology for social good
Founded by Yoni Assia, the co-founder and CEO of eToro, the GoodDollar project generates digital money that can be distributed daily to users as a form of UBI. eToro is one of the best regulated online brokers and is Europe’s largest social investment network.
The project was launched in September 2020 and sustained by supporters who deposit underlying assets onto the platform and then yield farm on DeFi (Decentralized Finance) protocols.
To earn G$ (GoodDollar), all you must do is sign up and claim daily. Currently, each $G token is backed by DAI stablecoins. The plan is to diversify collateral so that each stablecoin is backed by other cryptocurrencies.
Pros:
- Easy to set up
- It is backed by eToro
- Simple task, just click to claim once a day
- They have DAI locked to their staking contract, which was then staked to Compound
- Aave and other protocols are in the works
Cons:
- Facial recognition and phone number for verification is required
- G$ has no inherent value and is entirely speculative
Conclusion
I have not tried to withdraw the G$ or exchange it with anything in the GoodMarket marketplace. I have no idea if it will have any value or not, but it sounds like an interesting concept.
Many things need to be done for this project to become a success. However, I am confident that it will continue in the coming years. If it is successful, we may be able to reduce unemployment and eradicate world poverty.
If you are interested in trying it for yourself, please sign up using my referral link here.
Image Credit: GoodDollar
