Multi-asset investment platform, eToro, is excited to announce that it has launched GoodDollar: a non-profit initiative that leverages decentralized finance to offer a protocol for distributed basic income. First proposed at Web Summit 2018, the concept has since advanced into a working economic model, wallet, and digital basic income coin that was launched this week.
The launch of GoodDollar means that anyone with an internet connection and phone number can receive its native cryptoasset, G$, store it in the GoodDollar wallet, and transact. A pool of G$ is given away daily to users, who can use the digital asset to facilitate barter and trade locally and globally.
GoodDollar presents a sustainable, financially inclusive use case that uses new products such as staking and yield-farming, which have driven the $15 billion market cap boom across decentralized finance in recent weeks. Through staking in protocols such as Compound, AAVE, DMM, and others, GoodDollar supporters earn a yield-payout while also funding GoodDollar’s G$ basic income coin. GoodDollar G$ is backed by a monetary reserve of cryptoassets: its value is derived from the interest generated by third-party permissionless protocols. Through the amassed reserve interest, G$ coins are minted: individual and corporate supporters receive market-rate yield-payouts in G$, and a daily amount is set aside to be distributed as basic income. At launch, DAI is the first supported cryptoasset in GoodDollar’s monetary reserve, and Compound is the first integrated protocol.
“For years we have heard the hype about blockchain’s ability to deliver on financial inclusion, yet most of the gains in the crypto market continue to benefit a small set of savvy and connected users. GoodDollar wants to close this gap by offering every person easy access to basic digital assets,” says GoodDollar founder, Yoni Assia. “Now anyone with an internet connection can have their own digital…