Will eToro’s GoodDollar Help Solve Wealth Inequality?
GoodDollar’s goal is to build a sustainable and scalable universal basic income through blockchain technology.
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. 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 (Decentralised Finance) protocols.
How to earn and use your G$ tokens
To earn G$ (GoodDollar), all you need to do is sign up and complete the verification process. Take note that facial recognition and a phone number is required for verification. Once you are done, you can start claiming daily.
Currently, each $G token is backed by DAI stablecoins. The plan is to diversify collateral so that each stablecoin is backed by other cryptocurrencies. G$ has no inherent value however it is possible to trade it for USDC on FuseSwap.
I have claimed G$ daily and also earned some from job providers in exchange for social engagement. I have also bought NFT art from the GoodDollar Marketplace with my G$.
Why you should sign up with GoodDollar?
- It is straightforward and easy to set up
- It is backed by eToro, a reputable company that has been around since 2007
- Simple task, just click to claim once a day
- They have DAI locked to their staking contract, which was then staked to Compound
- They have Aave and other protocols in the works
Conclusion
The GoodDollar is an interesting concept. Many things need to be done for this project to become a success. However, I am confident that it will continue in the coming years. If it is successful, we may be able to reduce unemployment and eradicate world poverty.
If you are interested in trying it for yourself, then use my invite link and receive an extra 50G$ bonus.
Disclaimer: I am not a financial advisor. Do not take anything on this article as financial advice. Do your own research. Consult a professional investment advisor before making any investment decisions. My writings are based on my observations and reading only.
