Let’s talk about GoodDollar.org and GoodDao

If you wanted to cut a very long story very short you could simply say that GoodDao is a decentralised autonomous organisation (that’s what the acronym DAO stands for) designed to run GoodDollar, a form of crypto-based UBI, which stands for Universal Basic Income.


And this begs three questions: what is a DAO, what is UBI and what is the connection here?


Sit down, grab a cup of coffee and hopefully we can clear this up with a three-part answer.


About the DAO


Both private and public companies rely on hierarchies of executives: nothing happens without the CEO’s say-so and, in the case of a public company, the shareholders’ approval.


This is obviously heavily centralised and as whole point of crypto is decentralisation, a different system was needed. That’s exactly why DAOs exist.


You can think of a DAO as a public company with no CEO and no executives. You and I are the shareholders and we make the decisions.


The structure is more democratic. And this is in the literal sense of the word, without necessarily adding or subtracting moral meaning to the expression.


Any member of GoodDollar can vote. And some members can make proposals. This is based on the amount of GOOD, GoodDollar’s governance token (more on that in a second), you own. Any member who owns over 0.25% of the total GOOD supply can make proposals and any other member can vote.


On top of that, the GoodDao uses blockchain-based smart contracts, which means you don’t need to trust the other party to do the right thing because the contract itself is programmed to do the right thing. And it can’t be changed.


About GOOD


The initial batch of 96 million GOOD tokens will be distributed among claimers (50%), Trust stakers (25%) and holders (25%). After that, there will be an identical annual allocation.


And we hear you, we hear you. But wait a second – you say – owning GOOD is basically like owning shares of a company so how do you make sure the system stays decentralised? Easy. The GOOD token has a fixed value of 0 because it can’t be traded. Yup. Zero.


This is designed to encourage people to hold on their GOOD tokens if they believe in the project, not just because they’re looking to make a quick buck.


About UBI


UBI – Universal Basic Income – is a form financial income designed to meet a person’s basic needs. The idea is gaining traction, especially now that we’re heading towards a reality where technological advances will inevitably automate a lot of jobs out of existence.


The case for UBI has been made a million different times in a million different ways and form, in different geographies but, so far at least, it has never been seriously tried with crypto.


Crypto-based UBI is also aiming to solve another issue by empowering people who live in areas of the world where the banking system is failed or dysfunctional.


With GoodDollar, all you have to do is log in to your account once a day and tap a button.


We’re laying the foundations for something that can, and should, and hopefully will, grow and thrive. Giving people the opportunity to be in charge of their own financial means.



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, is highly appreciated (see address below) Thank you.

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GoodDollar: can crypto be used for Universal Basic Income?

I’ve watched a fantastic YouTube video, or perhaps I should say a montage, highlighting four different views on UBI, Universal Basic Income.


Two of the pundits were for it and two were a bit more dubious but all four presented valid arguments and none, this is the best part, relied on political or ideological standpoints. They were simply weighing in the pros and cons.


In short, for those who aren’t familiar, UBI stands for Universal Basic Income, the idea that each individual should receive a basic income regardless of employment status.


I still don’t know where I stand on that because everything I hear sounds reasonable, and these conversations are always a lot more complicated than they seem. For example, some claim that UBI will be inevitable because technology will ‘automate’ a lot of people out of existence. Robots are already capable of doing a lot of the things we do but better, and they’re expendable.


They’re never tired, they don’t complain, don’t ask for a raise.


It is also true that it is statistically very likely that a small percentage of people would self-destruct if given the chance to do so with a ‘free meal’, which brings us on what is, in my view, the biggest flaw with UBI and it is that – so far, at least – it hasn’t really worked very well in all those geographies where it’s been implemented.


UBI was introduced in the country I was born about three years and so far it’s been a complete disaster. But that’s a different conversation for a different day.


The biggest issue is it incentivise people to stay home and not work because why would you bust your a*s for a meagre pay day when you get nearly the same amount doing nothing.


But that’s FIAT UBI, what about crypto UBI?


I came across a project called GoodDollar because a friend and (technically) former colleague is working at the company and I’ve been using for a few months. I still don’t know where it can go, but I think the use case is worth talking about.


Very easy. You just log in every day and click ‘claim’, and you link your MetaMask to redeem the token.


Crypto is a game that plays by its own rules and the dynamics of this world make it a bit easier to distribute UBI, with all the benefits that come with it, while drastically reducing the drawbacks.


Will it work?


I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit CoinbaseCrypto.com or Binance

Use this link to get free diamonds use my CoinmarketCap code