Fuse & GoodDollar partner on the future of UBI
We are excited to announce Fuse’s latest partnership with GoodDollar, a project with a revolutionary mission that aims to ease the shackles of financial instability by providing the framework for generating universal basic income (UBI). GoodDollar aims at reshaping wealth creation and distribution through a sustainable and easily scalable framework using the Fuse network protocol, GoodDollar is here to dramatically transform global finance.
Let’s take a deep dive into the foundation of the project, what it’s about, and how they plan to manifest this transformative mission using the Fuse protocol.
The Founder and Funding:
GoodDollar was founded and created by entrepreneur Yoni Assia. He founded eToro in 2008, which today is the world’s largest social investment network with over 12 million registered users from more than 100 countries. Being a large-scale non-profit initiative, GoodDollar aims to allocate funds from eToro and other partners to get things running. A common problem non-profit initiatives face is where and how to attain funding to run their operation. In the case of GoodDollar, they are able to kick-start the project by having a steady stream of funds from eToro and other partners allowing them to create a sufficient reserve to power the project.
The Project:
The GoodDollar project is a non-profit initiative that is determined to create a sustainable and scalable framework for bringing global UBI to the world by utilizing the Fuse Network. GoodDollar economy is powered by the G$ crypto coins or “GoodDollars”. G$ coins are for the people and by the people, no longer needing governments or traditional financial instruments thus cutting out the middleman and ensuring greater security and prosperity for all. GoodDollars are mintable/burnable and ERC20 compatible tokens.
Just like a coin, the GoodDollar economy consists of two parties, supporters, and claimants. Supporters wishing to aid the cause can invest in the community with their funds, convert fiat to G$ coins and earn interest in return which is generated through an interest generating DeFi protocol mechanism. The invested funds are locked in the “Good reserve”, accrue interest which is used to distribute the capital among the claimants. Supporters who invested their sheer amount of GoodDollars will receive interest by claiming their share from the reserve. The more GoodDollars in the reserve, the higher payouts received. Claimers, on the other hand, can claim a daily stipend from the reserve! An important note is that there is an obvious limit to the daily capital any individual claimer can request per day. A new facial recognition feature will also make the economic model more secure and sustainable from fraud. Here’s a video explaining GoodDollar’s economic model at work:
Fuse partnership:
So how does Fuse fit into the picture, you may wonder? Essentially, the Fuse Network is used as an instrument on top of which the GoodDollar can build a functioning economic model, harnessing all the benefits that Fuse provides. These benefits include:
- No transaction fees for consumers — using fee abstraction
- User-friendly interface and transaction process
- Access to Ethereum ERC-20 compliant protocols
- Easy-to-use blockchain wallet management tools
You can learn more about the application benefits of the Fuse network in a recent article written by the GoodDollar team here.
GoodDollar Demo & Support initiative
Try out the demo version of the GoodDollar app today! You can support the project in several ways:
- Commit your funds to the GoodDollar trust for a designated period and see your interest generate UBI in the form of G$ coins for you and the community.
- Become part of the launch of the world’s first global UBI experiment by joining leading philanthropists, UBI enthusiasts, impact investors, and foundations that are committing funds to bring GoodDollar to life in H2 2020!
- Are you a crafty developer who wants to change the world? Join GoodDollar’s open-source dev team here.
