In search of a solution to tackle global wealth inequality, we at GoodDollar have launched a closed beta experiment, to 500 subjects, which includes a digital wallet with built-in universal basic income (UBI), a coin (GoodDollar) and a marketplace (GoodMarket — provided in partnership with our friends at paperclip.co)
We were interested in testing our technology, observing user experience and the adoption and engagement of the UBI mechanism, so we laid out our key KPIs:
- Seamless signup process
- Constant wallet engagement (UBI claims)
- Ease of transactions in the wallet
- Marketplace engagement
Four weeks into the experiment, the progress has been encouraging and we’d like to share some of our discoveries and insights below.
We’ve seen 71% of targeted subjects sign up successfully and 69% of those create a wallet to complete the registration funnel.
20% of users completed the registration funnel within 7 days and 50% within one month of launch.
Wallet Engagement — universal basic income claims
Week 3 has seen most activity with 75% of wallet holders claiming daily UBI.
Peaks of activity during weekdays. On average we see 23 users making 53 transactions a week. We also see a rise in trade of high-value items in weeks three and four.
Engagement In Marketplace
Almost 82% of items on GoodMarket were uploaded by users and they made up 64% of GoodMarket’s total value.
We have found friction points both in the onboarding and the transaction processes, for some, we have deployed hotfixes and for others, we have issued tickets for the next version updates.
All items related to the smart contracts and blockchain code seem to be working well with no major issues to report.
Engagement is quite high, exceeding expectations numerically, with early adopters emerging in the marketplace and trading quite early on.
Stay tuned for more details following our Christmas UBI bonus deployment and engagement campaign — coming soon.
GoodDollar: Changing The Balance — For Good
Do you have the skills to help the GoodDollar project? We need builders, scientists and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Contact us at email@example.com, via our social media channels (Twitter, Telegram, or Facebook), check out our community website, join the OpenUBI movement, or visit our GitHub page. Our YouTube channel is worth exploring, too.