GIP-14: Activation of G$ UBI Distribution on Celo

Background

Following the approval of the previous proposal [GIP-13] Expansion of the GoodDollar Protocol on Celo, this proposal aims to activate G$ UBI distribution on Celo Blockchain.

GoodDollar protocol and G$ token has been designed to function and mint and distribute G$ as universal basic income (UBI) in a multi-chain paradigm. The core protocol smart contracts that govern the monetary policy of the GoodDollar protocol operate on Ethereum mainnet, which includes governing the minting of G$ tokens to be distributed as UBI. G$ UBI distribution is better suited for EVM-compatible L2s and side-chains that are better accommodate low-value, high-volume transactions. To date, all distribution of G$ UBI minted from the GoodDollar protocol has been distributed on Fuse Network, to whitelisted wallets that pass GoodDollar’s identity scheme.

GoodDollar V3 Smart Contract Architecture

Any GoodDollar wallet address that passes face verification is eligible to claim G$ UBI on any and all chains that it is distributed on. In onboarding to a GoodDollar account, each individual needs to pass a unique identity check that ensures that individual is unique. After successfully passing face verification, a member’s GoodDollar wallet is whitelisted for the identity smart contract on each chain, and therefore eligible to claim daily from the from the DisCo (distribution contract on each chain). This is the list of wallets that are eligible to receive the daily G$ UBI distribution. Each GoodDollar member’s wallet will be their same wallet address on all chains.

Proposal

The goal of this proposal is to approve the initial distribution amounts of G$ tokens issued from the GoodReserve, as UBI on Celo Blockchain, to whitelisted wallets.

After the approval of [GoodDollar V3] ([GIP-11] GoodDollar V3 - Protocol Enhancements - #23 by Gus), the distribution of G$ token issuance follows this allocation logic on a daily schedule:

  • 10% is designated to the community fund
  • 10% to the savings contract (staking G$ to gain G$ rewards; soon the be activated)
  • 80% is allocated as UBI, evenly divided based on active wallets on Fuse.

This proposal offers a common sense approach to split the GoodDollars allocated for UBI between the Celo and Fuse networks, while supporting the current active member base.

Based on the assumption that there will be initially zero active users on Celo, but this figure will increase over time, the proposed distribution is as follows:

These figures account for the 80% of G$ reserved for UBI issuance.

  • Start out with a 10% distribution of G$ on Celo**,** which will increase every month until a 50% distribution is reached on both chains, Celo and Fuse.
  • Monthly updating of the daily distribution will require manual updating of the contracts, which will be executed by the Protocol Community Guardians.

To support the initial UBI, GoodDollar Limited LLC will support the funding the initial distribution contract on Celo with 10,000,000 G$ that it holds in its treasury. This will be a donation on behalf of the protocol.

This proposal refers to initial protocol parameters that can be modified by the GoodDAO at any time. As referenced in Protocol V3 and the initial Celo Expansion protocol, these settings suggest initial parameters. Ultimately, core protocol monetary policy and its implementation will be proposed by a group of skilled community members nominated by the GoodDAO. The goal is to establish and this working group in the upcoming months.

How will I be able to claim G$ distributed on Celo?

Any wallet that passes the GoodDollar identity check will be whitelisted to claim G$ on both Fuse and Celo. They will be able to claim G$ on a daily basis on both chains.

Claiming G$ on Celo Blockchain will be possible through GoodDapp, the interface that enables usage of all protocol features. You also can use the GoodDapp to claim G$ on Fuse Network. The GoodWallet interface will not be be operable on Celo, but will still work to claim G$ daily on Fuse.

If you already have a GoodDollar wallet address that has passed the identity solution and claim on Fuse, your wallet has already been verified and you will have to use your GoodDollar wallet address to claim on Celo. This is because both Fuse and Celo are EVM compatible blockchains, that speak to Ethereum mainnet. You will have the same GoodDollar wallet address on Fuse and Celo.

References:

Once this GIP is activated, the contracts for GOOD on Celo and its distribution will be initiated and shared.

## Motivation for asking changes in such Protocol policy

G$ token has been designed to function in a multi-chain paradigm.

Starting G$ claim distribution on Celo will provide more utility for the token and therefore more opportunities for holders. All claimants will have the opportunity to develop their financial opportunities within an ecosystem that is mobile-friendly and prioritizes dapps focused on financial access and empowerment including: microloans, P2P marketplaces, and mobile minutes.

Complementary information: G$ Token, Contracts:

G$ token address on Celo: 0x62B8B11039FcfE5aB0C56E502b1C372A3d2a9c7A

GOOD token address on Celo: 0xa9000Aa66903b5E26F88Fa8462739CdCF7956EA6

Guardians’ GnosisSafe: 0xa2521e8F5A990903fdD8Afa6570C52526e7E0D5E

45 Likes

I’m ready to get GoodDollar UBI from Celo Blockchain. EVM is the goal.

21 Likes

Is the goal to Claim in Celo go go G$:white_check_mark::white_check_mark::white_check_mark::white_check_mark::white_check_mark::white_check_mark::white_check_mark::iphone::computer::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire::fire:

15 Likes

Yeah, I am with G$ on Celo Blockchain

11 Likes

Very nice project.keep going G$:heart::heart::heart::heart::100::100::100::+1::+1:

9 Likes

yeay Gooddollar On Celo

9 Likes

And I want to be of the good$ 2p2 exchange on Nigeria…

5 Likes

Good project to Celo Blockchain

5 Likes

Beautiful, let go. Waiting for G$ on Celo Blockchain.

6 Likes

I don’t think that you can go wrong by doing this there are really so minimal things that could ever happen to negatively affect Gooddollar and I am sure that this was taken into consideration when going over the proposal let’s go Celo!

5 Likes

Whats the link to celo?

5 Likes

Good dollar is a great project from a committed Team. Supporting all new moves and expansionsđź‘Ť

5 Likes

cheers for the team and all of us, hopefully this will make a new change for gooddollar

4 Likes

Great news believe this will open a new era,

4 Likes

Good luck Good$ Good Movement

4 Likes

Gran proyecto GoodDollar

3 Likes

Best of luck​:+1::+1: achieve your goal.

3 Likes

Yes I want Good Dollar on Celo

3 Likes

I love the G$ project. This is the best project in my life.

3 Likes

Não entendi nada. Alguém pode me explicar.

1 Like