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.
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.
- [What is an EVM-compatible network?] (Ethereum Virtual Machine (EVM) | ethereum.org)]
- How do I export my GoodDollar wallet into an EVM-compatible wallet (like Metamask)
- How do I connect my GoodDollar wallet from GoodWallet to GoodDapp using Wallet Connect
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