[GIP-17] Increment the value of UBI shared to a representative value equal to 5 USDT daily per user

Governance Proposals
#1

GIP: 17
Title: Increment the value of UBI shared to a representative value equal to 5 USDT daily per user
Author: Cesar Cordero
Status: Stage 2
Track: Protocol
Created: 2023-10-24

Summary:
Increment the value of UBI shared to a representative value equal to 5 USDT daily per user

Description:

According to United Nations, any person with less than 1.9 USD per day, is in extreme poverty. We have to give more:

Minimum salary per Country:

That’s why I propose to give an UBI in form of G$ equal than 5 USDT daily per user. It is made checking the price of G$ daily, automatically. Example: If 1 G$ is equal to 0.0001 USDT, then daily a person should receive 50,000 G$. It’s computed dinamically daily. It could be 25,000 G$ in Celo and 25,000 G$ in Fuse.

To achieve this goal we could follow these action, proposed by @Furcas

“”"
Regarding this contribution and with a quick reading, what it gives me to understand is that only by depositing money (cDAI) into the GoodReserve Smart contract will the value increase. It really is a super important piece of information that will shed real light on the project to the community.

In summary, they must enter cDAI into GoodReserve for G$ to increase in price, so it does not matter how many G$ are circulating because they will not go down until G$ enters GoodReserve.

“”"

It means we need to increase the GoodReserve. Like when in DEXs we add liquidity.

7 Likes
#2

I wish it were possible but for me it is absolutely unsustainable. It would have no basis, it would only break the liquidity of the reserve.

The current tokenomics system keeps the price stable to ensure that basic income can be delivered permanently. I think it is necessary to achieve greater distribution, we must know where the funds that support this issue come from so as not to destroy the distribution of UBI, therefore a system that, although it does not yet have enough supporters, has been providing income for 3 years.

I think the focus should be on looking for more supporters, not on broadcasting out of nowhere

2 Likes
#3

3 years of crypto distribution, but not income. 1.9 USD daily is the minimum wage of extreme poverty, we haven’t erradicated extreme poverty in our users.

We need action!.

1 Like
#4

I think more money needs to be in the trust to begin with. Also a portion of its earnings needs to be also set to reinvest so it self generates growth overtime. This i think can get us closer to that idea, and i imagine more tokens may need to be utilized to pay out yields as well. Not sure how this can be tackled.

3 Likes
#5

Yes absolutely. More money in the trust that generates the UBI, so that the UBI rises up to $5 per day ultimately.
More money in the trust will be a flywheel for the whole Gooddollar UBI system. I am really curious about what actions are taken to increase the trust. Is anyone of the team specifally working on that? Contacting those multimillionaires to contribute? Or any of those big companies out there?

2 Likes
#6

I am for the value of the fund’s valuation going up. As the daily Universal basic income scales up id imagine we have to look deeply into what the fund can invest in. I hope this happens. Maybe a page that donates to the fund can work.

1 Like
#7

By the way, we need someone with much GOOD to make the votation proposal.

1 Like
#8

Check this proposal:

1 Like
#9

Ah, my wish is to see $5, but at least they could increase the UBI distribution for single user claims up to $1 USD on a daily basis.

1 Like
#10

1 USDT daily is less than the edge of extreme poverty according to UNO. UBI concept says, share to the population at least minimum salary stablished by the government. 1 USDT is ok to start.

But currently G$ isn’t working as an UBI. We aren’t finishing with extreme poverty of the G$ claimers. There are developers and community managers in G$ gaining much more than UBI shared.

UBI is equal for the one who have a job and the one who haven’t a job. But it isn’t happening here. Since 2020 sharing the same amount, less than a cent.

We have to apply economic improvements as burning the tokens, or the project is dead. Sorry for saying the truth.

2 Likes
#11

The cryptos share don’t have enough value. We are sharing cryptos but not income!. We have malformed the UBI concept!.

2 Likes
#12

This proposal is undoable at this stage of growth of the protocol and, if it were somehow implemented (which it won’t!), would crash the protocol in a few days.

Here’s some basic math: 5 USDT * 50,000 daily claimers = 250,000 USD distributed in a day.

In 3 days, we’d have distributed more tokens than the reserve is backing. This proposal would completely destroy the GoodDollar economy in less than 72 hours.

Yes - we all know what UBI means and that the GoodDollar protocol does not distribute an amount that is equivalent in USD that can be used for basic needs. That said, GoodDollar is still crypto UBI. It’s a money distribution system based on open access and equal shares to all participants that request their daily claim.

Considering the above and the purpose of this proposal, one of our the main goals as members of this protocol at this point in time should be to get more cDAI added to reserve.

Some examples of how we can get more G$ in the reserve/reduce supply/drive impact:

  • Buying G$ and holding
  • Buying G$ and burning (this one is always in my mind)
  • Buying G$ and donating them to projects in the G$ ecossystem that provides basic income to specific communities
  • Getting people to stake their stablecoins in the Trust Fund (which generates yield that goes directly into the reserve)
  • Getting partners to burn a parcel of the G$ token they receive
  • Implementing projects on top of the GoodDollar protocol where purchases from the reserve are an integral part to their functioning
  • Developing other methods of supply burn
  • etc
2 Likes
[GIP-16] Implement a deflationary mechanism to burn 10% of UBI sent daily
#13

We would get there with $GD basic income, might be far fetch now but honestly if we have more supporters on this project it would be huge and reliable as UBI so far

1 Like
#14

This is very good goal for $G but how to get it?
I think $G team is doing right way to make it real.
To hit this goal, we should focus on:
+Make appearance of G$ on more blockchain networks, at least 5 networks => attract more users from these networks, and make G$ become a common money to transfer between networks.
+Build a strong framework to help developers developing their apps.
+Invest / build more apps to use G$ as money. I suggest to build a P2P app, in which users can exchange G$ for money in local banks / cashes, especially for small money (e.g. under 1 USD). The liquidity on DEX can help to exchange but will affect the price so much & limited by size of liquidity which is just provided by very few people. Almost of CEX needs from 5$ to trade => almost of poor people can’t have enough 5$ or wait too long to have their money while they need money urgently (e.g. to buy food to live).
+Marketing to attract more good supporters which want to help / build good community. They will provide more back money or just simple buy G$ on P2P app and hold.

When the need of G$ is over number of G$ minted every day, the price of G$ will increase quickly. The goal UBI of G$ is 5$ every day can become true.

2 Likes
#22

Why don’t we use capitalism. We want our community to share our money equally. Let’s create few capital groups based on social trading model and put half profit into another ubi pool to be distributed next to the main pool. More liquidity more capital more engagement with outside markets. More donations more profit more ubi.

1 Like
#23

Right, and who will cough $200k/day to give $5 to every person?

#24

So it’s GoodDollar’s responsibility to do the government’s job and take care of it’s citizens and eradicate extreme poverty? You can’t be this dense…
The US government is the only one that has the power to print infinite money out of thin air without having to put anything down. For GoodDollar to be able to give money away, it has to make more money prior to distributing it. I has to put cDAI down so that it can generate interest that then in turn is distributed among it’s users.
If you want a fatter UBI claim, you should consider funding the treasury.

#25

Oh you wrote it better than I!