Protocol V1
An introduction to the key components and members in the GoodDollar protocol V1.
“GoodDollar V1 refers to the initial GoodDollar protocol smart contracts deployed in August 2020. GoodDollar V2 refers to a significant smart contract upgrade with expanded functionality and updated contract addresses. PAY ATTENTION to confirm you are interacting with the correct and most current version of the smart contracts.”
Key Components
Supporters
Members who are "supporters" of the GoodDollar system and "stake" their crypto to GoodDollar. Supporters stake their crypto holdings to the GoodStaking contract, and accept interest payouts in G$ instead of the crypto-asset used for staking.
Claimers
Members of the GoodDollar wallet who receive daily basic income in GoodDollar coins (G$) via "claiming" G$ daily in the GoodDollar wallet.
GoodDollar Token (G$)
A digital currency that complies with the ERC-20 standard and initially built on the Ethereum public blockchain. G$ is a reserve-based token - cDAI is the first reserve currency.
Permissionless Third Party Protocol
An existing algorithmic autonomous interest-bearing protocol developed by third parties where Stakers can deposit cryptocurrencies and earn interest.
GoodDollar Reserve (GoodReserve)
A smart contract that is the monetary reserve of G$; that holds other crypto-assets (not G$) in it. Members of GoodDollar can buy or sell GoodDollar by depositing or withdrawing supported crypto-assets (initially cDAI) directly to or from the reserve (based on Bancor Formula, see below).
GoodStaking Smart Contract
A smart contract that:
(a) receives cryptocurrencies from the Supporters / Stakers and sends it to the permissionless third-party protocol
(b) issues the GoodStaking record to the Stakers and accepts the transactions from the stakers and sends the protocol the the principle deposited;
(c) receives the interest in-return directly from the permissionless third-party protocols and automatically transfer it to the GoodDollar GoodReserve contract
For now - the interest can only be donated to the GoodReserve; supporters are not able to receive interest payouts in G$ at this point in time (coming soon!)
UBI Scheme
A smart contract that collects the total minted GoodDollars that are set aside for distribution as basic income on a given day, and distributes G$ equally amongst all claimers.
Bancor™ Formula
GoodDAO
Decentralized and autonomous entity, a smart contract that will eventually be 100% owned by the community of GoodDollar members.
Controls the GoodReserve Smart Contract
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