GoodDollar, a non-profit organization, believes that, “although at an early stage in its life cycle, all signs point towards GoodDollar demonstrating that a digital basic income can work at a scale, while affecting positive change on a global level.” They believe that this can be achieved by using decentralized finance to provide digital income to its clients. As of 2020, more than 14million tokens have been claimed by clients from GoodDollar.
On Wednesday, it was announced that the universal basic income (UBI), a project from GoodDollar, had hit the 40,000 people threshold in 180 countries after its launch in September. About half of the 40,000 people have claimed the G$ reverse-based token, which totaled 14 million.
GoodDollar mints its G$ from the interest it grows from permissionless protocols who own crypto assets. Therefore, G$ is obtained through a third party. These tokens are then given to GoodDollar supporters at the current market rate in G$ currency. There is, however, always a daily amount put aside and shared among the GoodDollar participants and digital UBI.
Yoni Assia, the founder, and CEO of one GoodDollar explained that the global pandemic’s effects have significantly enhanced a millennial’s digital asset’s desire. He stated that “we see a new influx of people who are hungry to participate in the markets, and adopt new financial innovations.” He further explained that “GoodDollar expands financial literacy and access to markets while providing a digital basic income to fuel its digital economy.”
What is important is that people understand that UBI will allow people in authority, such as lawmakers, to provide its citizens with financial aid every month to help cater to their basic needs. Andrew Yang, the former Democratic presidential candidate, was a massive campaigner for this cause. He believes that every United States citizen would receive $1000 as financial aid every month.
The only down part is that people who use G$ tokens cannot directly use the token. However, they can trade for online services on sites such as Facebook and some online educational classes. The GoodDollar project believes that people, especially youths, are “hungry to adopt complementary currencies,” which is a great way to learn about finances.
There is a lot of support from millennials towards universal basic income. Research from Oxford and institutions around Europe found that 71%of Europeans are for the basic income idea. Even Jack Dorsey, the CEO of Twitter, recently donated $5million towards the Yang project, hoping that UBI will be provided to the US citizens. It is believed that the best way to distribute these funds is through cryptocurrency.
Image Courtesy of Pexels
