GoodDollar was launched publicly on September 7, 2018 by the e-trading brokerage eToro as a corporate social responsibility (CSR) initiative, a non-profit organization founded personally by eToro CEO Yoni Assia with an initial capital of 1 million dollar.
It was launched initially on the Ethereum blockchain via an open-source code on GitHub. Subsequently it was launched on the Fuse blockchain first, and Celo blockchain after. It aims to provide a digital UBI to global communities via a decentralized cryptocurrency called gooddollar, G$. There is a limit supply of 2.2 trillion G$ coins, and ±66MG$ coins have been already claimed by users.
Users can earn money by creating a GoodDollar wallet, signing up via their emails or social media accounts, and earn over 50G$ coins as a starting point. To sign up, users are required to create a video selfie showing their faces and identifying themselves. The wallet enables users to collect G$ by clicking a “claim” button each day on the website, which provides a variable number of coins based on the “Reserve Ratio”.
Reserve ratio is a number that reflects the ratio between crypto-assets locked in the GoodReserve, the staked coins of the people who fund the G$ supply by staking their capital, vs. the G$ out in circulation. According to whitepaper, every G$ coin is collateralized in a supported cryptocurrency on a one-to-one ratio. For example, every 1 ETH (or another supported cryptocurrency) moved into the reserve produces G$ coins in equal value.
The gooddollar coin is not yet listed on any centralized exchanges, however users can exchange the earned G$ coins to Ethereum and DAI using the GoodApp, with MetaMask on Ethereum blockchain, or using the Voltage Finance App on the Fuse blockchain.
Currently, theG$ coin is not accepted as a payment method by major businesses. However, people have used G$ coins for buying and selling homemade birthday cakes, vegetables from personal gardens, used iPhones, tutoring or babysitting services and many other goods or services on the Good Dollar marketplace.