A Quadratic Funding protocol for everyone in the GoodDollar ecosystem
Many Entrepreneurs already accept GoodDollar as method of payment. A problem is that people don't have a lot of value to spend (the daily claims are still small). The protocol attempts to help by adding more revenue to the Entrepreneurs. All they have to do is sign up on this site, and then at the end of the month they will receive a "top up" to match any income they had in the previous year.
Here is how it works:
Entrepreneurs are already selling goods and services. Some of their customers pay with GoodDollars. Some stores ask for partial payments in GoodDollars. All is good. But payments are small.
Our DAO members analyze sales of all "GoodEntrepreneurs", and calculate the MicroGrants monthly. They use a quadratic matching formula that prioritizes the number of customers but also considers the value of revenues.
GoodEntrepreneurs are airdropped a "top up" based on their sales in the previous month and available donations in the pool
Any Donor can send money directly into our pool to increase the top up for all Entrepreneurs
We get more Entrepreneurs start selling and signing up, we drive more sales in the Ecosystem, we increase the utility and use cases for GoodDollar, the price of GoodDollar increases, and we get more interest, more claimers. A beautiful positive spiral.
The superheroes in our story.
As an entrepreneur you should start building your own business idea. Once you have your first few customers paying in GoodDollar, you can sign up to receive Good MicroGrants. We have made the process super simple:
Sign up for GoodDollar (if you haven't already)
Make and account and create at least one page for your business on GoodMarket
Sign up for GoodMicroGrants with our form
Business as usual. Sell your goods or services. Have your customers to pay with GoodDollar (can be partial payment)
Wait until the next month. Your MicroGrant will be airdropped into your wallet.
There are a lot of people who are wondering what to do with their GoodDollar. This is a good use case: Send them to our pool.
The process is even simpler for donors: Send GoodDollars to our GoodMicroGrant Pool. We will handle everything else for you.
Why should you do this? Here are some benefits:
Support our micro entrepreneurs out there by adding a little bit more to their income
Support the awesome people in the GoodDollar community
Support the development of web3 economy
Build utility for the GoodDollar monetary system. Money gets its value from usage. We already have close to 500,000 recipients / holders. What we now need is more places to spend the money, more stores that accept G$ as payment. MicroGrants is a way of making this happen.
Quadratic funding is a fantastic way of distributing grants in the best way to the most amount of people with the least amount of admin.
Guaranteed 100% of your money will reach entrepreneurs, with full traceability / auditability. We will soon publish easy-to-read reports of how the money was distributed.
For The community
This initiative is entirely driven by volunteers of the GoodDollar community. Not by the Foundation. Not by eToro. By individual people wanting to contribute, share and learn. Be one of us. Please.
We communicate openly in a few different public telegram groups. Feel free to join in, it's as easy as clicking on one of the links below.:
Builders - Started by an ex-GoodDollar employee, this group also include some current employees who help navigate some of the technical design questions. Join here.
Marketing - Our second group who created the graphics, this website. We try to push the message and build awareness of this campaign. Join here.
Donors - Support for anyone wondering about the donation process. Join here.
Entrepreneurs - Support group for entrepreneurs to share ideas on how to set up and succeed in creating local circular economies. Join here.
DAO - This is for the admins who review the signups, analyze on-chain transactions, calculate the quadratic formulas, and trigger the monthly airdrops. (TBD. Not started yet)
We encourage anyone to join, regardless of experience. This community is happy to help, guide, and support. There is plenty to do, and we can give you a small task to start out with if you want to learn
A note on progress
We are currently in proof-of-concept mode. Feel free to sign up and help us with feedback, help us iron out any kinks in the process.
Initial funds raised
Quadratic formula designed
-> Currently happening (last updated Jan 8, 2023)
Recruiting the first few pilot entrepreneurs
Running the first proof-of-concept in month of January, 2023, with the first airdrop planned for Febuary
-> Immediate next steps
Manual process management for the Proof-of-concept
Formalize the treasury
-> Long term plan
Publish monthly analytics
Set up streaming donations
Automation of the monthly process
Add a feature for crowdfunding loans to Entrepreneurs
Add a feature for quadratic donation matching
GoodDollar is an anti-poverty protocol powered by the GoodDAO that uses the principles of social investing and free market forces to mint and distribute a stream of crypto universal basic income (UBI) to anybody with a cell phone and internet access.
Here are a few links to follow if you want to learn more about the GoodDollar ecosystem:
GoodDollar - A universal basic income protocol and ecosystem originally created by Yonni Assia and funded by his company eToro to be a public good.
G$ Wallet - The first user interface that allows anyone to sign up and come back to claim their daily allocation of G$
GoodDollar Foundation - A separate legal entity with employees working to maintain the protocol, currently managed by eToro employees but hopefully soon governed by the GoodDAO instead.
GoodSwap - The most full featured UI for users to access the GoodDollar protocol, including all of it's DeFi functions such as stake, swap and soon also save.
GoodDAO - A decentralized autonomous organisation voting on changes to the protocol. Ideas originate in chat channels (such as Discord and various Telegram channels), and then make their way to Discourse, before they are proposed and voted on in Snapshot.
GoodMarket - Where our community can buy and sell goods and services. Another option is for NFTs.