Wealth inequality

Learn how GoodDollar aims to combat wealth inequality by establishing transparent and fair money distribution on top of the blockchain technology.

In this regard, there is an undeniable necessity to craft a solution that will enable fair money distribution across different social groups. Here, blockchain comes to the rescue, as the technology promotes a secure, verifiable, and immutable way of making transactions, ensuring that resources reach their destination directly.

Since the goal is to provide UBI to any person willing to claim it, there is a need to discern individual identities in a blockchain-based paradigm through. Due to the decentralized nature of DApps, user public and private data is stored in a distributed database, which works peer-to-peer and can be accessed directly from the client. In this regard, a sufficient level of data security should be ensured.

To make a transaction via a cryptowallet, a user needs ether, a prior investment, and some basic knowledge of how blockchain works. All these things may come as an obstacle to the mass adoption of such a DApp. So, making it possible to use a cryptowallet with the only requirement of registration would significantly ease the learning curve.

Developed with the joint efforts of Protofire and the GoodDollar’s team, this cryptowallet provides users with daily tokens as a way of distributing UBI. This is what distinguishes GoodDollar from other digital token wallets, which allow for new tokens to be acquired only by transfer or network participation. With GoodDollar, a user of any employment status and income can access tokens without a technical background or prior investment. The solution does not employ a proof of work or any validation mechanism in contrast to the majority of cryptowallets.

There are three major communication channels:

In order to track the user’s identity, face recognition was implemented. This step is essential to make transactions, such as UBI withdrawal or a GoodDollar transfer. The user’s token data is to match the user stored in a database. This way, the solution helps to determine if a user is already registered with a different account or verify it is a unique account.

To save the need for a user to buy additional ether, the topWallet method was developed on the server side, which allows to top a wallet with a daily maximum and make transactions.

Since the goal was to create a fully distributed experience, the server needed to be as simple as possible. So, its core functionality is responsible for:

The GoodDollar’s focus is placed on making UBI work globally. Currently, the main research area of the project is how to leverage blockchain to foster social identity, governance, and interest.

The GoodDollar project also focuses on designing new economic policies, where communities of any size can use the money in a decentralized autonomous organization, which enables self-governance in a secure and transparent way.

To facilitate social interest, the solution aims to firm up a cryptocurrency that is neither inflationary nor speculative, as well as provide a mechanism for money distribution using smart contracts, encouraging community participation.

GoodDollar runs across multiple platforms and operating environments, which means that nearly 45% of the world population can have immediate access to the wallet. After a sign-up process, which is truly straightforward and simple, users are able to start claiming their UBI, as well as send and receive the GoodDollar tokens to other users.

Related posts:

Hanya secangkir kopi lagi.. “Hanya secangkir kopi lagi.” is published by Intan Amira.

This is the first of my series on particular industries and their data. In this series, I am looking at the problems these industries have with managing and protecting their data and how the Loyakk…

Menggunakan agen perjalanan dapat membantu Anda mengatur perjalanan liburan Anda dengan lebih mudah. Beberapa manfaat dari menggunakan agen perjalanan untuk liburan Anda meliputi…