Passing the torch to the GoodDAO: The details

With GoodDollar just weeks from launching the GoodDAO, the new community-controlled decentralized autonomous organization that will govern the project, it is time to offer more details on how and when we will pass the torch to those who matter most to our mission of distributing crypto universal basic income to the world.  

The Community AMA will be held September 23rd, 2021 @ 3pm GMT

As promised, Tomer Bariach (protocol lead) and Hadar Rottenberg (technology lead) are hosting this upcoming webinar with the GoodDollar community.

Last month we shared the initial governance model of the GoodDAO – GoodDollar’s framework for community governance. Quick refresher: GoodDAO membership is restricted to holders of GOOD, our new governance token. And GOOD will be reserved for the two key groups in the GoodDollar ecosystem: Sponsors, who stake assets to help us mint more G$ UBI tokens; and claimers, who are finding new ways to use G$ claimed through the Dapp every day.

We promised you an AMA and you’ve got it – we received more than 2,000 question submissions. The AMA will be hosted here. If you haven’t already, you can register and get notified for the online event.

GoodDollar Community Holdings Snapshot will be September 29th, 12:00 UTC

The first distribution of 96 million GOOD will be allocated according to a snapshot of ecosystem activity taken on September 29^th. The snapshot will read G$ holdings on both Ethereum mainnet, as well as Fuse. This means that no matter where you keep your GoodDollars, you will be represented in the snapshot.

Based on this point-in-time reading of community activity, we will distribute the initial tranche of GOOD aligned to the GoodDollar V2 smart contract update as follows:

• 50% to claimers (individual G$ claims/total number of G$ claims)
• 25% to GoodDollar Trust Stakers (individual G$ staked/total staked)
• 25% to G$ Holders (individual G$ holders/total G$ supply)

There are two important things to remember about GOOD: each will only ever carry one vote. And your GOOD belongs to you alone—it is non- transferrable. So each GOOD will be worth one vote, and a market value of zero.

A few recurring questions that we want to clear up before the AMA:

• Will the snapshot take into account my G$ holdings on both Ethereum and Fuse?
  Yes, it doesn’t matter if you are holding your GoodDollars on Fuse (the GoodDollar wallet) or on Ethereum.
  
• If my GoodDollar tokens are staked, will I still receive GOOD tokens? Should I unstake my tokens for the snapshot?
  Any GoodDollar tokens staked on FuseSwap or Uniswap are your tokens and counted as such in the snapshot. There is no need to unstake your tokens.
  
• If I made a donation to the staking contract (the GoodDollar Trust) will I be rewarded with GOOD tokens?
  Yes, donors to the GoodDollar Trust are entitled to receive GOOD tokens.
  
• Where can I see more technical information and the audit?
  On the GoodDollar Github. The readme and the script to do the aidrop are found here, and this is a link to the protocol audit.
  
• Where will I claim my GOOD tokens?
  As the time comes closer, we will publish an instructional guide on how you can claim your GOOD tokens.
  
• Will you publish the results of the snapshot?
  Yes, the results of the snapshot will be published and shared within 24 hours.

We are moving forward with the snapshot now to ensure the GoodDAO launches at the same time as we release GoodDollar Version 2.0: a cleaner, more powerful protocol that will for the first time allow anyone who believes in our goals to stake capital in our Trust.

GoodDollar V2 Smart Contract Upgrade Will Launch Before the Dapp Interface

To avoid delays and grow the GoodDollar community and ecosystem as quickly as possible, the core team has decided to release the smart contracts prior to releasing the Dapp. We are pushing hard to release V2 as fast as possible, but hey this is software, so delays happen.

With this updated timeline, the smart contract upgrade will be pushed in October, with the Dapp interface coming a month afterwards.  

That’s all for now. We hope to see you at the AMA, and will be in touch on September 30th to announce the results of the snapshot and will update you on progress toward the new governance model as we draw closer to the handover.

Check out the GoodDAO Q&A, register for the AMA and submit your burning questions, and stay tuned for details on the exciting changes to come.

The Q&A, like the future of GoodDollar itself, belongs to all of you…

See you next week!