What is GoodDollar and what is behind this “free money”?

GoodDollar is an eToro project that aims to be the gateway to the world of cryptocurrencies through universal basic income. For users who submit all their data, Good Dollar allows you to claim a random amount of the GoodDollars token (G $) each day.

Although this is possible thanks to a decentralized finance protocol (Compound), it is necessary to previously verify the identity by means of a Google or Facebook account, an SMS and a 3D selfie. And this point is very controversial because it has nothing to do with the spirit of cryptocurrencies or how bitcoin was conceived and designed.

From the NGO GoodDollar they say that it is necessary to verify the identity by means of the facial scanner so that it is an account by person. However, in the world of cryptocurrencies it is not necessary to register or validate identity in order to receive tokens, exchange and operate.

The big question is Why is the identity with social media and the 3D facial scanner validated every 14 days in order to claim the tokens? Isn’t a single facial scanner enough? Why doesn’t GoodDollar ask for photos of IDs or passports? Should personal data protection laws in many countries be taken seriously in this case?

Before answering all the questions that naturally arise from this ambitious GoodDollar project for providing a “universal basic income”, let’s start by looking at how it works and what the foundation says

How to get Good Dollar

Once registered, the platform, which includes an online wallet, allows you to claim daily rent for 24 hours. The first payment is always 1 GoodDollar and in the following days the amount may vary, but it is the same for all users. For example, on September 12, G $ 24.58 was given to each applicant and the next day G $ 19.28.

How GoodDollar works

GoodDollar is a DAI-backed token developed on Ethereum’s FUSE network. Any compatible wallet (such as Metamask) can be used to access G $, although the platform’s online wallet is required to request daily allocation.

The GoodDollar protocol uses the smart contract infrastructure to reserve, issue and distribute GD tokens to users. Smart contracts allow donors to provide liquidity with certain cryptocurrencies in an interest-bearing protocol, such as Compound, and then contribute the interest earned to the GoodDollar reserve and all its users.

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G $ tokens are inflationary

As stated in the GoodDollar whitepaper: “Over time, two GoodDollar coins will be issued for every dollar of the GoodReserve.” Half of those coins will go to the applicants and the other half will go back as a gain for the promoter, as an incentive. It will be necessary to evaluate over time what the outcome of this will be to detail whether the tokens issued to the team behind GoodDollar do not generate an inflationary trend.

Who is behind Good Dollar?

Services are provided by GoodDollar Limited, a UK limited warranty non-profit company.

To claim tokens, the unique identity of the users must be verified, so GoodDollar uses facial verification and life testing every 14 days by using methods through third-party software (The company is FaceTec Zoom, founded in 2013 and based in San Diego, USA).

Is it really safe to entrust biometric data, which is sensitive personal data, to this company?

No contractual relationship and rights

“The user understands and accepts that the Tokens do not represent or constitute any right of ownership or participation, shares or equivalent values ​​or rights or any right to receive future income, shares or any other form of participation or right of government in the Contract System Smart or related to it, the Reserve and / or GoodDollar. ”

“GoodDollar does not undertake to make all Services available to all Users at all times, and it is expressly agreed that the launch of the Services may be gradual, partial and limited in scope, jurisdiction or otherwise.”

Geographic Restrictions: Not everyone can receive GoodDollar

No person in the United States may use or subscribe to these services. By using the services, you declare that you are not a US person. UU. (As defined in Regulation S enacted under the US Securities Act of 1933, as amended) and which is not using the Services for the account or benefit of a US Person. UU.

“We do not provide the Services in any country or territory that is, or whose government is, subject to sanctions by the US Treasury Department’s Office of Foreign Assets Control. U.S. Department of State The United Nations Security Council, the Union, the Treasury of Her Majesty or any other relevant sanctioning authority, including (but not limited to) Belarus, Burma (Myanmar), Central African Republic, Crimea, Cuba, Democratic Republic of the Congo, Iran, Iraq, Libya, Mali, North Korea, South Sudan, Somalia, Sudan, Syria, Yemen, Venezuela or Zimbabwe (as amended from time to time) ”

GoodDollar Risks

Lastly, GoodDollar does not accept any liability in any policy for any loss of revenue, loss of business, loss of earnings or contracts, loss of advance savings, loss of data, loss of administration or office time, or for any loss or damage. indirect or consequential that arises from, whether caused by grievance (including negligence), breach of contract or otherwise, even if foreseeable.

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GoodDollar is also not liable for any errors made by the user, forgotten passwords, accidental deletion of wallets or payments sent to incorrect Ethereum addresses, software problems on your website, services and / or any Ethereum-related software or services, including damaged wallet, incorrectly constructed transactions, insecure cryptographic libraries, malware affecting the website, technical hardware failures or security issues experienced by the user, actions or inactions of third parties and / or events experienced by third parties, including vendor bankruptcy services, information security attacks against service providers and fraud by third parties; and finally events, circumstances, or causes beyond reasonable control (force majeure).

Finally, there is a risk of abandonment: “The user understands and agrees that the distribution and development of the GoodDollar platform may be abandoned for a number of reasons, including lack of public interest and lack of funding.

Opinions about GoodDollar

In conclusion, I always recommend reading the fine print, the TyC and the privacy policy, along with the project whitepaper before registering and giving away your valuable personal data for free.

People do not measure how important personal data will be in a few years”, I am left with this comment that a subscriber of my YouTube channel Emprendo libre, left me in the GoodDollar video.

It’s amazing how natural the fact of not being able to have anything private has been naturalized, that “everything is known”, is known, everything is seen and qualified by someone else. We are constantly being watched, people know this and are not alarmed or saddened by it.

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The discouragement and helplessness of “not being able to do anything” in the face of these big data titans prevail over people, who end up normalizing any situation no matter how anomalous and invasive, but not all is lost.

It is enough for me and I am content to raise the doubt, to sow critical and free thought in a society that is accustomed to follow the flock so as not to be left behind. Rethink our relationship with technology, our uses of platforms, our fears that are manipulated by companies by pure FOMO.

In the meantime, we have an option that is to choose not to enter, not to be a party, not to give away personal data because yes. We need to move toward societies that are more aware of privacy as an inalienable human right so that at least the big brother doesn’t catch us off guard.

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