The GoodDollar protocol is self-governed by the GoodDAO, a decentralized autonomous organization (DAO) that is composed entirely of GoodDollar community members who hold GOOD governance tokens.
The concept of the DAO is rooted in the earliest development of blockchain and smart contract technologies. Part of the original vision was to enable social organizations to be community-managed by way of a shared faith in computer code that cannot be manipulated or changed (or only under extreme circumstances), and where this transparency and predictability would create new pathways for organization and collaboration.
The GoodDAO’s aim is to give participants in the GoodDollar basic income economy the structure and authority to oversee the management of an indestructible, open protocol that continuously evolves to meet the needs of its users. Key decisions made by the GoodDAO may relate to monetary tools such as the expansion rate, the number of G$ allocated to marketing referrals, and more. Membership in the GoodDAO is determined by the possession of non-transferrable GOOD governance tokens, which allow members of the GoodDAO to suggest, debate, vote on and implement changes independently.
There are two important points to remember about GOOD:
- 1 GOOD = 1 vote.
- GOOD is a non-transferable token and therefore has no market value. The aim here is to safeguard against the wealthiest in the community capturing the lion’s share of power. Since GOOD will be distributed to both those making claims on the system and those staking capital to keep it functioning, the hope is that all interests will be reflected in the governance of the protocol.