<aside> ☝ Want to vote on the GoodDAO? Connect your wallet and sign up to our Snapshot!

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What is a DAO?

Let’s start for the basics! 😊

DAO stands for Decentralized Autonomous Organization.

Let’s break it down word by word:

• Decentralized: Governed by its members rather than by a central owner, a team of executives or a government body.
• Autonomous: Able to set its own rules or governance procedures. These can be proposed, updated and adopted by its members as necessary, without reference to anyone outside.
• Organization: A collective of people who share the same goals and are willing to work together to achieve them

Because DAOs are still very new and haven’t yet learned how to operate in a fully decentralized or autonomous way, not many fit this description.

<aside> 👉 You can think of DAOS as entities that allow their communities to work together by using blockchain technology, and the incentives it enables, to fulfill a common purpose.

DAOs are governed by the community, for the community.

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What is the GoodDAO?

The GoodDAO is the governance protocol that governs the GoodDollar protocol, and empowers community members to take an active role in determining its future: shaping GoodDollar’s destiny as it seeks to create free money as a public good for all.

In the GoodDAO, all GoodDollar community members have the chance to play a more active role! All GoodDAO decisions are meant to maintain a protocol capable of generating, financing, sustaining and distributing a digital basic income in the form of the G$ token to claimers all over the world.

GoodDAO’s three main operational goals are:

• To serve GoodDollar’s philosophy and purpose.
• To secure the GoodDollar reserve and grow the protocol.
• To enable GoodDollar to be run by the community for the community.

If you want to know more, you can check out our Governance paper.