metadata: {"signature": "0x2e66f3d3a79689fcf533781fb4610e735cdc5fdc9a64e3c18ceb29ac8fa787f75df3a03f738a229abff211c566e9e6368a815a94ce14ab79018c260f7721e9541c", "application": {"round": "0xd4cc0dd193c7dc1d665ae244ce12d7fab337a008", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "Dg4UO6tXHoE2ZQIT38v7UPUCM2YA0qSSkMNr6otvkaZc7dgPWdyuHRe3umdAqm1N", "encryptedSymmetricKey": "c0bb37332e7d9cc1f2c49f619a4cb31a86865d8cbb79c1da370ee15990d33f0e0ec23f393278c4ee51cd80a93c905b172430423b4c3bc39a9baa2de79e5d522709256aa4c79dc9962507b24f79f3dd4ef02b3eb54b41e702f9cfc663ef9aa5b9b479164de2d3ef8a73a58e8f78af8e300a98d5d1df41d8abde43c6c03169ebcc0000000000000020e2f5c83ccc6b1203b2bf0c51ab634615ae0d28f245d5cf6536157996a81120f6b15959d75471bff39524dba7213d188c"}}, {"type": "short-answer", "answer": "@geyr_garmr", "hidden": false, "question": "Telegram Handle (you can answer N/A)", "questionId": 1}, {"type": "short-answer", "answer": "discord.gg/PUrBVdzzN5", "hidden": false, "question": "Link to your Public Group Chat (Discord or Telegram )", "questionId": 2}, {"type": "paragraph", "answer": "Centralized stablecoins are critical infrastructure that power the vast majority of DeFi. Despite this critical role, 92% of the market is controlled by 2 companies: Tether and Circle. The Ethereum and Web3 ecosystem needs stablecoin diversity to ensure its stability. Glo Dollar seeks to disrupt this duopoly to bring more balance to the centralized stablecoin market, and is uniquely positioned to do so.\n\n**We need to diversify the centralized stablecoin market for three reasons**:\n\n\n1. In 2022, Vitalik said that \u201cUSDT + USDC could become significant deciders in future contentious hard forks\u201d [0]. If there's another hard fork event in which the ecosystem wants to change something, or resist censorship, then USDC and USDT have the power to prevent this or change the proposal according to their own agenda. \n\nWhen faced with client diversity challenges, the crypto community has successfully rallied together to collectively reduce market concentration to below 50 percent per client. We've done it before and we need to do it again [1].\n\n2. The dual point of Circle and Tether failure poses a systemic risk. There were several downstream problems after the USDC depeg: FRAX and DAI depegged, and Uniswap and Curve liquidity dried up for many trading pairs [2].\n\n3. Core infrastructure deserves a healthy competitive market. A US regulated, mission-driven alternative keeps the for-profit incumbents sharp, because it can act as a safe haven for users to migrate to when the duopoly becomes greedy or lazy. We\u2019ve seen this with the positive influence that Firefox, a non-profit browser, has had on the overall web browser ecosystem. grown to become the 4th largest browser globally. \n\n**We believe that Glo Dollar is well-positioned to disrupt the current duopoly and realize greater stablecoin diversity**:\n\n1. Other for-profit stablecoins are mere clones of USDC or USDT, lacking differentiation.\n\n2. Glo has an added benefit over incumbents; Glo Dollar users embed philanthropy into their stablecoin holdings and help generate basic incomes for people living in extreme poverty, without making donations. \n\n3. The Glo Foundation has no profit incentives, and as a result, is not incentivized to seek risk. Additionally, it\u2019s easier to rally the crypto ecosystem around Glo\u2019s adoption growth when the fruits of that growth flow through people in extreme poverty rather than enriching shareholders.\n\n4. Transparency is built into the Glo Dollar's design, and our approach is to welcome and seek regulation, not evade or sidestepping it. Our attestations will be published by the end of 2023. We\u2019ll also be publishing our tax returns, and we\u2019ll make all donations to GiveDirectly on-chain.\n\n5. Glo Dollar transfers are ~10-20% cheaper than USDC and USDT transfers [3].\n\n[0] https://cointelegraph.com/news/vitalik-centralized-usdc-could-decide-the-future-of-contentious-eth-hard-forks \n[1] https://clientdiversity.org/\n[2] https://www.coindesk.com/consensus-magazine/2023/04/02/usdcs-depeg-laid-bare-the-risks-traditional-finance-poses-to-stablecoins/\n[3] https://www.glodollar.org/articles/glo-transfers-are-cheaper-than-other-stablecoins", "hidden": false, "question": "How is the open-source software you're creating contributing to the evolution or enhancement of the wider Ethereum and Web3 ecosystem?", "questionId": 3}, {"type": "paragraph", "answer": "Since GG18:\n1. Glo Dollar's market cap has more than double\n2. Glo Dollar has become available on Celo\n3. Glo Dollar has become a top 10 token on Uniswap on Celo\n4. Glo Dollar smart contracts are deployed to Base, Optimism, Arbitrum, Polygon zkEVM and the **Public Goods Network**\n5. Launched the Glo Consortium of web3 organizations that support Glo Dollar - https://www.glodollar.org/glo-consortium", "hidden": false, "question": "If you've participated in past grant rounds, please share any new updates or milestones from the prior months (N/A if you haven\u2019t participated previously). ", "questionId": 4}, {"type": "paragraph", "answer": "Our long-run expectation is that every $20,000 of Glo Dollar will generate $480 in annual donations to GiveDirectly, which provides monthly basic income payments to one person in extreme poverty. The faster we grow market cap, the quicker we get there, so our core metric right now is Glo Dollar market cap. Since we went live in early August, our market cap has more than doubled; if we\u2019re able to continue that growth rate, we\u2019ll be generating substantial donations to GiveDirectly in the immediate future. (For more, see https://www.glodollar.org/articles/the-numbers.)", "hidden": false, "question": "How do you measure the impact of your project? Please provide examples and/or standard metrics. This might be used in future impact reports ", "questionId": 5}, {"type": "number", "answer": "4100000", "hidden": false, "question": "Total Prior Funding for the project in USD", "questionId": 6}, {"type": "checkbox", "answer": ["Grants"], "hidden": false, "question": "Which of the following funding sources have you received? Check all that apply", "questionId": 7}, {"type": "number", "answer": "8", "hidden": false, "question": "Total Team Size", "questionId": 8}, {"type": "number", "answer": "28", "hidden": false, "question": "How old (in Months) is the project? (We will use twitter, domain registration, github, etc to verify)", "questionId": 9}, {"type": "address", "answer": "0x85bDCb8c603FDe2a36624A59225D05AEe456f958", "hidden": true, "question": "If you participated in past grant rounds using a different project payout wallet address, please share it here:", "questionId": 10}, {"type": "paragraph", "answer": "https://www.linkedin.com/in/jeffreymilewski/\nhttps://www.linkedin.com/in/garmr\nhttps://www.linkedin.com/in/jasperdriessens/\n", "hidden": true, "question": "Profiles or socials of other main team members publicly associated with the project (N/A for solo founders): ", "questionId": 11}, {"type": "multiple-choice", "answer": "Yes", "hidden": true, "question": "Have you read and confirmed your grant abides by the Program General Eligibility Policy? https://gitcoin.notion.site/GG19-Eligibility-50843c8b3ab44ad297731a00efa6e389?pvs=4", "questionId": 12}, {"type": "paragraph", "hidden": false, "question": "Anything else you'd like to share about your project, previous work, or other project affiliations? Anything you'd like to add that may help in determining project eligibility?", "questionId": 13}, {"type": "multiple-choice", "hidden": true, "question": "Would you like to opt-in to future messages from Gitcoin for updates, information, and/or interviews? ", "questionId": 14, "encryptedAnswer": {"ciphertext": "/zl9roYQxk8+cY/eApz/cKBEm07q0HvfdoNH58O/yTU=", "encryptedSymmetricKey": "17aba3522ca3827a0f23281ea17167a91fc608f85b742fffcbe275a1f340c8013a08c64d2924b5eb6fb8a53e5b4a820155768ae87fbe18fb87a468d451e7c022d9a481fc38067495f045ddbc16462e5aa550e805ad2f8ab2f938c89e2e0415903639ab364c041eafcdc406ef54c9051cd050fa27be56c2038c3274857b8676fd0000000000000020c13b9b2dba7bfaeaa51175252cd4649473384e37cafe2363286739eaef45bd4a68b635371ba5efaaf0d3ca673389c788"}}, {"type": "multiple-choice", "hidden": true, "question": "Would you like to opt-in to us sharing your information with select third-parties for investment opportunities? ", "questionId": 15, "encryptedAnswer": {"ciphertext": "GRr4D1WpBPvhx4MAWXvI1h1yBFL2Tea1KZDDd4JJpm4=", "encryptedSymmetricKey": "97964a9dbec57188e6f5982af236884eb078c3fe660f2884ddf2923fad93f038dfe82ed59d94a77406ab776859ce1c03eb1de114a197e3da99b0b54df72562a2619c0479af66150b5c0faba06d4f8f387e69d8a9221b47be166ae77e87d29b92240f142d966ae116d498c04d06921bb989ca65efe4e3b55c2bfd0dcc679f3ab600000000000000202212c5a5c118591832d9d6fcd9e07dfe27844ed15fb1837d7fa6815f62de00ee1cc66a51716e5254cab80d39596aee8a"}}, {"type": "multiple-choice", "answer": "North America", "hidden": false, "question": "Location/Region where the project is based.  Choose from: ", "questionId": 16}, {"type": "short-answer", "answer": "garm", "hidden": false, "question": "Gitcoin Gov Forum Handle (gov.gitcoin.co)", "questionId": 17}], "project": {"id": "424:0xDF9BF58Aa1A1B73F0e214d79C652a7dd37a6074e:271", "title": "Glo Dollar", "logoImg": "bafkreif354asgwjy3hmrqjmf7b3d5axh4knqco2u5y4wvzefdhefaw4kqe", "metaPtr": {"pointer": "bafkreidi7vuqrufypjocsh3xxn7t7gb4af6foqgg54pipirag5m36w45ym", "protocol": "1"}, "website": "https://glodollar.org", "bannerImg": "bafkreidwvoc2koggl6yvvvithc6xeyqeehmdcdsvzf2ttjcl7ryhinxabu", "createdAt": 1699349954182, "userGithub": "gglucass", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..634U4ePJ-uvm-OfiQTL2aaFKaRuswTLxpodsqFdICLFDhpOIh_aXQimwJXi_RgJo0ZZ484r-dlqxtHMUO3wXDQ", "type": "Ed25519Signature2018", "created": "2023-11-07T09:33:58.225Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-07T09:33:58.225Z", "expirationDate": "2024-02-05T09:33:58.225Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x1bbfC95B826693BF17665f36a66ac9c389b7E581", "hash": "v0.0.0:7+x069SG2S/dzGS5BL89+OboGpIxdKALsTPoPKHPsIc=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#Glo-Foundation#1226415"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..bVeGz5Epm227_l2oPxnAo5v0nF_bRo1krvNsVv4ZQrAgrDdw-LMw12DfuITgy5kBovkcMX1N8U1u66v7FsRWDg", "type": "Ed25519Signature2018", "created": "2023-11-07T09:33:34.367Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-07T09:33:34.367Z", "expirationDate": "2024-02-05T09:33:34.367Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x1bbfC95B826693BF17665f36a66ac9c389b7E581", "hash": "v0.0.0:1FWl+w0bbbJBXMJDPuHPQGKcC0tlyQvs+c4pa2+2Rkk=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#glodollar"}}}, "description": "**Glo Dollar** is the anti-poverty dollar. As market cap goes up, extreme poverty goes down.\n\nGlo Dollar is a fiat-backed stablecoin. Like other stablecoins, Glo Dollar earns revenue from the Treasuries held in its reserve. Unlike other stablecoins, Glo Dollar\u2019s parent organization, the Glo Foundation, gives away all income it earns from the coin to GiveDirectly, a well-respected NGO that sends money to people in extreme poverty, no strings attached.\n\nIn the long-run, we expect every $20,000 of Glo Dollar in circulation to create basic income for one person in extreme poverty. A $20 billion dollar stablecoin, which would make Glo Dollar the third largest, would lift one million people out of poverty.\n\nGlo Dollar is issued by brale.xyz and is now available on Uniswap on Ethereum, Polygon and Celo. Glo Dollar is an open source project, with smart contract code on GitLab and source code for its dApp on GitHub.\n\nOn November 6 2023, the Gitcoin DAO voted to exchange $100,000 USDC for Glo Dollars in support of Glo Dollar: https://snapshot.org/#/gitcoindao.eth/proposal/0xd43f0a882b581e41bea6c0b162f2eab3b425a8cea5cbfa6da65e11a21ce364be", "lastUpdated": 0, "projectGithub": "Glo-Foundation", "projectTwitter": "glodollar"}, "recipient": "0x1bbfC95B826693BF17665f36a66ac9c389b7E581"}}