metadata: {"signature": "0xe6067b9e9b0c08475815f0daa5eafaa71ed653c47c55d2f8d671a7a8457cda9d7940cb11b846d54a29263160689b1e700ef827afef6a8616d8d2502d9e2d2fd71b", "application": {"round": "0x8aa06b3b8cac2970857f4e0fd78f21dc01aade94", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "eobb335zitt2BpDiS/R/6r2zMxv7j82ipxPIQOO0E1bwHp/6EXHcfrLKrw1atf/k", "encryptedSymmetricKey": "6097d5447ee2e1a8bc809bd2b70f23d6df4390db84658ab89fe38ee77ba20229c02e2e2750c0410d0071054ebd0c6118df9fa0abcf55fe2d652bc9ffeddbc87136005b3963387e07703d6981c7421d541cbf889d2978cd8cbabf600283e88881b81525c26cb34b91bcd7605bae83d3b683564064d521e2f50a70bd5c7c59cbb2000000000000002087a3a26d8106aef635eb4ea7d833a322448f2a1c588b81d03c56e7d28a9b6a94ce4c401630834efb9e843a86f1aa5d85"}}], "project": {"id": "1:0x03506eD3f57892C85DB20C36846e9c808aFe9ef4:284", "title": "Glo Dollar", "logoImg": "bafkreie6dgcfv4jz4zoqvbq5shcu4vt45ddijyah5zcfpoqjhusztvg4yq", "metaPtr": {"pointer": "bafkreigibqzv3gpvn4ofa5bsgpko35n6qzpzorlija3szumytkdlykqhtu", "protocol": "1"}, "website": "https://glodollar.org", "bannerImg": "bafybeihh625dxury6vaw5hhczmtmwaqj62vg2yzaj4lcngp5n5aavqmrve", "createdAt": 1679057727413, "userGithub": "gglucass", "credentials": {"twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..HdVLTcZ7oavpGqbULNRFvT545HvQmo5i37jj1vXo_1q1V5TnLFvuDEXjQiDmlTDyb-vezdVfztZZkcqvRYaTAA", "type": "Ed25519Signature2018", "created": "2023-03-17T12:53:56.667Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-03-17T12:53:56.666Z", "expirationDate": "2023-06-15T12:53:56.666Z", "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": "\n**Glo Dollar** is a fully backed, nonprofit stablecoin that generates basic income for people in extreme poverty. \n\n\nHow this works: \n* Glo Dollar\u2019s reserves will be held in a mix of cash and Treasury Bills;\n* Treasury Bills generate interest;\n* Glo Dollar gives that yield away to [GiveDirectly](https://www.givedirectly.org/), an NGO that distributes basic income to people in extreme poverty. \n\n\nWe estimate that every $18,000 of Glo Dollar in circulation will [lift a single person out of poverty](https://www.glodollar.org/articles/the-numbers). Accordingly, an $18 billion stablecoin would lift 1 million people out of poverty every year. If Glo Dollar reaches USDT\u2019s current market cap, that number rises to 4.5 million people.\n\n\nAs the first nonprofit stablecoin, Glo Dollar\u2019s aim is to generate at least $1 of revenue for GiveDirectly for every dollar spent on operations. We think this is eminently possible. By our estimates, a stablecoin with a healthy mix of cash and T-bills will create a yield of about [2.7% for every dollar of market cap](https://www.glodollar.org/articles/how-it-works). We also project that a stablecoin with a market cap of $2 billion can operate on 1% of market cap per year. If we give away 2.7% and fund that 1% through donations, then every dollar donated or granted to Glo Dollar will create $2.70 of revenue for GiveDirectly, which in turn becomes about $2.30 of basic income for someone in extreme poverty. As market cap grows, we expect this multiplier to grow larger.\n\n\nVisit [glodollar.org](https://www.glodollar.org/) to learn more.\n\n\n### The Extreme Poverty Metacrisis\n\n\nExtreme poverty is a profound collective action problem. Eradicating extreme poverty would clearly benefit the extremely poor, whose lives are made very challenging by deprivation. But everyone else would also benefit from:\n* more trading partners, and therefore more economic growth;\n* more productive employees and employers (fewer people toiling in subsistence agriculture);\n\n* and, most importantly, more unleashing of human capital \u2013 if the next Einstein is born somewhere poor and remote, we all would benefit from her having access to education through the university level.\n\n\nAnd yet, as of now, 700 million people live in extreme poverty. The reasons for this are complex, but the core problem is that lifting everyone out of extreme poverty would benefit the entire earth, but no individual or institution can expect to reap adequate rewards to justify internalizing the costs (financial and otherwise) of making it happen.\n\n\nThe Glo Dollar is a nonprofit stablecoin that aims to solve this problem. Research on cash transfers shows that basic income is transformational for people in extreme poverty (see GiveDirectly's [research page](https://www.givedirectly.org/research-at-give-directly) for more information). Because of our nonprofit structure, every dollar held as Glo Dollar goes towards solving the extreme poverty metacrisis. \n\n\n### The Glo Development Foundation\n\n\nGlo Dollar is backed by Sid Sijbrandij, CEO of GltLab, and run by an experienced team of startup executives. CEO [Jeffrey Milewksi](https://www.linkedin.com/in/jeffreymilewski) is an economist based in San Francisco and was previously a research director and instructor of fintech at Creighton University. CTO [Garm Lucassen](https://www.linkedin.com/in/garmr/) previously worked as the lead product manager of Secfi, a San Francisco-based fintech company, and holds a PhD in product management. CMO [Jasper Driessens](https://www.linkedin.com/in/jasperdriessens/) has worked as a software developer and marketer and has an M.Sc. in artificial intelligence. We have already built an excellent team of 15 people with past experience at relevant organizations including Circle and Anchorage Digital.\n\n\n### What we\u2019ll put the grant towards\n\n\nBy supporting the Glo Foundation, you help fund our operational costs towards growing the Glo Dollar. Our current projects include creating a community-focused crypto wallet aimed at people we are onboarding onto crypto for the first time; strengthening our operational transparency; and increasing the availability of Glo Dollar on exchanges and jurisdictions.\n", "lastUpdated": 0, "projectGithub": "Glo-Foundation", "projectTwitter": "glodollar"}, "recipient": "0xBc6d82D8d6632938394905Bb0217Ad9c673015d1"}}