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# System prepended metadata

title: Terms

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# Terms
Supporters - people who are staking they crypto to Goodstaking, willing to accept G$ instead of the originally used crypto
GoodStaking Smart Contract - a smart contract who: (a)  receives cryptocurrencies from the Stakers and sends it to the third party protocol; (b) issue the GoodStaking record to the Stakers and accept the transactions from the stakers and sends them the principle deposited; (c) receive the Interest out directly from the thrid party protocols and automatically transfer it to the Reserve.
**For now - the interest can only be donated to the reserve, and no G$ is minted in returen**
Third party protocol - an existing algorithmic autonomous interest bearing protocol developed by third parties where Stakers can deposit cryptocurrencies and earn interest.
Bancor™ Formula - An automatic pricing formula which balances supply and demand for the Smart Token while holding a constant ratio between a Smart Token’s total value (market cap) and its connector token balances
(see more [here](https://support.bancor.network/hc/en-us/articles/360000503372-How-does-automatic-pricing-and-market-making-work-)).
Claimers - users of the GoodDollar wallet who claim daily GoodDollar Token(G$).
GoodDao - decentralized and autonomous entity, owned 100% by the community of GoodDollar Users (This is an evolving process which will include different tests).
 - Controls the Goodreserve
GoodDollar Token  (G$) - a digital currency, built initially on ETH blockchain technology and comply with ERC20 standard, with a reserve token attached to it - Initially CDAI.
Reserve - a smart contract with valuable foreign (not G$) cryptocurrencies in it. Users of the Gooddollar can buy or sell Gooddollar by depositing or withdrawing cryptocurrencies directly into or from the reserve (based on Bancor Formula, see above)
UBI scheme - A smart contract that collects the total minted Gooddollar, and distributed between all claimers that day.
**
![](https://lh4.googleusercontent.com/4idyu8euLm3J7Yojk4GJA0gmp6JQHn4PkhTJvjGkkZFZ2ksDwNq7R0S87jUGDbCPcCzSKjaybmiOOKYawhUisGxsFsPyvckpCorY775mAfMSUTg4Rz9Zu3p-LZ8mo6jp9MrDuIQA)
# Money flow of the GoodDollar ecosystem.
1. Supporter stake his Crypto currency to GoodStaking
	- For now - can only be DAI
2. Goodstaking stake the crypto currency to a third party
	- At the momeny Compound
3. The third paty issue a staking Token (CDAI)
4. Goodstaking issues a non transferable record to the staking wallet. (suppoerter can withdraw at anytime)
5. GoodDao commands the goodstaking to collect interest from external contract on a daily basis
6. Goodstaking sends interest to good reserve
7. Reserve mint and send the new minted G$ to the GoodDao (Interest + UBI)
8. The interest is Sent back to the Goodstaking
	**- not active at the moment**
9. Gooddao send G$ to the UBI scheme smart contract
10. The G$ in the smart contract is divided between all whitelisted users who claimed in the last 24 hours.
