thanks for the reply, and yes i was probably hasty with my response actually. i have taken some time to look into Glo and i see itâs getting more attention in the current Grants round. from my understanding, Glo is basically a stablecoin like USDC, except the interest earned on the assets that back the tokens will be donated to GiveDirectly.
the questions i have though, are more about the centralization of this setup. âBrale Inc. & Glo Development Foundation, Inc.â who decides these details. why was it set up as a company? this doesnât seem like it follows the ideals of web3 and blockchain.
i understand the cryptocurrency space is going through a lot of growth and changes, and we have to consider things like government regulations, but i believe a properly decentralized system should not have to worry about that.
i wonder about things like, how GiveDirectly was chosen, and why Brale is needed when they are cutting into the profits. does the community have influence over these decisions? i donât see any kind of DAO or other way for individuals to be involved, aside from financial support.
there is talk about regular auditing to ensure transparency of the funds, but that doesnât seem like it would be preventative. what happens if someone from Brale, Glo, or GiveDirectly makes a mistake, or intentionally misuses the funds? we will all see it, but could we do anything about it after the fact?
i donât mean to sound like i am completely against the idea being proposed, but these are some things i personally would want to consider before making a decision like that. itâs not all up to me though, and this is just my perspective.
here are three important factors of a stable coin, according to the Glo team in the video from February:
- âutility, liquidity, trustworthinessâ
(of which they said Glo hadnât reached ideal levels yet)
i would be interested to know what progress has been made in those areas since then.