SocialGood is an ambitious blockchain project that has the soaring aim to rewrite capitalism as we know it today by utilizing Blockchain along with Artificial Intelligence (AI) to create what is, essentially, a donation machine.
The blockchain-fueled platform creates a win-win for consumers and social foundations in its non-profit business cycle. Their vision is to “make society better” by providing all consumers with promising digital assets free of charge via their ‘CryptoBack’ solution and to provide profits to foundations doing essential work around the world.
It’s clear to many the middle class in the West is in decline in the current capitalist structure. The gap between the ‘Haves’ and the ‘Have-Nots’ continues to widen. The SocialGood team says corporate shareholders are enjoying most of the fruits of global economic development and it has become one-sided, where consumers pay money to companies and stockholders’ profit from it.
This is the result of ‘Mainstreet’ not getting the opportunity to participate in the game while ‘Wall Street’ continues to cleave the class system.
The SocialGood Whitepaper notes:
“The problem with the capitalist mechanism is that this economic gap continues to widen as a small portion of asset holders monopolize the majority of the world’s assets. This was even mentioned as an issue in Oxfam’s report “An Economy for the 99%,” as discussed at the Davos Forum Summit (World Economic Forum 2019).”
“To solve this problem, we provide an opportunity for all consumers to get assets for free automatically. We hope as many people as possible own our assets so that they can have a safer, more prosperous life. In this way, we can help to promote the “democratization of assets.”
Each player in this ecosystem receives the following benefits:
- Consumers (the global consumer spending market Is US$56 trillion). Just by shopping, they can receive zero cost investment assets. Since zero costs were incurred, everyone gains economic profits.
- Cryptoasset Investors (Market Size: US$300 billion). Retail partners only pay fees when an item is sold, so there is no risk. There are no initial costs or running costs, and only an increase in sales.
The following occurs in the SocialGood ecosystem when consumers use the application:
- By doing everyday shopping, users, as consumers, can automatically build up their assets at zero cost to them.
- As the company’s sales continue to increase, the more the users increase, and the more the value of holders’ assets tends to rise.
- As the gross merchandise value increases in this ecosystem, the more donations are made automatically utilizing AI to organizations contributing to society globally.
As token utility increases (the more it is used, held, purchased or traded), the more value is created, and the more donations are made to organisations contributing to society globally, with the United Nations 17 Sustainable Goals in mind.
Being a free digital asset that rewards consumers just for shopping, SocialGood provides a crypto point return service for shopping at retail stores and is a digital asset they feel can improve society overall by supporting non-profits with its own profit.
There is a lot to choose from in terms of purchasing so there’s no missing out on big brands. They have secured partnerships with over 1,600 retailers in Japan and over 260 large international retail businesses (Amazon, Apple, Alibaba, eBay, Lazada, Nike etc.).
The model is straight forward — users are rewarded with a portion of their purchase price in SocialGood digital assets free of charge when they buy items at their retail partners via its platform. The more people use the platform, the more profit is delegated to non-profits doing essential work.
With their ethos pointed on a vision of “making society better” it’s no surprise the mining doors have closed. There are already over 90,000 miners on Shopping Mining™ (as of December 2019, the acquisition of new users was put on hold.).
The project’s success is reflected in the steady rise in the value of the SocialGood (SG) token on CoinMarketCap. The price of Social Good tokens has increased 42.85 times since they first listed on BitMart.
Furthermore, the Social Good Project is projecting even more rapid growth as the eCommerce market rises rapidly due to the current Coronavirus pandemic, which is driving the online retail sector. People are shopping from home via the Internet.
The project is hitting its milestones:
- In March of 2019, the “SocialGood Cashback” service was launched.
- It is the first company specializing in coin issuance in Japan to join the Japan Cryptocurrency Business Association. Multiple business model patents were granted in Japan.
- SocialGood has received multiple patents, including patents for its business model and for a mechanism to accumulate digital assets by using credit cards and smartphone payments on the platform.
- The company claims they have the highest ‘CryptoBack’ in the industry.
For SG to maintain and increase its assets’ value, the SocialGood ecosystem is designed in the following way:
- In addition to capping SG tokens, the company plans to avoid increasing the number of coins (cap) issued as much as possible.
- It is designed so that the number of SG holders can increase exponentially.
- It is designed to provide economic incentives for SG holders not to sell SG. In other words, it’s a Hodler‘s dream.
- They have multiple patents both in Japan and globally, which further encourages traders and retail cryptocurrency players to buy.
Theoretically, the cap is 210,000,000 coins. But it’s not set in stone as circumstances may force the issuance of more SG tokens. Such as:
- To expand the Social Good Ecosystem™ newly issued SG tokens is required to provide rewards miners (Shopping Mining™) when SG tokens in the market have been depleted.
- To provide a reward to the team for achieving a certain market cap of the coin.
- To provide incentives to partners (retail stores etc.) that contribute to the ecosystem.
- For other reasons, such as when SG is needed to cover expenses for maintaining the asset value of SG.
The SG received from Shopping Mining™, has the following functions:
- Similar to Bitcoin, there are supply restrictions, which are characteristic of an asset.
- Since the value increases as the number of users increase, future price increases can be expected.
- Like Libra, the fiat exchange value is guaranteed. This guarantee is backed by coin sales (profit from issuing SG) and advertising sales from partner retailers.
SocialGood is a digital asset that has advantages from both Bitcoin and Libra.
Miners who have obtained SG from Shopping Mining™ will be able to request the operating company to buy their SG if the price falls, and can sell it in the market if the SG price goes up.
Since all application users received SG at zero cost, they will always gain economic benefits.
By using blockchain technology, the transfer of value can be performed smoothly, and AI can optimize the flow of value.
A virtuous cycle is formed which fuels the project’s Social Good Ecosystem™, and as this ecosystem expands, SocialGood believes the more society will improve.