How SocialGood Differs From Traditional Tokens
Disclaimer: The text below is a press release that was not written by Cryptotelegraph.com.
SocialGood has a smartphone app worldwide, called the SocialGood App, which allows users to earn SocialGood (SG) crypto assets for free, by shopping at over 1,800 online retailers. Shopping with the app through a process called Shopping Mining™, users can shop and receive SocialGood as a form of cryptoback.
In Japan there is no omnibus regulation governing blockchain-based tokens. The legal status of tokens under Japanese law is determined based on their functions and uses. Cryptocurrencies and utility tokens such as BTC and ETH are regulated as Crypto Assets under the Payment Services Act. Business operators who engage in buying, selling and exchanging Crypto Assets, or in the management of Crypto Assets for the benefit of others, are required to undergo registration as a provider of Crypto Asset Exchange Services. Having one of the most advanced regulatory environments, Japan recognises Bitcoin and other virtual currencies as legitimate property under the Payment Services Act (PSA). Therefore, crypto exchanges in Japan have to register and follow Anti Money Laundering regulations as a result of their legislation. Japan’s crypto exchange regulations are developing and only companies with a highly qualified Financial Bureau are permitted to exist as crypto exchanges under the PSA, but international crypto exchanges are allowed to work if they can prove a registration that is equivalent to the registration standard in their host country.
SocialGood’s operating company is supported by a Japanese fitech group which was founded in 2005 and has a subsidiary registered with the Financial Services Agency. This group has achieved more than US$930 million worth of investment advisory contracts and has successfully become Japan’s largest marketplace for high net worth individuals, with members’ total assets surpassing US$10 billion.
Many people in the blockchain industry care about society, and that’s what the SocialGood Project is about. The system is designed in such a way, that each time you purchase something in the SocialGood ecosystem from authorised merchants, you will get incentivised by means of “crypto back”. The more you hold it, the higher cryptoback rate you can receive.
SocialGood is registered with the Japanese Financial Services Agency, and adheres to the requirements of the regulatory body. SocialGood App rewards program allows users to receive up to 15% APY through SG in the SocialGood App and in an external wallet like MetaMask. The membership ranks are determined by the amount of SG held, and the cumulative total of the purchase amount over the past two months. The amount of staking rewards that will be received, depends on the membership rank.
The more you shop using the SocialGood App and the more SG you hold, the higher status you will reach, which in return will allow you to receive even more staking rewards.
There are 5 membership ranks, bronze, silver, gold, platinum, and diamond status. In order to obtain each of these you need to fulfill some requirements. Your membership rank is recalculated every 6 hours and those staking rewards for the specific rank will be added to your SocialGood App. You can receive compound interest as your staking rewards will be calculated based on the initial SG as well as the accumulated staking rewards from previous periods.
In addition to this, approved SG inside of the SocialGood App is calculated in the total staked SG at an increase of 3%
In order to begin staking, you will need to earn SG through shopping in the SocialGood App, or buy SG on an affiliated exchange, like the aforementioned Bittrex and Bitmart, and connect a MetaMask wallet with deposited SG to the SocialGood App.
The team at SocialGood are pleased to announce that they now offer US$200 worth of SG for each new referral made by sharing their invitation code via the SocialGood App through 31 January 2022. New invitees who sign up for the App will also receive US$200 worth of SG. The bonus can be withdrawn after the new invitee has made US$30 worth of qualifying purchases and had their purchases approved by the partner store.
With this type of loyalty program, the short-term SG sellers will decrease, therefore like the stable shareholders, the number of long-term SG holders will increase. This will then result in a tightened supply and demand, likely leading to an increase in SG’s asset value.
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The SocialGood app can be downloaded here.