Developed based on the vision of improving society that transcends national, racial, religious, and cultural differences, the Social Good Project has an ambitious goal of creating and expanding the first social contribution token ecosystem, using the SocialGood (SG) cryptocurrency.
This will be done based on a mechanism powered by AI and blockchain technology. The way the system functions is very easy to understand. Several companies from the commerce field will participate in the Social Good Ecosystem.
Each time holders of SocialGood purchase products/services from global e-commerce partner company sites, they will be eligible to receive a cash back payment, equivalent to a certain percentage point of the total sale value. The cashback will be done through the SocialGood Cashback App, and it will be denominated in the SocialGood SG token.
Registered Utility Token
With a planned listing date estimated around December 2019, the SocialGood SG token will be the main engine of the entire ecosystem. Issued by the Social Good Foundation Malta Ltd. (which is a wholly-owned subsidiary of Social Good Foundation Inc.), SG will be a utility token registered with the US Securities and Exchange Commission (SEC).
The company estimates that at the time of listing a number of 17,727,258.918 SG tokens will be issued, and an issuance limit of 210,000,000 tokens had already been set.
One of the main reasons why this happens has to do with the future value of the SG token. The cryptocurrency has a similar function to Bitcoin. The fixed upper limit of tokens which can be issued keeps the supply side capped, while there is no limit on the demand side. By doing this, the value of SG has the potential to gradually increase over time and not lose value.
Although the token had not been yet listed on any exchange, the Social Good Foundation already announced it plans to list the SG token on several important exchanges. It’s also worth to mention that SG is an Ethereum ERC-20 compliant token.
A patent application for the business model
Since the Social Good Cashback system represents an innovative approach on how people can be rewarded, the company had already submitted a patent application internationally for the above-mentioned business-model.
During the span of 2019, the Social Good Foundation will run its Initial Coin Offerings, planning to sell SG tokens to wise investors willing to take interest in the mechanics of the project. The company will then proceed with project development. It will conduct advertising campaigns in order to increase the number of users and get higher gross market values and it will also collect the SG tokens that will be in the market (a process similar to the shares buyback programs seen in the stock market).
Overall, the Social Good Foundation plans to promote the idea of mutual benefit and help people get substantial cashback when buying products from partner companies. The project is highly innovative and revolutionary since it will be based on the blockchain technology, combined with Artificial Intelligence.