The Social Good Foundation Inc. is proud to announce the crypto cashback app, the SocialGood App (iOS), was launched Sept. 10, 2020.
The SocialGood Team aims to reduce global economic disparities and improve society for everyone with app features that allow users to accumulate assets simply by shopping on a daily basis while using the app.
Consumers who shop at partner shops using the SocialGood App, can get the company’s originally issued cryptoasset (SocialGood, abbreviation: SG) for free.
Within the first 15 days after listing on a New York-based crypto exchange on July 28, 2020, SG’s price increased +7,529%.1 One major feature of SG is if the price drops from the time when SG is given to the user, SocialGood guarantees the value of SG and will buy it back. Therefore, holders of SG can enjoy the increase in the cryptoasset price over time without any fear of loss.2 This feature is advantageous for users because it differentiates SG from other crypto cashback services that only return Bitcoin, and other cryptocurrencies which may drop in price.
Partnerships include over 1,800 large retailers, with major companies such as eBay, Nike, Shopee, Lazada, and Adidas for users to shop at.3 SocialGood services users in 161 countries (excluding Japan) and an Android version is planned to be released in the future.
Background and Birth of the SocialGood App
SocialGood aims to spread the Social Good Ecosystem™, which improves society, around the world.
Most people around the world have no assets at all and are in a situation where it is very difficult to obtain assets because they lose money as consumers every single day. On the other hand, wealthy individuals, such as shareholders of companies, receive money from consumers and increase their asset value every day through dividends from companies and rising stock prices. For example, worldwide stocks grow at an average annual rate of 6.2%, so the principal amount is projected to increase 6.1 times in 30 years.4
As a result, the gap between most wealthless individuals and some wealthy individuals is widening. Such widening inequality is recognized as a global social issue by nations and organizations around the world (ex. World Economic Forum: Stakeholders for a Cohesive and Sustainable World, Davos, Switzerland. Jan. 21-24, 2019).
The SocialGood App was created to solve this social challenge and reinvent the current system of capitalism. It is a service in which assets are gained from normal consumption as consumers. Through the worldwide spread of the SocialGood App, SocialGood aims to reduce economic disparity and improve society. In the future, SocialGood plans to implement a mechanism to automatically donate a portion of the gross amount from merchandise sales on the SocialGood App to Environmental, Social, and Governance (ESG) organizations around the world.
Crypto Cashback Patents
The market cap of point redemption services (including cash back) is US$108 billion worldwide and US$20 billion in Japan.5
Unlike old-fashioned points incentive and rewards programs, digital assets (cryptoassets and cryptocurrencies) will not disappear or expire over time. You can easily convert cryptoassets into your desired country’s currency through a cryptocurrency exchange. As of now, the daily trading volume of cryptocurrencies is at US$116 billion, and it is predicted to increase even more in the future.6
In terms of asset value, ease of exchanging assets for cash and international convenience, it is more advantageous for consumers to receive digital assets than traditional points. Therefore, global digital assets will be used in the future, cashback services (including loyalty programs, point redemption services, reward programs, etc.) using cryptocurrencies are expected to spread all over the world.
SocialGood has already obtained several patents in Japan for how it uses cryptocurrency to provide consumers with cashback, rewards and point redemptions. Additionally, international patent applications have already been completed, and preparations are underway to obtain patents in the U.S.A., China, the EU, India, Southeast Asia, and other major countries around the world. One example of how these patents can be used is the SocialGood App.
As the world shifts its focus from point-based rewards systems to the token economy, the spread of cashback services and loyalty programs using cryptocurrencies will become more common around the world. In anticipation of this changing landscape, SocialGood plans to use its multiple blockchain-related patents to license the mechanism for using cryptocurrency in rewards, loyalty programs, and cashback services to other companies. SocialGood will license not only to the domestic market, but to many overseas companies as well.