What if you could do charity with every action or good that you purchase? SocialGood, our ICO of the weeks seeks to do just that. By creating an ecosystem where every interchange of currency between you and commercial partners yields some kind of benefit for a charitable third party, Social Good wants to improve the percentage of the money that goes to charity and to help other people in the world.
SocialGood Means Good Without Thinking Too Much
SocialGood is a Japan-based startup that will stimulate contributing one to each other by the means of donating every time a purchase is made. The SocialGood initiative will make every purchase made from a SocialGood affiliated commerce generate a cashback. This cashback will be a percentage of the purchase made. So depending on your preference, a part of this cashback money will be directed to some institutions that help people in several countries in the world
This kind of initiative will spur a spending momentum that will help those in need. Philanthropy is always a good thing that will spur more philanthropy, at least that is what this project expects. It also will encourage saving using the Social Good cryptocurrency system, because even if you donate a percentage of the cashback, you also keep the other one. In that way, you can use it as a way of keeping some value in your purchases.
How Will It Work?
The ecosystem will depend mostly on the SocialGood marketplace, a decentralized marketplace that will feature all sorts of merchants associated with the program. In this market, a live directory of the stores and service providers will be offered, so you know where to go, and even transact in the same website.
The proponent startup thinks that this cryptocurrency could easily match the bitcoin market cap by institutional investors. They plan to offer instruments for institutions that wish to make investments into this new asset class, in the form of Exchange Traded Funds. they have already raised $30 million dollars in the form of institutional investors that are interested in the vision that this cryptocurrency presents.
Tokenomics for this project involves know-your-customer checks and participants from Japan are excluded to participate in the ICO sale. The SocialGood token is an Ethereum based cryptocurrency. Though it is not really a security token it is registered with the USA SEC to avoid any problems with their designation. If you want to find out more about them visit them here.