SocialGood has recently launched a patented crypto cashback app. The company plans to revolutionize the way people shop on a daily basis by incentivizing users with digital assets. With a network of 1,800+ retailers, how is SocialGood separating from competitors and offering a model that reduces volatility risk for shoppers?
SocialGood – Crypto Cashback App
In recent developments, the Social Good Foundation is excited to introduce the SocialGood App on IOS, which changes the way people shop online. In a push to eliminate economic inequality, Social Good Foundation is proud to announce framework that helps anybody accumulate digital assets.
By leveraging the companies partnerships with over 1,800 retailers, users are able to earn digital assets by shopping at various retailers. The Social Good Foundation has taken no shortcuts, offering its users incentives to shop at some of the top outlets like eBay, Nike, Shopee, Adidas, Lazada, and many others. In doing so, users on the app are rewarded in SocialGood ( SG ), which is the companies native cryptoasset.
According to the companies website, SocialGood now caters to 90,000+ users on a global scale. Additionally, shoppers are able to earn up to 20% discounts on purchases. With discounts being rewarded in SG tokens, users can then move the SG tokens onto an exchange and convert to a local fiat currency.
What Separates SocialGood
With the continued surge in crypto interest, there have been many companies focusing on the token economy. Despite other competitors deploying a similar business model, SocialGood is offering a differentiated experience pertaining to the way it pays out online shoppers.
Reducing Volatility And Creating A Win-Win Opportunity
When we take a look at the redemption markets, many companies in the Crypto space have tried to conquer this market in a push to fuel mass adoption. The problem is that many of these projects primarily offer “Bitcoin rewards.” Even though Bitcoin redemptions have the opportunity of gaining value, they also have the chance of losing value. Despite Bitcoin being one of the best performing assets, it still experiences high volatility, which does not sit well in the event that a user has a short time horizon. With this being said, many shoppers would prefer to redeem cash instead, since they essentially know what they will “get back” at a given time.
How SocialGood Monetizes User Experience
SocialGood monetizes the experience by rolling out framework that eliminates downside risk. When users earn SG Tokens after their purchases, SocialGood guarantees the value. For example, if a user purchases an item for $500, they may be eligible for up to 20% “cashback” depending on the retailer deal. In this scenario, a shopper could earn $100 back in SG tokens. The holder is now guaranteed that $100 payout even if the value of SG Tokens goes down. In the event it does, SocialGood would still buy back the tokens at the original cash back rate.
It is important to note that this is completely different than Bitcoin payouts. If a shopper earned $100 cashback in Bitcoin, and BTC dropped -20% overnight, now that cashback rate would be diminished until BTC rallied again. This is the risk people take when they agree to earn BTC from other competitors. Through the SocialGood platform, users do not have to worry about market volatility, which ultimately revolutionizes the token economy.
SG Token On Exchanges
Back in July of this year, SocialGood announced that SG would be listed on BitMart. BitMart is one of the leading cryptocurrency exchanges that serves over 2,000,000 users. When a user earns cashback in the form of SG Tokens, they can move them to the BitMart exchange and swap them out for fiat currency. According to CoinGecko, SG currently trades at $2.57 and has rallied +53% over the last month.
Future Plans
Aside from SocialGood’s goal of eliminating economic inequality, the company also plans to donate future proceeds from sales to environmental, social, and governance organizations across the globe to improve the overall society. By leveraging various patents that focus on cashback, rewards, and redemptions, the company plans to revitalize capitalism in the token economy.
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