- SocialGood App provides users crypto rewards by shopping.
- SocialGood App enables high staking reward rate.
The SocialGood App is a platform that allows users to earn SocialGood (SG) crypto assets for free, by shopping at over 1,800 online retailers. The app features a Shopping Mining that enables users to shop and receive SocialGood as a form of cryptoback.
In December 2021 they reached 600,000 users, and as of January 2022 the number of users skyrocketed to a mammoth 1.6 million users. The SocialGood team made a decision to celebrate the immense success of their app by increasing the staking reward rate for platinum members from 10% to 15%.
According to SocialGood’s Zendesk (NYSE:ZEN), the Staking Reward rate to commemorate this achievement will be applied as follows:
- Applies to: Platinum Members of the SocialGood App Staking Rewards Membership Program.
- Campaign Rate: 15% APY (previously 10% APY).
- Campaign Period: Jan. 26, 2022 – end date TBD.
With such a huge increase in members, the SocialGood team have made a decision to implement the following changes, as a means to combat and prevent fraud:
Withdrawals from the SocialGood App can only be made to a wallet connected to the app, and gas fees will be paid by the user as a network fee. This fee will be calculated using the CoinMarketCap API, and users will then be able to withdraw the value of the SG, minus the fee.
To date, over 90% of the App’s users don’t withdraw their SG immediately. Instead it is kept within the app for an extended period of time, therefore increasing their staking rewards. Social Good Foundation Inc. is aiming to build the world’s largest Global platform and provide financial freedom to all people worldwide through their SocialGood App.
The more App users shop, the more assets they earn. The SocialGood App is aiming to become the most-used mobile app in the world, and it will have a continuous increase in partnerships with major companies from all around the world which will make the app more useful.
According to GlobeNewswire the majority of people worldwide don’t possess any assets or valuable resources that will provide them with a future benefit. They continuously lose money daily by buying every day necessities and are therefore not in a position to build future assets. Whereas, asset owners, shareholders of companies who profit from consumers increase the value of their assets over the long term through company dividends and the rise in value of stock holdings. Global stocks increase in value at an average rate of 6.2% annually, so it could be estimated that an investment grows by approximately 6.1 times the original value over a 30 year period. Capitalism works to further increase the economic gap between the few wealthy who already have assets, and those who struggle and are unable to own assets.
SocialGood created their app to solve these societal problems and challenge the way capitalism works, therefore it’s a service which will allow consumers to gain assets form their usual, everyday shopping, instead of just essentially “losing” money with every purchase made.