Dear SocialGood Community,
Thank you for always supporting the SocialGood project.
First, we are glad to report that we have finally finished our investigation into fraudulent users that began on February 10, 2022, and bonus withdrawals have resumed as of today.
As you know, the SocialGood App has become the number one crypto cashback rewards app in the world. We have given out over $50 million worth of SG as rewards to users all over the globe. We also gained over 2 million registered users. We created a system to allow the passive accumulation of wealth with up to 15% APY staking rewards.
We have also been featured in well-known and trusted media outlets in the crypto space, including CoinDesk.
CoinDesk- “Why This Shop-to-Earn App Is Making the World a Better Place”
Shop-to-Earn: a world where you can earn crypto just with your daily shopping.
That is the SocialGood Ecosystem™. Shoppers from over 200 countries and regions worldwide and over 1,800 companies including eBay, Booking.com, AliExpress, Lazada, Shopee, Sorare, Macy’s, Marks and Spencer, The Home Depot, Currys, Microsoft and more have already joined this ecosystem.
Users can automatically gain crypto and improve their lives just by shopping for whatever they want at these stores. For example, if you shop with $100, you can receive up to $100 worth of crypto as a reward.
Our token ecosystem is supported by a healthy and sustainable increase in the value of the SG token, and we have received many requests from SocialGood users to increase the value of SG as an asset.
In order to meet this demand, we would like to announce the following major update to increase the demand for, and value of, the SG token.
Major Update Outline:
1. Membership Activation System
In order to continue using the SocialGood App, users will need to hold at least 200 SG in their external wallet connected to the SocialGood App. This acts as their Membership Access Pass and allows them to activate their membership.
After this system is implemented, the functions of the SocialGood App will be restricted for users who have not activated their membership. We will announce more details later.
After the introduction of this membership activation system, it is expected that the demand for SG will increase dramatically, as the over 2 million app users will purchase SG from the secondary market in order to continue using the app.
2. Registration Fee for Future Users
Until now, users could register to our crypto-earning app for free. We aim to increase the number of SocialGood App users by introducing a registration fee in the future, set at $100.
We plan to make the registration fee free during the transitional period after we introduce the Membership Activation system into the app.
3. Introduction of a Withdrawal Fee
Starting today, a 30% withdrawal fee will be charged as an in-app payment when users move SG tokens from inside the app to their external wallets.
Please rest assured. In order not to disadvantage our existing users, we have given out a percentage of their current amount of Pending SG and Approved SG as a special Withdrawal Fee Coverage bonus. The amount of this bonus is calculated as follows: X/0.7 – X (X = amount of Approved SG and Pending SG)
For example, if you have 100 SG in the app, you received (100/0.7) – 100 = 42.857 SG.
However, we ask for your kind understanding that all users will be responsible for paying their gas fees for the transaction. We plan to integrate SG with the Polygon blockchain soon, which would greatly decrease the gas cost for users.
For more information, please visit the following page:
About the Withdrawal Fee
4. Setting a Maximum Monthly Withdrawal Limit
There will be a set limit for the maximum withdrawal amount per user. This limit will change as needed to reflect the supply and demand situation of the SG token.
In order to withdraw more than the monthly limit, users can purchase an “Early Withdrawal Permit (Fast Pass),” which can only be purchased in-app with SG.
The Fast Pass details and release for purchase will be announced later.
■Behind this Major Update
After our upcoming update, all SocialGood App users, who currently number over 2 million, will always need to hold a certain amount SG purchased from exchanges.
In addition, the more people who earn a large amount of SG on the SocialGood App, the more who will choose to purchase the Fast Passes with their SG, increasing the use and consumption of the SG token.
With this mechanism in place, a strong flow will be established linking the increase of SocialGood App users and the growing demand for SG.
As a result, a positive circle is created in which the SocialGood ecosystem grows as follows:
SocialGood App users increase
More people buying SG from exchanges, increasing demand for SG
SocialGood App gains more appeal, as it gives out free SG which is increasing in value
SocialGood App users increase
We will use these new fees to fund continuous advertising campaigns. These promotions will work like fuel to spin the positive cycle at an even higher speed.
Can you imagine the value of the SG that you currently own will have when 5 billion mobile users are using the SocialGood App?
Our mission is to build the world’s largest global platform and to provide financial freedom to all people worldwide.
Our vision is to become the top cryptocurrency and global mobile app with the highest number of users.
We want to build the world’s largest token ecosystem together with all of you.
Thank you for your continued support.
Read our Whitepaper now to better understand the SocialGood Ecosystem™:
Algorithm Update: How to Win 100% Crypto Back
SG is a utility token with membership function. SG is not a security.
Just as the price of exclusive club membership cards increases as demand rises, we are simply sharing the logical conclusion that prices may rise as demand increases. This is not a guarantee that the price of SG will always rise.
In order to maintain a healthy ecosystem, we will continue to purchase SG on the market without prior notice.