The SocialGood ICO deals with the building of an ecosystem that will improve the world and that everyone around the planet can take part in by donating, selling products or purchasing from the platform.
Among the benefits that they promise is that members can get substantial cashbacks when making large purchases.
They have a goal of passing the total market value of Bitcoin by 2020.
The sale of tokens has started and will run until the end of December 2018.
The full details of the SocialGood ICO can be found and assessed by taking a look at the information that is provided on the website and on their White Paper.
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Website: : https://socialgood-foundation.com/
Token: SG tokens
Hard Cap: $500 million
Payment Methods: BTC, ETH, USD
Total Cap Size: 6.8 million SG tokens
Technology: Ethereum Blockchain with AI and smartphone app (White Paper doesn’t contain a lot of technical details)
Private Sale: Started in June 2018
Public Sale: Planned to run until the end of December 2018
The SocialGood ICO is based on the idea of helping society as a whole.
The main part of the project is that companies can participate by selling goods through the platform.
Purchasers receive a percentage of the price as a cashback, while another portion of the overall amount is automatically calculated by AI and donated to worthwhile organizations.
This is a hugely ambitious ICO with an enormous scope, which is reflected in the high hard cap value and the extremely long token sale period.
Project Use Case
The SocialGood White Paper goes through the process in terms of the different aspects of the project.
It covers its use as an ecommerce platform as well as in terms of customer service, social positioning, and wealth positioning.
A company first of all signs up in order to sell products on here.
Once a customer makes a purchase from them, the AI works out their cashback.
It also calculates how much will be donated to the charities and other organizations that the project works with.
SocialGood Team Overview
The Social Good ICO team is mainly based in Japan, with ambassadors elsewhere.
No titles are noted for each team member in the website or on the White Paper.
However, the first name mentioned is that of Soichiro Takaoka.
He is described as a serial entrepreneur and his LinkedIn profile shows a solid background in the financial sector.
The White Paper lists his achievements to date, such as the founding of successful companies YUCASEE and FinTech Corporation Hedge Fund Direct Co. Ltd.
Next listed are Siichiro Yonekura, Tomohiro Takagi, Naoki Yokoyama, and Yu Yamanka.
Overall, it looks like a strong, experienced team with an impressive background in banking and finance.
At the time of writing, it seems it bit light on Blockchain know-how and other technical areas, though.
In terms of Advisors, it isn’t clear which of the listed people, if any, are there purely in an advisory capacity.
However, the team is one that inspires a good degree of confidence.
How The Token Works
There will be 6.8 million SG tokens produced in total. Somewhat unusually for an ICO, the initial price will be high, with it rising to $100 USD by the end the sale period.
It is based on the Ethereum ERC-20 Token Standard.
This coin will have a number of different uses.
As well as being used to pay for goods and services on the platform, it will also be sold on cryptocurrency exchanges.
Holders will be able to take part in the SocialGood Ecosystem and will get cashbacks with each purchase, as well as seeing part of their money sent to a good cause.
What Do Investors Gain
The SocialGood team is extremely optimistic about the chances of their coin growing in value.
They have even set the target of it overtaking Bitcoin in terms of value in a couple of years’ time.
While there can never be guarantees with investments of this type, the team believes that their ecosystem will grow naturally over time, giving benefits to investors as well as to society in general.
They believe that a virtuous cycle model and tightened supply and demand will see the price rise.
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Opportunities & Risks
There are many different ICOs around for the ecommerce and charity sectors.
Yet, this appears to be the only that combines both areas.
The White Paper goes into a lot of detail of how this could help the world.
Certainly, the idea of getting a cashback and donating to a worthwhile cause when buying something is sure to appeal to a lot of people.
Looking at the risks now, the White Paper only really covers general issues such as legal and technical issues.
They claim that major retail companies are also signed up as partners, which would greatly reduce the risk of failure through lack of interest.
ICO SIGNALS :
This is an extremely ambitious ICO with a huge hard cap and a lengthy sale period.
There is no doubt that the idea behind it is good and will appeal to lots of people, but have the team tried to cram too much into it?
The SocialGood team appears to be strong and experienced, with lots of good experience in relevant industries.
They have also been working on this project for a long time and appear to be very clear about the way forward.
It is easy to picture this platform becoming a success given the hard work that has gone into attracting partners and ambassadors around the world.
However, by setting such ambitious targets there is a risk that they fall short.
Either way, this is a very interesting project to keep an eye on.