One of the most exciting ICOs to recently pop on our radar is SGT, the SelfieYo Gold Token. SGT is an ERC20 token tied to the SelfieYo social network.
SelfieYo is a location-based app available on iPhone and Android — it enables time & location-based social networks that don’t require “friending” or “following” in the traditional sense of a social graph.
Their model brings a novel approach to how people can meet and chat with people nearby.
The product is still in beta, but it’s very advanced for a bootstrapped effort.
The app includes extremely cutting-edge computer vision camera technology for face filters and smile detection.
It also appears to be leveraging some kind of AI-based social chat system designed to enhance the experience for users in new locations of the app.
On the blockchain side, the SGT whitepaper discusses something we are very excited about: enabling social influencers who use SelfieYo to earn SGT coins as they create great content on SelfieYo and spread the app throughout their networks.
It makes sense to reward social content creators.
Based on some additional review of SGT’s Telegram and Discord groups, it looks like the company plans on enabling premium blockchain features where users can pay with SGT to get their social content on the blockchain.
It seems that by enabling users who wish to put their content on blockchain, SGT has several utility functions on the roadmap.
Lastly, the whitepaper and other material from the SGT team indicates that they have already created some marketing technology on their backend and will be creating new methods for advertisers who wish to advertise across the network to pay for services using SGT.
Note: advertisements will not be served to user who do not opt-in or who pay for services with SGT.
This seems like a very fair and smart hybrid approach to giving dual paths for data ownership.
On the compliance side, SGT ICO is a Reg. D 506(c) securities offering. The ICO is only available to accredited investors in the U.S. and/or global investors that pass their KYC process.
The KYC process is very simple: you enter your ETH address that you wish to get whitelisted, provide some basic identity verification information and then submit images of your passport or valid national ID. They review the data and will email you if you get whitelisted.
U.S. investors need to provide their ETH address they wish to get whitelisted, then get routed through an investor verification process with a well-known Palo Alto, CA law firm that SGT is using to verify investor accreditation.
We think it’s a smart approach to acknowledge that Ethereum ERC20 token sales are securities as the American regulators have already said the vast majority of ICOs are definitely a security.
SGT will be well-placed to become a listed token on U.S. retail exchanges when that time comes in late 2018 or 2019.
SGT is definitely an ICO we will be HODL’ing here at UseHODL.com!
Adam is a self-taught crypto trader who got into Bitcoin in 2014. He briefly attended MIT before dropping out to pursue mining and other activities. He now focuses on researching quality ICOs and conducts in-depth interviews and analysis with founding teams.