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SGT 101: SelfieYo Gold Overview

By September 10, 2021 September 13th, 2021 No Comments
SGT Crypto Token

SelfieYo Gold, token symbol SGT, is an in-app cryptocurrency utility token for the SelfieYo Chat App on iPhone and Android. For those of you that are into crypto already, it’s an ERC-20 token that is live on Ethereum. We have published some details on the token contract here, so in this post, we’re going to focus on the basics for SelfieYo users that are new to cryptocurrency and app tokens.

First, let’s go over the basic uses of SGT inside of SelfieYo:

  • Tipping — We encourage users to send tips to other local users that create funny, interesting and useful content. A core part of the SelfieYo Gold cryptocurrency economy is to reward the people that share the best stuff. It’s easy to send a tip in any amount you want (whole numbers in terms of SGT tokens). You can tap on anyone’s profile pic and see the menu options that includes sending a tip. Note: you can’t send a tip greater than whatever you SGT balance is. If you don’t have any SGT, you can buy some.
  • Buying SGT — We make it super easy to buy SGT in the app. It’s no different from buying utility tokens and access coins on other apps like buying tokens on Tinder Gold, Bumble or other popular mobile games that use in-app, virtual currency for users to extend game play.
  • Getting Paid in SGT — We recognize that sometimes the best content creators get slammed with too many private messages from people you don’t know. A key communication feature in SelfieYo is to help local people go from public conversations in the main feed or in local HotSpots, to private chats. Very similar approach to how you can DM people on Instagram. BUT, to help users monetize their own content, we’ve built a feature where you can set your own “toll” price for someone you don’t know to send you a private message. This is accessible through the SGT button on the main navigation menu. If you enable a toll price, it means the only way strangers can send you a message and open up a new, private chat is if they pay your toll.

Note: if someone is in your contacts already, they can private message you without paying the toll.

A bigger picture view of SelfieYo Gold is one where the token starts to take on meaning within both a local community of content creators and the larger cryptocurrency community as a whole. SelfieYo does not actively engage in or promote SGT on cryptocurrency markets, but just like NFTs, and just like many other tokens, SGT is fully transparent and compliant on the Ethereum blockchain.

This means that in theory, the more people that use SGT for tipping, the more total, global demand there is for the limited supply of the token. We are not in the business of giving any economic advice or suggestions, but it is very curious to see what the world of cryptocurrency aficionados do with utility tokens on one of the world’s most important, fastest growing blockchains.

It’s also hard to predict what happens when virtual token networks are both hyper local and global at the same time; the current environment is showing the appetite for both useful and totally unuseful tokens is going absolutely bonkers.  At SelfieYo, we are committed to focusing on adding meaningful value to local networks, local businesses and local communities. Part of that means experimenting with new, but totally transparent mechanisms of sharing value. We believe SGT is the vehicle that helps everyone test, grow and learn about cryptocurrency in a meaningful way that adds value to their lives and the lives of those around them in community.

In our next post we will talk about using SGT for local payments of goods and services.

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