Frequently Asked Questions

What is GoodGhosting?

GoodGhosting helps you to make saving easy, fun and rewarding. We create social savings games that use blockchain technology to reward dedicated savers. We are all about improving your financial habits by helping you to save and invest. We envision a world where building wealth is simple, safe and everyone can enjoy it!

What are savings pools?

Savings pools let many people pool their money together. At GoodGhosting, this is done without needing to trust any of the other people in the pool. Smart contract technology secures and keeps track of everything. Our pools are what make our social savings games possible.

How do I win a savings game?

Making all required deposits is the key to winning. When doing so, you earn a slice of the pool's rewards! Each game has multiple rounds, and each round has a set amount of time. To win, you need to deposit money into the savings pool before the round's deadline. So be sure to not miss any deadlines. After the final round, you can then claim your winnings. If for some reason you can’t make a deposit on time: don't worry. At the end you can - in most cases - still claim your initial deposit back, although you won’t earn extra rewards. We have many types of games available, including those with flexible or fixed deposit amounts. As well as games that need many or only a single deposit. Want to dive into the specifics? Check out Game Mechanics

Which digital currencies do you support?

We currently support a number of digital stablecoins which are pegged to the US Dollar. These include DAI, USDC, USDT, cUSD and others. We also support stablecoins pegged to other currencies, such as cREAL, cEUR, agEUR and jEUR. In the future, we aim to offer the ability to save and earn in most international currencies. But that’s not all. We also support saving in volatile assets such as Ether (ETH), Wrapped Bitcoin, WMATIC, CELO and many more. With GoodGhosting v2 we are able to support virtually all ERC-20 tokens!

How are you getting such high interest rates?

Deposits are routed into decentralized finance (DeFi) services such as Aave or Curve. This earns interest and/or trading rewards at rates higher than most traditional bank accounts. Plus, if any GoodGhosting user forgets to make their timely deposit, we redistribute their rewards to the savings pool, giving all winning players a boost. Finally, we often have extra rewards from external sponsors to sweeten the pot even further.

Is the annual percentage yield (APY) guaranteed?

No, the 7% interest rate that is indicated on the homepage is an estimation based on historical data. Past performance is no guarantee of future results. Actual APY will fluctuate based on the performance of the underlying yield strategies, as well as how many people manage to make all required deposits.

Is my money safe?

We have helped people save over $3 million without any incidents. Still, as with all DeFi products, there are risks involved. There is always a chance that there are unknown bugs, even though we only use audited platforms, have had multiple professional security audits, and follow strict security practices. To avoid potential unforeseen losses, all our yield strategies run on public blockchain networks (like Ethereum, Celo or Polygon) and allow for the immediate withdrawal of deposits (i.e. they are non-custodial). This greatly increases transparency and reduces counterparty risk compared to more centralized applications. Still, please do not add more funds than you can afford to lose.

Can I withdraw my money at any time?

Yes. You can withdraw your funds at any time. We are fully non-custodial and our smart contracts are designed to operate 24/7. If you wish to withdraw from an ongoing game, you may be charged a small early withdrawal fee to compensate the remaining players in the savings pool.

Which DeFi platforms are you using?

We make use of Aave and Curve on Polygon, as well as Moola and Mobius on Celo to generate yield. We are actively researching and adding more yield strategies. Let us know if there is any in particular you would like to see added.

What about transaction costs?

We know Ethereum gas costs can be very high. That is why we launched on Polygon and Celo: two scaling solutions for public blockchains. They allow for faster and cheaper transactions, using the same tools as on Ethereum. At the time of writing, you can complete a full GoodGhosting game for less than $0.01 worth of transaction fees.

What is a digital wallet and why do I need it?

To access our service, make sure that you have a Web3-enabled wallet installed on either a computer or smartphone. For instance the MetaMask wallet which can be easily added to your browser. This gives you access to the next generation of financial apps. We provide detailed instructions on how to connect - so all it takes is 5 minutes from start to finish. No technical experience needed!

Does this hurt the climate?

No, we use Celo and Polygon which both are carbon negative blockchains. In contrast to Bitcoin which uses a lot of energy, both Celo and Polygon use a much more efficient Proof-of-Stake consensus mechanism to secure their network. What’s more, both Polygon and Celo offset their carbon footprint and commit to a net positive impact on climate.

When did you launch?

We are in active development and fine-tuning our products! We launched our first savings pool on Polygon in June 2021 for early supporters. This was our guarded launch. Shortly followed by an expansion to Celo and the gradual release of more savings pools. During the summer of 2022, we are introducing the second version of GoodGhosting with a lot more functionality and pool types.

How do you make money?

Currently we are a free service, however in the near future we may charge a small performance fee on all earned rewards to fund development. Additionally, we offer communities the ability to create their own fully configurable savings pool with customizable features (upon request).

Do you have investors?

Yes, we raised a pre-seed and seed funding round from a series of strategic investors. We are glad to be supported by: Arca Endeavor Fund, Big Brain Holdings, Cogitent Ventures, Daedalus Angels, dWeb3 Capital, Global Coin Research (GCR), Hashigo VC, Komorebi Collective, LongHash Ventures, Meta Change Capital, NxGen, R8 Block Capital, Stake Capital, Ternary Capital, web3 studios and ZMT Capital. Along with these outstanding Angel investors: Alastair Band (ex Boson Protocol), Amadeo Brands (DeFi Capital), David Truong (ex Aave), Eden Au (The Block), Larry Cermak (The Block), Lars Hoffmann (The Block), Mona El Isa (Avantgarde Finance), Sandeep Nailwal (Polygon) and Tegan Kline (Edge and Node).

Can I access GoodGhosting from any country?

Yes, we welcome savers from anywhere in the world. We are a permissionless platform built on top of the open and decentralized Ethereum network and similar networks. This allows for any individual to directly interact with GoodGhosting, irrespective of their country of residence or nationality. Nevertheless, make sure you are not breaching any local laws, or our Terms of Service, when interacting with our platform.

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