Here you find the answers to the most frequently asked questions.
If you have any other question please write to email@example.com.
01. When the wearable MEMO (brain-sensor) will be for sale and where?
MEMO will be available for pre-purchase from October 2019 when the crowdfunding campaign will be launched.
Once officially released, it will be possible to purchase it from online stores like Amazon or any physical store where you can buy electronics such as smartphones.
02. How much will MEMO cost?
Our goal is to offer MEMO with the most advanced neurofeedback technologies but with an extremely affordable cost. It should cost less than $ 100.00.
IMPORTANT: The amount spent in local currency to buy MEMO returns to the buyer in GOODs as soon as it creates his account on the platform.
03. What is MEMO and how does it work?
MEMO is a wearable device that measures brain activity via electroencephalography (EEG) sensors. This technology is similar to other devices already available in the market that offer guidance for relaxation and meditation. Example: Muse, Emotiv, Mindlift, Melomind and Neurosky.
The data measured by MEMO is used to generate instant feedback via the App on the smartphone where a video + audio interface guides the user in a personalized way in their meditation practice.
At the end of the session, the system credits the user in MoG $ in proportion to the time it has spent.
Note: The MEMO sensor is just a brainwave meter. It does not emit any kind of signal that can interfere with brain activity.
04. How and when will I be able to purchase GOODs / Tokens?
Money of Good will not offer tokens. The system will only provide the GOOD currency.
Initially, the only way to acquire GOODs will be meditating. To receive credits in GOOD you must create an account on the platform and use the wearable MEMO during meditative practice to measure and credit meditation time.
This means that you will not be able to buy GOODs via exchange.
When can I get GOODs?
It will be possible to start earning GOODs as soon as the system starts operating. (forecast for early 2020)
05. Is there a GOOD credit limit that a person can earn?
Yes, there is a daily limit to how many GOODs a person can earn. This limit corresponds to the maximum time of 4 hours of meditation per day. Since the platform Money of Good will start paying the equivalent of 1 USD per minute of practice, 4 hours will yield approximately 240.00 G per day, equivalent to 240 dollars. (or 972.00 Reais in the quotation of 08.09.18 - 1 Dollar to 4.05 Reais)
06. Is it possible to transfer GOODs to other people?
Yes, it will be possible to make all kinds of financial transactions in the same way as you do with local currencies like Dollars, Euros, Reais, etc as long as the other person also has a Money of Good account.
You can use your GOODs balance to transfer to other accounts, make deposits and payments through the Money of Good bank account app.
07. Where the money to pay people comes from?
The money to pay users for meditative practice will come from the Money of Good monetary fund that is generated by:
- the sales of MEMO
- donations from foundations and organizations that support social projects
- investments by B-Corps which are willing to invest in the new economy of the common good
08. Does the meditation practice suggested by the MOG have a connection with any religion?
No, MOG is 100% no religious. This means that any person can enjoy the system independent of their beliefs.
We understand meditation as a technology for the improvement of well-being and elevation of consciousness. The methodology focuses on reducing stress and improving health and is based on practical exercises such as breathing, concentration and relaxation.
09. Why mixing meditation with money? Wouldn't it disrupt meditation?
How meditation and money can work in harmony for creating a better world?
We understand that meditation isn't something sacred reserved for monks and saints. It is, in its essence, a series of precise technics to help the body and the mind get in balance and harmony and to raise awareness.
This is MoG's approach, to use meditation practices simply as a wellness technology to help people be healthier, harmonious and more aware. That's why MoG's meditation practice is 100% laic and not tied to beliefs and dogmas. So, of course, everybody is free to follow the religious path of their preference.
In regard to the monetary incentive, it is key to understand that money itself is neutral, it can be used for good or bad things.
Money of Good, as the names suggest, advocates the good use of money.
Therefore, by introducing the GOODs currency in the world we aim to offer a currency whose nominal value represents positive values for society and for the planet so its issuance and functioning structure encourage and privileges positive impact actions such as meditating and using businesses as a force for good, as the B-Corps do.
In addition, we believe that offering to those in financial distress the chance to have extra income is a very effective way to bring material and mental balance. But, most important, it is a powerful incentive to engage a large part of the population in practicing meditation every day. Thus, if by offering a monetary reward we can still help to increase individual awareness, it will have a very positive impact on society and the planet as a whole.
10. Will the daily meditation practice with financial reward make people lazy?
Not at all. After meditation, the person usually feels more willing and energized.
Plus, by having the extra income she/he will not need to rely on full-time jobs. This means that there will be time left to do what really matters such as enjoying more time with family and friends, taking care of your home, doing crafts, growing a vegetable garden or helping the community.
11. Can "mining" through meditation be done by any meditation app or just with the Money of Good app? Are you going to have any partner app, like the Insight Timer?
To earn credits in GOODs via meditative "mining" practice people must be logged in via the Money of Good app that is connected to the wearable MEMO.
However, it will be possible to use guided meditation from other apps such as Calm, MindSpace, or Insight Timer, and then direct a percentage of the credits generated by the practice to the partner app as a payment for providing content that helped in the meditative practice.
12. Why is the platform is called Money of Good?
We choose this name because we understand that the most powerful force that shapes the world is the collaboration of human beings and the main fuel of this collaboration is money. The saying goes, "money makes the world go around" and we know how powerful it is to create good or bad. (See the clip where Marcelo Bohrer comments on this.)
The way in which money is created and (mis) distributed are the main causes of the harmful financial system that exists today and, consequently, of the economic problems that aggravate social inequality and the destruction of the planet.
That's why Money of Good was been designed to introduce GOOD, a positive money into society and to empower people by helping to transition to a more sustainable and fair economic model.