LGBT Foundation Launches — and Announces ICO — to Harness Blockchain for the Benefit of the Global LGBT Community
Foundation’s Initial Coin Offering will enable the LGBT community to drive positive social change, flex its economic muscle, and protect vulnerable members
Hong Kong, 12 January, 2018 — Today marks the launch of the LGBT Foundation, a not-for-profit organization that aims to harness the power and potential of blockchain technology — alongside other technological innovations — for the global good of the lesbian, gay, bisexual, and transgender community¹.
The LGBT Foundation will conduct an Initial Coin Offering (ICO) in the first quarter of 2018 to raise funds and allocate cryptocurrency tokens to private investors and individual participants. A blockchain-based LGBT Token will not only empower and connect LGBT businesses around the world, but also protect LGBT community members’ identities in a safe and secure environment.
Blockchain technology will be leveraged by the LGBT Foundation to maximize the potential of the Pink Economy, and generate resources to support LGBT rights globally. As a percentage of global GDP per capita, the LGBT community could account for up to $4.6 trillion — meaning that, if it were a country, it would rank higher than Germany as the world’s fourth biggest economy.²
The LGBT Foundation has been set up by Hornet Networks, one of the world’s most popular social networks for gay men with more than 25 million members worldwide. However, the aim is that the LGBT Foundation will evolve into a self-governing body run by and for members of the LGBT community, and which directs its activities, resources and members to the benefit of the international LGBT community.
The LGBT Foundation invites the global LGBT community and related interest groups to get involved with the Foundation and work with the team to make a meaningful difference for the community. Resources from the LGBT Foundation will be allocated on an ongoing basis to actively support members of the LGBT community in instances where they are vulnerable, distressed, or suffering from repression or inequality — this could include financial assistance to support political activism as well as logistical and operational support, depending on the particular requirements.
Christof Wittig, founder and CEO of Hornet, one of the driving forces behind the LGBT Foundation, said:
“The LGBT Foundation will tokenize the Pink Dollar so that the LGBT community can play an even greater role in shaping its destiny in countries across the world. By harnessing the Community’s economic might, the Foundation and its members can accelerate the efforts of local communities, organizations, and individuals in their quest for equal rights and acceptance in society.”
As a digital decentralized ledger, blockchain technology can facilitate transactions without either party needing to trust or know the other and is inherently secure, with the information held on a network of computing devices which collectively store and verify changes. With its ability to facilitate and authenticate payments, and record the entire history of exchange, blockchain heralds significant transformative potential for a broad range of industries.
1 —LGBT or LGBTQ, LGBTQI or LGBT+ includes Lesbians, Gays, Bisexual, Transgender, Queer, Intersex, and other communities defined by their sexual self-identification. We celebrate the spectrum of diversity as well as gender fluidness and will work to support and include + elements through the efforts and makeup of the foundation.
2 — Based on the assumption that there are three to seven percent of 5.3 billion people in the LGBT, multiplied by global GDP per capita (http://news.gallup.com/poll/201731/lgbt-identification-rises.aspx and http://statisticstimes.com/economy/countries-by-projected-gdp.php)