LGBT Foundation Plans to Drive Large-Scale Adoption of LGBT Token and Kick-Start LGBT Economy
Not-for-profit Foundation aims to achieve equal rights and acceptance for the LGBT community
Hong Kong, 31 January, 2018 — The LGBT Foundation, which aims to harness the power of blockchain technology to deliver equality for the global LGBT community, today publishes its white paper outlining the goals of its LGBT Token sale, scheduled for the first half of 2018. The paper details the Foundation’s plans to kick-start the LGBT Token ecosystem and drive large-scale adoption.
Initially set up by Hornet Networks, the LGBT Foundation will evolve into a self-governing body run by and for members of the LGBT community. The Foundation is actively seeking contributions and involvement from the global LGBT community, its allies, and related interest groups in shaping its future.
The LGBT Foundation will release LGBT Token (using the ticker, ‘LGBT’) to maximize the potential of the Pink Economy and bridge the gap between the industries that already transact with the LGBT community and the community itself. The LGBT Token will be issued by the LGBT Foundation as an ERC-20 compliant token running on the public Ethereum platform. The Foundation will administer the supply and ensure a healthy economic model for the users and partners. It will also provide the necessary infrastructure to operate a fully decentralized and autonomous network.
Christof Wittig, President of the LGBT Foundation said, “LGBT events, apps, and services like Hornet and its peers already constitute a US$100M economy trading in virtual goods and services. The LGBT Foundation is set up to transform these activities from fiat to cryptocurrencies, and at the same time grow the market into an identifiable and bespoke economy that transcends borders and respects each individual member’s right to both their sexual identity and privacy.”
The utility of a global LGBT-centric digital asset will achieve the following while actively supporting global LGBT rights:
- Enable members to verify and protect their identities
- Demonstrate and capitalize on the economic might of the LGBT community
- Generate resources to tackle discrimination, repression and inequality
To kick-start the ecosystem, the LGBT Foundation will allocate a portion of Tokens to partnering businesses and organizations. Participating organizations can move existing reward programs to the LGBT Token and allocate Tokens to users. This will get LGBT Tokens into circulation and give them a level of immediate everyday utility.
The Foundation will drive adoption and usage of the LGBT Token through practical measures, such as providing plug-ins for ecommerce stores to accept LGBT Tokens as payment, or providing devices for locations to accept payments using LGBT Tokens. By doing so, the Foundation aims to facilitate a user-friendly experience and significantly lower the barrier to entry that currently keeps other cryptocurrencies from being used in a practical and tangible way in daily transactions.
Those who identify as LGBT continue to face discrimination, oppression, and worse in many societies around the world. The LGBT Foundation and the LGBT Token will establish a decentralized and secure way of giving every member of the community full control of transactions, without the risk of being controlled, entrapped, or abused by governments or corporations. The LGBT Token will allow each member to not only define what is stored on the blockchain, but also to have full control of that information and who is allowed to access it.
To achieve the stated goals, the LGBT Foundation invites like-minded partners to help jumpstart the adoption of the Token and the resulting economy. Such partners may be mobile apps, online services or traditional offline, brick-and-mortar businesses like stores or event locations, large brands or individual providers.
Further details on the LGBT Token sale, including pre-sale dates, will be shared in due course.
About The LGBT Foundation
The LGBT Foundation aims to deliver equality for the LGBT community across the world. By harnessing the power and potential of blockchain technology and other technological innovations, the Foundation will foster greater acceptance of the LGBT community, drive positive social change for the community’s benefit, and protect vulnerable community members. By tokenizing the Pink Economy, the Foundation will empower the LGBT community to flex its considerable economic might, provide a safe and secure environment to access cryptocurrencies and other products and services, and enable members to verify and protect their identities as required.
For more information on participation, please visit: lgbt-token.org. Please note that the content of this page (or any linked page) has not been reviewed by any regulatory authority in any jurisdiction. This is not an offer for any regulated product or service, or advice of any kind.
[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.
