OST LIVE Video: Update on Rollout of OST-powered ‘LGBT Tokens’ to Hornet App Users
OST Platform enables brands to easily add micro-transactions to any app via white-label “brand tokens” running on the OST blockchain. OST provides developer tools, APIs, SDKs, and a fully integrated seamless wallet solution for mainstream apps and their end users. The Hornet App (30M downloads) is the largest social network for the LGBT community. Following several months of planning, Hornet began rolling out “LGBT Tokens” powered by OST to select users in June 2019 in conjunction with World Pride 2019.
In the past week Hornet expanded their beta program from an initial 25 users to 650 users and they plan a wider rollout to more early adopters in the coming weeks (along with additional functionality), followed by launch to the overall Hornet membership.
Sean Howell, Co-Founder of Hornet and CEO of the LGBT Foundation, and Matt Norris, Head of Product at Hornet, joined us on OST LIVE to share their experience with launching LGBT Token and to provide an update on the beta release.
Shifting From Points to Tokens
Hornet already had a rewards program in place known as “Hornet Perks,” which could be earned by members based on their contributions to the Hornet community, but they are replacing the program with LGBT Tokens powered by OST. Here are some reasons why:
- Tokens are more secure.
- Tokens are more valuable.
- Tokens live on the blockchain forever.
- LGBT Token gives to charities.
Norris explains that points are valued based on the rate of earnings and the rate of redemptions for contributing to Hornet programs, whereas earning the LGBT Token has a clear and specified value based on the market-price for the OST token. Users will know the value of their contributions and this will hopefully encourage more users to participate in Hornet’s community programs. There’s also a social good component to the LGBT Token. Profits generated by use of the LGBT Token are donated to LGBT charities and causes that help advance equality for all around the world.
Launching on OST
As Norris and Howell explain, the LGBT Foundation did a lot of research into what would be the best way to launch a token for the LGBT community. They hired lawyers and worked with some of the best technologists, exploring various options to build and launch their token. Ultimately, the LGBT Foundation chose not to do an ICO and to rather launch a token on OST instead.
“OST solved a lot of the needs that we had. It’s a large established blockchain company and it’s creating an easy solution for a Brand Tokens. It checked a lot of boxes and I think it’s one of the best companies in the space.” — Sean Howell, Co-Founder of Hornet and CEO of the LGBT Foundation
LGBT Foundation is the first partner to launch on OST. They are among the first to use and integrate OST APIs and SDKs, available through our recently launched OST Platform.
“OST Platform made the set-up and configuration of the token exceptionally easy. It took a lot of the headache of what probably would have been tinkering and fine tuning just really out of the mix. It really streamlined our process of getting set up and getting the token ready for the public.” — Matt Norris, Head of Product at Hornet
Using LGBT Tokens
At the moment, only beta community members have access to the LGBT Wallet. You can sign up to join the Hornet beta tester community here.
To create a LGBT Wallet within the Hornet app, head over to your profile tab and toggle on “unlock your wallet.” Then create your 6-digit PIN. If you forget your PIN, you can’t get in! So make sure you remember it or write it down in a safe place. You also have the option to enable biometrics. It’s also used to authenticate transactions and sign-in to new devices. Your wallet will begin to set up and you will receive a welcome airdrop of LGBT tokens.
Hornet has a number of community programs where users contribute to making Hornet a better app. Currently, beta testers can earn points by submitting a bug report. In the future, beyond beta testing, all Hornet community programs will earn tokens. Users will be rewarded in LGBT Tokens for their contributions such as translating content into various languages, moderating to keep the community safe, and contributing articles.
Users can redeem LGBT Tokens for various items in the Hornet shop. In the future, Hornet would like to support redemptions options for gift cards or currency. Once a user completes a purchase in the shop, they are required to authenticate the transaction using their mobile wallet, making the process of spending the LGBT Tokens secure.
OST powers the future of brand loyalty. Innovators use OST Platform to reward behaviours and increase engagement with Brand Currency. It’s a complete set of developer tools that any company can integrate without any in-house blockchain expertise. OST partners reach more than 300 million end-users and we will be rolling out live implementations throughout 2019. OST currently has offices in Berlin, New York, Hong Kong, and Pune, and is expanding to other markets. OST is backed by leading institutional equity investors including Tencent, Greycroft, Vectr Ventures and 500 Startups.