LGBT token is the first cryptocurrency targeted at the worldwide gay community. The newly formed LGBT Foundation is launching this ICO in cooperation with Hornet, the largest gay app and social network in the market.
It is said that if all the members of the worldwide LGBT community had their own country, it would be the third largest country in the world and the fourth largest economy.
LGBT token is looking to bring crypto to the global pink economy to leverage the underserved 4.6 trillion USD market and serve at least 10% of the gay, lesbian, bisexual and transgender population of the world.
The Particularities of the LGBT Economy
This project’s white paper analyzes some of the behaviors of the pink economy. The LGBT Foundation is partnering with Hornet and Revry, the LGBT version of Netflix, on the launch of its ICO. The question remains, how many businesses out there will accept the LGBT token as payment, and what dollar price will one LGBT token eventually have?
The other question is: will there be a robust enough market for a token that essentially acts like cryptocurrencies that are already in circulation?
The LGBT Community: An Outlier?
Many would argue that the LGBT community requires such a token because of its situation in countries in which LGBT community members are ostracized. In many places it is still a crime to belong to the LGBT community and in many other places equal rights are not in place and members of the community are discriminated against.
Unfortunately, marginalized subgroups within the LGBT community are still struggling with a unilateral lack of acceptance, directly translating to poor economic status and social inequality, which exclude them from resources and help. In 72 countries it is an outright crime to be gay or partake in same-sex sexual activities. In ten countries, the death penalty is an official legal punishment for being gay or partaking in same-sex activities.
While Western societies have made progress on recognizing the rights of people with differing sexual orientations and gender identities, bigotry is still present. The LGBT community faces many challenges. LGBT charities require funding for programs to overcome this societal stigma and advance equal rights, not solely for the most visible members of the community, but also for those who, to this point, have been left behind. Unfortunately, these charities don’t receive enough funding to handle the number of people that need their services and face many hurdles with moving the funds they do have around the world to where the projects are based.
Is LGBT Token the Solution?
The LGBT Foundation hopes that by servicing the pink economy with a cryptocurrency they can create a self-governing organization that can give back some of the community’s economic muscle to charitable causes addressing discrimination and LGBT rights, and help the community advance its goals. The LGBT Foundation aims for LGBT token to be a method to verify and protect the users’ identities.
It has planned the upcoming launch of LGBT Token for three key purposes: verification and protection of LGBT community members’ identities; demonstrating and utilizing the economic might of the LGBT community; and generating resources to tackle anti-LGBT repression and inequality. The LGBT Foundation will be an example of the future of nonprofit organizations: the self governing organization. They are teaming up with OST, a company that provides blockchain infrastructure, in order to put out their ICO. Their token will run on ethereum.
Many Cryptocurrencies Fit the Bill
But despite the noble cause, the issuance of a new token in this case is not a necessity. LGBT community members can transact safely using Bitcoin or other altcoins, which are censorship resistant. If they would like to have added privacy features, Monero or Dash fit the bill.
The fact that the token is being launched on Ethereum, would prompt any seasoned cryptocurrency enthusiast to suggest using Ether itself instead of adding another layer and making it more expensive to operate on the network, given gas prices. In theory, it makes no sense to launch LGBT token, but if the community rallies around the token, it might end up becoming a worthwhile currency.
