The LGBT community is massive, and some estimates claim that it includes up to 7% of the world's population. As such, it can easily be considered one of the biggest economies out there. It has been fighting its fight for equal rights for long years now, encouraging others to do the same, and starting all kinds of projects in which the community can participate.
With the emerging cryptocurrencies taking over the world, the LGBT community also took an interest in new technologies. Cryptocurrencies and blockchain open all kinds of new options and possibilities, and they might help unite the community even stronger, and help its members in many different ways.
With that in mind, the community decided that having a digital token would be a great way to represent it in the emerging crypto sphere, and help drive adoption among its members. Learning more about this technology could empower people further, and allow for even better organization and a greater sense of belonging. The community would have another thing to bind it together and help in its pursuit of equal rights around the world, which is ultimately what everyone seeks. This door was opened by the LGBT Foundation, which started its own crypto project.
The LGBT Foundation is a nonprofit organization that aims to launch its own cryptocurrency, known as LGBT Token. Its mission is to bring digital currencies to the global pink economy and leverage the underserved 4.5 trillion-large US market.
The Foundation aims to drive the adoption of its token as a payment method in everyday life. Token holders would be able to use it for all kinds of transactions, including digital and physical businesses.
The LGBT Foundation would not be working on this alone, however, and its sponsor — Hornet Networks — aims to adopt the token among its own 25 million-large user base. While this is a massive number of people, it still only represents around 10% of the LGBT community's total size. After all, the community has members all around the world, all of which could some day come to trust and use the LGBT Token.
This would also be a major step in the right direction for the cryptocurrency industry itself, as it still struggles to attract a massive user base. The recovering prices are still bringing new traders and investors, but a project that would tie such a large group of people and introduce them to digital currencies would certainly make a difference.
As mentioned, the LGBT Foundation's goal is to launch its own token, which it plans to do in an upcoming ICO, which was announced around a year ago. But, despite this, it would seem that the project is advancing either extremely slowly, or not at all. There is next to no information about the token or the ICO, apart from the fact that it will be a utility token, and that it is being developed on Ethereum's network, which indicates that this will be another ERC-20 token.
As of yet, the project did not announce potential date or time of the ICO, nor the token price, official ticker, restricted regions, or anything else. Interested investors should keep an eye out for potential updates, although, as mentioned, it has been almost a year since the ICO announcement and no new information was added in the meantime.
|Start||July 1, 2019|
|End||September 30, 2019|
|42 days left|
I don’t mind having the blockchain ecosystem and the token that serves the needs of this particular community, but as I see it, the core message behind this project is that gay people want to separate themselves from others to the extent that they need their own blockchain-based financial network. Basically, there is nothing extraordinary about this project from a technical standpoint. It is just a common blockchain solution, only colored in pink.
The project also does not have a particularly brilliant team, not did it present a functioning prototype or MVP, which caused many to criticise and question it further.
The LGBT Foundation project received a lot of criticism and rather poor reviews as of yet. Many pointed out that there are already universal coins such as Bitcoin itself, which can be used by anyone, from anywhere, at any time, and for any purpose. To them, creating an LGBT-specific token would do more harm than good, as it would only serve to separate the LGBT community further.
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