LGBT Foundation releases Pink Paper outlining the economic potential of the LGBT Token
April 11, 2018The LGBT Foundation, an organization that aims to harness the power of blockchain technology to deliver equality for the global LGBT community¹, today published its ‘Pink Paper’ that provides further details complementing its previously released White Paper. The LGBT Pink Paper outlines opportunities and strategies for blockchain to leverage the US$4.6T “Pink Economy” to improve equal rights and acceptance for all LGBT members worldwide. Since the launch of the white paper in January, LGBT Foundation has collected community feedback and closely tracked the evolving cryptocurrency regulatory environment in order to compose the much-anticipated pink paper.
The early token distribution proposal included in the pink paper strategically addresses each type of stakeholder including launch partners of the network, team members who contribute to the development of the network, The LGBT Foundation, and public users who utilize LGBT Tokens. The Foundation will allocate Tokens towards the network accelerator program, token sale, team and advisors, LGBT Impact Program, and to a reserve held by the Foundation for initial operating costs or other stakeholders as necessary.
Additionally, the pink paper lays out key tactics to achieve mass adoption of the LGBT Token that will serve as the tangible symbol of the economic strength of the LGBT community. These tactics include seeding partners with tokens as a reward for their users, promoting further earning by encouraging users to earn LGBT tokens for completing specified high-value behaviour, and boosting spending by users at both launch partners and eventually brick-and-mortar stores.
A key tenet of the LGBT Foundation is to alleviate the discrimination and repression of LGBT individuals worldwide. To this end, the pink paper provides supplementary information on the LGBT Impact Program which governs the non-profit use of the LGBT Token. The program will hold a quarterly vote for all Token holders to provide input on which charitable causes the LGBT Foundation should support. Additionally, users can donate directly to a selection of charities using an option within the wallet.
It also introduces new potential implementations such as the LGBT Token Credit Card that will enable users to claim LGBT Tokens as a form of cash-back rewards on fiat purchases. Users can decide whether these rewards are directed towards LGBT causes or their wallet.
Christof Wittig, President of the LGBT Foundation said, “We are designing the LGBT Token with the primary intention of benefiting and empowering the LGBT community. With the principles of pseudonymity, scalability, functionality, and decentralization guiding the project, the LGBT Foundation aims to create an every day, secure, and mass-adopted cryptocurrency.”
For more details, find the full pink paper at https://lgbt-token.org/download/.
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