New foundation will enable the LGBT community to drive positive social change, flex its economic muscle, and protect vulnerable members
Press Release – February 22, 2018 – The LGBT Foundation is today unveiling its vision to harness the power and potential of blockchain technology to deliver equality for the global LGBT community. The LGBT Foundation will tokenize the power of the LGBT economy (“Pink Economy”) to support three principal goals:
- Enable members to verify and protect their identities
- Demonstrate and exert the economic might of the LGBT community
- Generate resources to tackle discrimination, repression, and inequality
The LGBT Foundation has been initiated by Hornet Networks, one of the world’s most popular social networks for gay men with 25 million members worldwide. Leveraging its large base and aiming to engage any and all members of the international LGBT community, the LGBT foundation wants to deliver genuine equality and advance the aims of LGBT members, maximize the power of the Pink Economy, and provide a safe and secure environment to access cryptocurrencies and other future products and services.
Christof Wittig, President of the LGBT Foundation and Founder and CEO of Hornet said: “The LGBT Foundation will unleash the community’s economic might by tokenizing the Pink Dollar with blockchain technology and thus accelerate the efforts of local communities, organizations, and individuals in their quest for equal rights and acceptance in society. This announcement comes at a crucial moment when recent gains in LGBT rights are newly under threat of being rolled back or rescinded, not only at a federal level in the US but also at state and local levels across the country.”
Through LGBT Impact, a percentage of its resources will also be used to actively support members of the LGBT community in instances where they are vulnerable, distressed, or suffering from repression and inequality – this can include financial assistance to support political activism as well as logistical and operational support, depending on the particular requirements.
The LGBT Foundation will conduct a token sale in the first half of 2018 to raise funds for building the required infrastructure. A blockchain-based LGBT Token will not only empower and connect LGBT businesses around the world, it will also help to establish an economic identity and shared infrastructure, will reduce transaction costs for LGBT community members across all borders, and enable this global economy not only to grow faster, but give back to the community and support LGBT rights globally.
If the LGBT community were a country, it would be the world’s 4th-largest economy with a GDP of USD 4.6 trillion . However, the power of the Pink Economy is often underestimated. The LGBT Foundation will make this global economic muscle tangible and visible – by establishing a LGBT-centric digital asset to allow borderless transactions and exchange among an already global community while safeguarding its members’ identities.
Drawing on the power of blockchain technology, the LGBT Foundation will work with partners across the globe to enable the LGBT community to exert 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.
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.
2. http://statisticstimes.com/economy/countries-by-projected-gdp.php
