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Earlier this year, Hornet launched The LGBT Foundation, a nonprofit dedicated to using cryptocurrency called the LGBT Token as a way to supercharge the pink economy and the global fight for LGBT rights. Well now, The LGBT Foundation, backed by Hornet Networks, just announced that it will partner with OST, a company that helps businesses establish their own blockchain technology, for the launch of the LGBT Token to over 100 million people worldwide.
The LGBT Foundation chose to launch the LGBT Token on OST technology following several months exploring its own ICO (Initial Coin Offering), and publishing the LGBT Token “Pink Paper” and “White Paper.” It aims for the LGBT Token to be a method of payment and loyalty for physical and digital businesses, as well as a decentralized system for LGBT+ people to verify and protect their identities, especially in countries where they face repercussions.
Blockchain technology is the backbone of cryptocurrency. It’s basically a public ledger that records every transaction made to ensure that the currency is being used fairly.
So in order to launch LGBT Token and activate the $4.6 trillion global LGBT+ economy — enabling members to assert and protect their LGBT+ identity, creating a new medium of exchange and loyalty for LGBT+ persons and businesses while making a global social impact by allocating resources to projects that the LGBT+ community cares about, including tackling oppression, discrimination and inequality, education and healthcare — OST’s technical expertise and collaboration are essential.
“We’re saving a ton of time, money and technical resources by teaming up with OST rather than pursuing our own ICO; allowing us to go to market faster, safer and fully compliant with financial regulations,” says Christof Wittig, President of the LGBT Foundation and CEO of Hornet Networks. “The fact that Jason Goldberg — founder and CEO of OST and an advocate for equality himself — has a stellar track record in tech, Blockchain and the LGBT+ community was something we definitely considered when looking for a partner to kickstart our project.”
Goldberg says, “We’re thrilled to announce our support for LGBT Token during Pride Month 2018. We are humbled and excited to support the LGBT Foundation’s mission to make our world a better place for all members of the LGBT+ community. Blockchain technology is a perfect fit for the LGBT Foundation’s mission.”
Goldberg has joined the LGBT Foundation as an advisor to the project.
He adds, “The LGBT Token facilitates near-instant transactions between businesses, causes and members of the community; thus establishing a flourishing pink economy. It also empowers people in countries where it’s illegal to be LGBT to safely and, if need be, anonymously connect with fellow LGBT people.”
In the past, the LGBT Foundation has announced that it will launch the LGBT Token in cooperation with Hornet Networks, one of the largest social networks for gay men with more than 25 million members globally, and Revry, the LGBT answer to Netflix, reaching 70 million homes in more than 100 countries. These two, along with other launch partners, already reach 100 million people worldwide.
Sean Howell, CEO of the LGBT Foundation, concludes, “Partnering with OST is based on their state-of-the-art technology to launch and manage the LGBT Token rapidly, safely and securely. Working with OST gives us the confidence and ability to go-to-market and to develop a blockchain-powered network of LGBT-friendly businesses, to activate a global pink economy.”