Crypto is often getting ragged on for being a gateway towards crime. Today, however, I’d like to recognize some of the good that crypto can do. Today, the LGBT Foundation revealed that it will be using blockchain technology to drive equality throughout the global LGBT community – new token will be called the Pink Dollar.
The LGBT economy, or Pink Economy, will be tokenized by the LGBT Foundation to push for positive social change, protect vulnerable members of the community, and showcase the economic drive of the LGBT community.
Started by Hornet Networks, the LGBT Foundation will harness the power of the Pink Economy to provide a safe and secure environment for accessing crypto and blockchain assets. The Pink Dollar will help to connect LGBT businesses across the globe and establish an economic identity for the community.
The United Kingdom seems to have taken a firm stance on the cryptocurrency sector and It doesn’t appear to be a good one. At first, it was just Prime Minister Theresa May stating that cryptocurrencies require more regulation, adding that the UK Treasury plans to set new rules in order for that to happen. That wasn’t too bad considering the UK isn’t the only country pulling for more regulation. Except then today happened. Now, it appears the UK has an even stronger opinion on cryptocurrencies. Strong enough to launch an inquiry into the industry. Earlier today, the U.K Treasury disclosed that it will be orchestrating an inquiry into various issues that surround both cryptocurrency and the technology behind it, blockchain. To no surprise, the investigation conducted by the U.K. Treasury Committee will be looking into the risks cryptocurrencies open up to consumers, as well as a number of other issues. I’m not shocked that ‘risks’ are one of the issues planning to be discussed. It’s been known for a while that cryptocurrencies like Bitcoin are extremely vulnerable to illegal activity, such as money laundering.
Ubisoft, a gaming manufacturer, is exploring blockchain technology as it looks beyond gaming for future possibilities, Lidwine Sauer, director of insights and trends for the lab, told IGN ahead of her DICE 2018 speech to explain the company’s strategic innovation lab’s focuses going forward. The lab analyzes trends in how the world interacts with technology and seeks ways of applying them to Ubisoft. Blockchain offers the chance to have real digital collectibles that cannot be replicated, Sauer said. The techology allows the equivalent of a digital Picasso, she said, with the advantage that it’s a lot harder to steal something on the blockchain than a Picasso. The blockchain permits digital items to be one-of-a-kind as opposed to one of an untold number of reproductions of a digital product, she said. The most immediate idea for gaming is for unique, one-off pieces of DLC, which is only one possible application. Sauer believes there is something even more interesting to find through blockchain that the company wants to discover.
The US securities watchdog has put the kibosh on trading in three listed companies with ties to cryptocurrencies and blockchain. On Feb. 16, the US Securities and Exchange Commission (SEC) announced it had suspended trading in these entities — all three of which have the same CEO at the helm, Patrick Johnson — based on announcements revealing the way they did business and valued cryptocurrency and blockchain assets. Cherubim Interests (CHIT), telecom company PDX Partners (PDXP) and holding company Victura Construction Group (VICT) each had announced the acquisition of AAA-rated assets with convertible preferred stock from NVC Fund, a division of a cryptocurrency and blockchain-driven private equity investor. Meanwhile, CHIT, a construction and real estate development company, also revealed its plans for an upcoming ICO in which it planned to issue the SJT coin “for financial and societal gain,” all of which made its way onto the radar of the SEC. The companies are considered penny stocks and trade in the OTC market. The SEC used the opportunity to repeat its warning to investors about listed companies jumping on the coattails of cryptocurrencies and blockchain to drive their shares higher.
Blockchain technology is growing really fast with a lot of innovation happening within the industry. There is a massive influx of products and projects that promise various solutions to regular day to day activities. As with every new technology, numerous ideas with diverse intentions are bound to flood the ecosystem, but the line between sustenance and extinction lies at the point of real use case application. As the industry grows, it is expected to mature into the era of implementation. In order for this to happen, there must be means by which the communication gap between non-crypto users and the ecosystem will be bridged. For instance, the whole concept of Bitcoin transaction is still a mystery to a lot of people who do not understand how a long series of codes can represent key components of value transfer. Same goes to non-tech people who do not understand how data can be stored on a system that is maintained by nodes that are connected across the globe.