With PrideMonth in full swing and many LGBT events happening globally this summer, it's a great time to have a look at a cryptocurrency that has 'started the new LGBT Revolution': PROUD Money. A coin you may still know by its old name, GAYcoin.
In May I ran a poll on Twitter in which I asked people if they would invest in a 'gay' cryptocurrency, and the results actually met my expectations.
The response was small but it shows many would blindly invest. Still a lot of people wonder why they should, including yours truly. Quite a challenge for a product to convince the market why it is necessary.
The 'proud economy': a $4.6 trillion niche
The LGBT economy as a whole has a value of around $4.6 trillion, certainly an interesting niche market. But PROUD Money has a mission that's beyond mere numbers. It aims to become the financial lubricating oil for the global LGBT community. On the colourful website it says: “The LGBT Revolution 2.0 has begun, and it has its own currency”. This quote supports the goal, which is to build a global digital financial service network of merchants, businesspeople, artists and craftspeople that share the same values: the 'proud economy'.
PROUD Money Accepted Here
PROUD Money's goal is to be a currency that will be represented across the LGBT community and market. The team is busy working on retail integrations, consumer incentivization programs and re-loadable PROUD money Debit cards, to have the PROUD Money Accepted Here sign on a thousand storefronts by the end of 2018.
Staking and bonuses for SatoWallet users
One of the most popular mobile wallets, SatoWallet, added PROUD recently. This wallet enables you to stake PROUD with 20% interest annually. To celebrate the integration, every wallet with 1000+ PROUD will receive an extra 10% bonus per month for the coming three months, and maybe even longer. Get your SatoWallet and add PROUD coin.
Some technical specifications
- Hybrid PoS / PoW system (before / after)
- No transaction fees
- Block time 1 minute
- Block size 50 MB: up to 216 million transactions per day
- Stake in mobile wallet
- 20% interest annually with online unlocked wallet
- Max supply 10 billion of which 50% used for charity
Roadplan 2018
The team has no whitepaper available at the moment, but there's a 2018 roadplan on the PROUD Money website with a few courageous plans to accomplish:
- Dating app (on the way)
- Re-loadable Debit cards
- Capital investments in LGBT businesses
- Philantropic funding of LGBT agencies
Check out the PROUD Money video
In a nutshell
PROUDmoney was founded in 2014 by George Lawin, under the name GAYcoin, and rebranded in May 2018. It was traded on Cryptopia exchange and is now only traded on Crex24 in several fiat pairs. 1 PROUD is now valued at around $0.014 / 0.00000219 BTC. The total supply of the coin is 10 billion, 50 % of which will be used to support the LGBT community. Those coins are locked on a transparent account. A total of 5.7 billion PROUD coins have been mined. PROUD uses the X11 hashing algorithm and is a hybrid Proof of Work and Proof of Stake coin.
Where can you trade PROUD Money?
You can trade BTC, EUR, USD, JPY, RUB and CNY for PROUD on Crex24 exchange.