The QueerCoin Whitepaper

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Hello! My name is Amber and I've been invested in crypto since ~2015. This blog is the com... [more]

2 years ago

Topics: Women, Blockchain, Defi, Imvesting

Introduction

The intent behind QueerCoin ($QUEER) is to create a cryptocurrency that is both functional and will help to create more support for the LGBTQ community.

The Cardano Network was chosen for both its ease of use and being largely benign to the Earth around us, unlike other chains such as Ethereum. The token will also be on the BSC network, with a bridge connecting the two.

Technical Details

QueerCoin is designed to be used for DAOs specifically for, but not limited to, LGBTQ groups (support groups, non-profits, etc.) to help facilitate better management amongst such groups. Partnering with DAODAO, we will create DAO tokens for each individual group to allow them to have an equal voice in leadership.

Due to the multi-chain nature of the coin, there will be a bridge between BSC and Cardano to exchange tokens in a 1:1 (+gas) ratio. This will be introduced once there is sufficient circulation of coins on both networks.

Staking will be made available on Cardano via smart contracts to bring back the desired APY. This will also be implemented on BSC at a later date (once sufficient circulation is achieved). The coin will not be divisible.

To increase value for holders, once sufficient circulation is achieved on both networks, tokens will be burned at a rate of 1% per quarter for as long as is sustainable.

The Purpose

There are currently three primary purposes for QueerCoin:

To create a DAO governance token for LGBTQ groups worldwide. The actual DAO tokens will be made available via DAODAO on DeSo.
For all official NFT's that are sold, 50% of the profits will be donated to The Trevor Project. Receipts will be posted on the project's Discord server as well as on the official QueerCoin account on $DESO.
To allow the LGBTQ community to take up and have a space in the Crypto space.

Tokenomics

There is an initial supply of 10,000,000,000 QueerCoin tokens on Cardano. There will be a supply of 2,000,000,000 QueerCoin tokens on BSC, making the total number of QueerCoin tokens 12,000,000,000. Of these, the chart below will illustrate how they will be distributed.

Staking Pools

40% of all QueerCoin tokens will be reserved for staking pool rewards. There will be 3 staking options available via the official website: 6 months, 1 year, and 5 years. 6 Month stakes will receive 8% APY, 1 year stakes will receive 15% APY, and 5 year stakes will receive 25% APY.