The infamous Initial Coin Offerings were envisioned as a novel method of raising money for blockchain-based projects. However, the concept has since morphed into a means of fundraising for just about any business, with VeganCoin setting the latest example of such an undertaking.
A Support System for Vegans
After establishing the Vegan Nation restaurant in 2018, CEO Isaac Thomas and other board members envisioned a “vegan ecosystem” to bring connoisseurs of the lifestyle fad onto one platform. Now, Thomas touts his enterprise as a “vegan-friendly decentralized community” and is primed to launch the focal point of this platform: a Vegan Coin.
The platform aims to be a community-focused initiative that provides users with vegan recipes, restaurants, destinations, apparel, and all things classified under the category. Thomas told the The Jerusalem Post:
“We realized that as many restaurants as we open, we’re not meeting the need and challenges of vegans around the world. The basic challenges are finding accessible, affordable vegan food anywhere in the world. That’s when we came up with idea of VeganNation to unite vegans from around the world.”
The Tel Aviv-headquartered company places its ideals on two pillars: food sharing and commerce. Thomas discussed the challenge of finding vegan options in many cities, and described food sharing to be “like couch-surfing for vegan food, through which home-cooked meals can be shared around the same dinner table, or can service more than one person or family through a takeout service.” The entrepreneur added that the platform provides a “support system” for people who have adopted the lifestyle choice, helping them find like-minded people for community, commerce, and dining purposes.
The Vegan Coin
The VeganCoin is described as a “micronation” for vegans and will be used to purchase services and goods from the platform. Users of the coin are provided with a “passport,” the vegan-equivalent of a cryptocurrency wallet. Vegan businesses have expressed their interest in adopting the Vegan Coin, with Thomas confirming Europe’s first vegan supermarket chain, Veganz, is also a partner. Since all of the businesses and products on the platform will be vegan, the coin is designated as “cruelty-free.”
Thomas critiques fiat money and considers the lack of transparency akin to a “blood diamond.” However, with the blockchain, users can now continuously track, share, and view progress of their vegan journey on the Vegan Nation application and perhaps motivate others to adopt the movement.
Similar Undertakings Meet Bad Endings
As reported by BTCManager in May 2018, the Bacoin cryptocurrency promoted itself as a bacon-backed token and was adopted by the Oscar Mayer brand of bacon strips for promotional purposes. The token was supposed to be used as a marketing tool for the meat industry and a rewards program for customers that bought meat or other types of products from the partner company.
However, Kirk Steele, the creator of Bacoin, later realized the Heinz subsidiary was marketing his token in the form of advertisements and had nothing to do with the blockchain at all. Instead, the brand simply leveraged on Bacoin’s meme-like popularity to propagate its product among the cryptocurrency community. Steele launched a cease-and-desist order against Oscar Mayer, and the case outcome remains unknown.
While Vegan Nation is different in this regard, it remains to be seen if blockchain technology is actually utilized or if the token is a fad like veganism.