When the word ‘cryptocurrency’ comes to mind, what we associate with it is constantly evolving as we understand the true innovation of applying decentralized blockchain technology. Whilst many may now relate cryptocurrencies with concepts such as decentralized finance and NFTS (Non-fungible tokens/digital assets), there are other use cases that can be incorporated into the world of cryptocurrency as well. Innovation via community and social movements can also stem from blockchain technology. A relatively new cryptocurrency token called WEMP (Women Empowerment Token) takes a bold multi-faceted approach to the utility of its token. It encompasses all of the use cases mentioned above to enable their vision of supporting and empowering women globally, while providing a platform to expose more women to the cryptocurrency industry.
Before delving into WEMP
We first need to acknowledge the inequality in the cryptocurrency industry in order to highlight just how groundbreaking the work of WEMP is. The cryptocurrency industry has largely been dominated by men, who do not always provide an accessible environment for women to enter the industry (amongst other gendered barriers). According to a recent survey in 2021 by CNBC, twice as many men than women invest in cryptocurrencies. The gender gap also applies to the workforce, a 2019 study by GitHub concluded that less than 5% of the top 100 Blockchain projects were by female programmers. When we consider the opportunities within this growing industry, we should be even more concerned with these figures. Let’s examine how WEMP is revolutionizing the industry and paving the way for change, equality, and success with a number of innovative initiatives.
So what exactly is WEMP?
WEMP is a community driven deflationary ERC-20 token (meaning it’s built on the Ethereum blockchain), with automatic rewards for its holders. It’s worth noting that the first 99 token holders of WEMP are all women. WEMP uses their platform to support and empower women through a range of mediums, namely education and decentralized finance. Free cryptocurrency educational resources are available through their website and aside from this a number of AMAs (ask me anything) have been conducted with educational content on what’s happening in the crypto industry. Having a platform which welcomes women and delivers highly accessible and quality cryptocurrency content is a powerful force, which should not be underestimated. The WEMP token also plans to weave itself into the decentralized finance sector in the next year so that you will be able to use WEMP to purchase goods both online and in retail stores.
The community of WEMP token holders are an essential element in making decisions regarding the governance of the token. Each month the WEMP community can vote for which charities WEMP donates to in the support of women. Furthermore, every month the WEMP community also chooses two or more women entrepreneurs to help support their existing business. Recently WEMP was a sponsor of the Miami Crypto Exp. where they delivered a talk as well as two workshops. The utility and work WEMP is excelling in doesn’t stop there. WEMP uses their platform to promote a number of promising NFTs by women, which given the increasing prominence of NFTs is certainly a component of the industry which should not be overlooked. Additionally, WEMP token holders will have a number of benefits regarding the ‘Annual Women Empowerment Influencer Award’ event which they are sponsoring. Utility is key regarding mass adoption and WEMP seems to have all the right ingredients.
Let’s evaluate the more technical side of how cryptocurrency/blockchain technology is enabling WEMP to achieve their goals. Smart tokenomics is of key importance when considering the successful longevity of a project. WEMP has utilized their tokenomics intelligently to generate a positive feedback loop of supporting their goals with a 6% redistribution tax on their token. Let’s break down how this works; 1% of each transaction goes to their charity wallet, 1% to support women entrepreneurs, 1% is burnt which makes the supply of WEMP increasingly scarce and subsequently the token slowly becomes more valuable. A further 1% is added to the token’s liquidity pool with the final 2% being rewarded to WEMP holders, thereby passively building their accumulation of WEMP just by holding the token. Furthermore, WEMP has been fully audited by Certik, a leading security firm in the industry, and their liquidity pool has been locked. Measures such as these are vital when considering the security of any cryptocurrency.
WEMP has created a platform which empowers women to achieve success and make waves in the cryptocurrency industry through a multitude of ways. As mass adoption of the cryptocurrency industry proceeds, WEMP is a powerful force to ensure equality is at the forefront of this adoption. Through educational, charitable, career, social and financial mediums, WEMP is a driving force of innovation that one would be wise to keep an eye on.