Launched in 2018, Hope Coin was a somewhat suspicious project that first aimed at selling coins for homeopathic supplements and later raised money for – hopefully – “charitable projects.”
“Everything that is done in this world is done by hope,” said Martin Luther. A startup from – maybe Serbia? – has now made it possible to buy hope in a cryptographic form.
This is the story of Hope Coin, a blockchain-based digital token that lets you “receive and share hope.” – Sounds like a joke? It’s not, or at least, it wasn’t meant as a joke.
Hope Coin is a token (ticker: HOPE) built on the Stellar blockchain. The total token supply is limited to 7.6 billion tokens, equal to the current global population. Thus, each token is supposed to represent an individual person; a “digital representation of our own hopes and dreams.”
Hope Coins for free, anybody?
Hope Coin launched in 2018. Everyone who signed up by the 6th of December 2018 received 1,000 Hope Coins for free.
10% of the total token circulation had been reserved for free distribution. The remaining tokens were supposed to go to charity projects (35%), marketing & community building (25%), and founder tokens (30%).
Before you think Hope Coins are useless, check out what you can do with it:
For a fee of 1 Hope Coin, you can send a wish to Hope Coin’s “Wall of Hope,” where you can publish a link, and a QR code or a wallet address to receive funds from supporters.
Well, at least in theory.
According to the website, the Wall of Hope is “currently under development” … just another controversial wall that has not yet been build, and also not yet been paid for.
Earn Hope Coins, get free spam to your inbox
Hope Coin has not launched an ICO or token sale but no worries: There are ways to earn the precious coins. You can receive your first hope coin by leaving your e-mail address on their website…what could be wrong with that?
You can also earn Hope Coins by tweeting, posting, or blogging about the project, placing a link to the Hope Coin website or uploading a youtube video.
And at a later stage, you may also be able to buy and sell Hope Coins on the Stellar Distributed Exchange (SDEX), according to the company. Well, “at a later stage,” not now, but at a later stage, maybe.
Most likely a scam, but decide by yourself
When the project had been launched, it initially started as a payment currency for online stores selling homeopathic supplements. But apparently, they have given up on that.
The project website and the twitter account are still online, with the latest Tweet being posted on February 10th. No homeopathic products anymore, instead, Hope Coin now tries to convince website visitors of their good cause. But it’s not clear at all what the “Hope Charity” actually does.
Also, an ICO had been planned for February 2018, with no end date. The whitepaper was a one-pager that lacked critical information. There was no evidence for the Hope Charity being a genuine, registered charity, and the developers were unknown. A Paypal link suggested they may be located in Serbia.
Smells fishy? Big time. But hopefully, we won’t see many of this kind of token offerings anymore in the future. The space has matured, investors have become aware, and regulators have woken up. There is not much hope left for Hope Coin.