The protests over George Floyd’s death in the US have escalated well beyond the country’s borders are people from the entire world are showing their support.
However, what started as a peaceful demonstration become something much worse, as looters have destroyed and robbed a multitude of stores throughout the country.
Amid all this turmoil, someone has created a somewhat cynical cryptocurrency called George Floyd token, perhaps aiming to monetize the ongoing unrest.
George Floyd Token
George Floyd was an African American who died in the hands of police officers. His death sparked massive protests throughout the entire US and even abroad.
Amid all of this, someone has decided to take his chances and monetize the unrest, creating a cryptocurrency called George Floyd Token (FLYD).
According to Etherscan, there are 242 addresses holding FLYD while its total supply sits at 612,000,000 FLYD. In addition, there’s a website that goes with the token, and according to it, the token is to be used as a means of funding protestors and “those who face injustice from police and governments alike.”
In essence, the FLYD is an ERC-20 token, and the founders will be distributing an amount through a series of airdrops.
The Main Issues
Even if those who created this token mean well, they clearly could have done a better job in presenting it, as some of their choices are downright questionable.
First off, the decision to use George Floyd’s name is arguably cynical. If those behind the project genuinely intend to help activist movements and create a decentralized platform to fund various protesters, then perhaps using the name of a deceased person isn’t the best idea. It looks like a blatant PR trick to get viral attention.
Going further, the entire website seems as if it’s created in an hour, and the project’s official “vision paper” is one page long. It provides little to no information on the token, and it’s filled with mistakes.
There are also some serious controversies within the paper itself. It reads that their goal is to “help protesters and activists accept more than one payment stream if they need assistance.” And yet, the very next sentence says that use cases “will be made available to everyone, including … small businesses looking to diversify their payment options.”