The older generation cannot be ignored, and the cryptocurrency world is embracing the fact that retirees, with their specific requirements, might make a significant chunk of the user base.

As the baby boomer generation is seen as involved in a increasing number of online transactions, a new cryptocurrency called GladAge has been launched exclusively with their needs in mind. (See also: Top 5 Strategies to Pay for Elder Care.)

How GladAge Operates?

GladAge (GAC) defines itself as the decentralized senior care ecosystem that is powered by the ethereum blockchain. It claims to offer older people the most suitable options for personalized care and fully vetted care homes. GladAge attempts to solve the issues of the present-day senior care system that is struggling with a lack of sufficient number of senior citizen homes and vetted caregiver and little incentives for improving the problem areas.

GladAge attempts to address these issues by putting all the necessary information on the blockchain, which allows handing over the control to the elderly. Using the GladAge blockchain platform, the user is able to select the necessary care per their choice, purchase a service or the necessary equipment and even review caregivers who can be hired through the platform. It allows the elderly to stay independently in either a leased or owned building of GladAge property.

The consumers and businesses can join the GladAge blockchain network as participants. It offers the benefits of a single platform access to carry on peer-to-peer transactions to opt for necessary services, goods or finances at low cost. The GAC cryptocurrency tokens will be used across the network for all the necessary transactions. One can put up available land or property for outright sale or lease for building and running homes for the elderly, or offer services specific to the user group like caregiving, transportation, meal services or companionship. The transparent and efficient mechanism of the underlying blockchain technology will ensure smooth and seamless execution and recording of all activities. (See also: 10 Costs of Retrofitting Your House for a Senior.)

Meet the GAC Token

All transactions occurring on the network will be carried on backed by the GAC token. The GAC token is built on ERC23 standard, a backward compatible format of existing ERC20 standard. (See also: What is ERC-20 and What Does it Mean for Ethereum?)

Its ongoing presale is open till May 30 and offers a 25% discount for the early adopters. Of the total 500 million tokens, 55% will be distributed to the public through common sale, 22% will be retained by the founding team and another 15% will be held by the operating foundation. The other 8% will serve as the bounty for various activities. 

The cryptocurrency and the smart contract-powered retirement planning platform is launched and operated by an Australian blockchain company of the same name.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.

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