ONLINE STORY: Our client, Exeblock was interviewed for an online story by Digital Journal.
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This means that early adopters of cryptocurrencies should gain an advantage in a fundraising landscape that is increasingly competing for new donors. Given that as the number of registered charities increases, so does the cost of fundraising. This results in the need for new engagement tools.
eXeBlock are developing a tool for non-profits to engage with cryptocurrency donors. With this, organizations, teams and charities can expand the reach of the traditional 50/50 draw to engage with a wider audience. To discover more, Digital Journal spoke with the company’s founder, Jonathan Bahai.
Digital Journal: How does the eXeBlock technology work?
Jonathan Bahai: With the technology, and via a few clicks, draws can be scheduled to run during the big game or at a signature event. Just send notifications to your followers and 50/50 Labs does the rest.
Users can easily download the app, buy tickets and monitor the progress of the draw. The winning ticket is chosen by a random number generator, and the proceeds are split between the winner and the sponsor by our smart contracts.
DJ: The technology is based on Daps. What are these?
Bahai: DApps are similar to the mobile apps you use everyday, except that the invisible back end runs on a decentralized public blockchain instead of a trusted 3rd party. Bitcoin is technically a DApp, but the blockchain community tends to use the term to refer to the new generation of mobile apps such as CryptoKitties. DApps have several advantages over traditional apps, including tighter security, total transparency to users, and the ability to store value.
DJ: What are the advantages of eXeBlock technology to non-profits?
Bahai: 50/50 Labs harnesses the security, simplicity and transparency of blockchain technology, bringing your fundraising campaigns to a whole new generation of donors.
DJ: Why should charities consider this ‘new technology’ approach?
Bahai: The charities around the world that are first to adopt technologies like 50/50Labs are most likely to be the ones who will remain relevant in the hearts and minds of current and upcoming generations who demand nothing less than total fairness and transparency and only a blockchain solution will deliver that.
DJ: Where are you with the development?
Bahai: eXeBlock is currently in the final stages of development of its first DApp, 50/50 Labs, which was launched on TestNet in January 2018. This DApp is based on the 50/50 draw concept, where an non-profit organization sells tickets for a few dollars each, and the proceeds are split between a single winner and the sponsor.
50/50s are popular at sporting events in North America, with some regularly raising hundreds of thousands of dollars per draw for charities.
DJ: How will non-profits set up the system?
Bahai: With eXeBlock’s new DApp, any group with a lottery license will be able to set up and run a global 50/50 draw with a few clicks. 50/50 Labs is a white label product for charities, sports teams and other non-governmental organizations to engage with a wider audience. 50/50 Labs offers easy auditability for charities, while participants benefit from the transparency of blockchain.