Fundraising is being changed through the technology of the blockchain. The use of smart contracts ensures the safety and security of the fundraising process, while an automated, transparent and decentralized process has made it easier than ever before to make a successful fundraising event fun for the participants and contributors.
5050Labs is now offering a program on the blockchain that is poised to make it easier than ever before for interested charitable companies to hold fundraising campaigns on the blockchain. Their use of several specific blockchain technologies makes the service a unique way for non-profits to hold fun and exciting fundraising campaigns with all the anonymity and transparency of cryptocurrency technologies.
The popularity of such a service should be obvious; the nature of smart contracts lends itself to anonymous crowdfunding campaigns. The very same technologies which make Initial Coin Offering crowdfunding campaigns possible are now being used by eXeBlock 5050Labs to facilitate massive fundraising efforts for hundreds of types of charitable associations.
This review will outline some of the key features that make this service special, as well as the pros and cons of its use of blockchain technologies.
ExeBlock Main Features
Four main features are listed as selling points on the landing page for the 5050Labs fundraising program.
First, the company outlines that the blockchain technologies add to the fundraising process an additional layer of “transparent and verified campaigns.” This is important to note on the blockchain especially; complete transparency and constant transaction verifications have always been a hallmark of the technology, and both of these components could turn to be essential for modern fundraising efforts.
Similarly, a self-auditing system and an automated execution system are functions of the blockchain that 5050Labs seeks to incorporate into this project.
In a more functional, logistical sense, business owners should be aware that 5050Labs allows for multiple draws to be run at the same time. This would be especially helpful for charitable organizations that may seek to raise money for several different projects, or from differing audiences.
The basic premise of this blockchain technology is that it allows companies to sell millions of tickets for raffles—a fun, traditional method of fundraising with a cryptocurrency spin.
Finally, the founders of the site highlight the “infinite scalability” of the project as one main factor in its worthwhileness as a business venture and a forum for investment.
eXeBlock 5050Labs Conclusion
There has always been a public interest in raffle-based fundraising efforts. And in the age of cryptocurrency and ever-growing blockchain integration, the possibilities are endless. 5050Labs’ eXeBlock system seeks to maximize the efficiency of fundraising on the blockchain through the integration of key technologies, such as smart contracts and transaction verification, to change the world of fundraising.