Recently, a new charity has found the only good use for cryptocurrencies i.e. to raise money for bail.
Bail Block, the software that uses your computer power to crypto mine. Further, it will exchange the coins for US dollars and donate it to the Bronx Freedom Fund. However, raising funds will be passed on to the Bail Project in 2018. Thus, the approach hoping to bail out people in 36 cities across the US.
According to the Bail Project,
“team identifies people in need,” so that “when someone pays bail and comes back for court, their bail payment that refunds. It basically functions like a deposit”.
Thus, the raised fund can be used by more than one person.
As above mentioned, download the app that dedicates your computer power to generates Monero cryptocurrency. Since it will use the bail out people who are not able to afford it. However, the project will be focusing on New York City jails in 2018.
The co-founder of the project, Grayson Earle said,
“Most people balk at the idea notion of creating monetary value out of thin air as with Bitcoin, mining Monero is basically the process of opting into verifying transactions over the network. It’s a way of incentivizing an increased level of participation in the blockchain or the shared ledger. Everyone that downloads Bail Block will be mining to a single address so all of the tiny contributions of thousands of users will amount to larger incremental payouts”.
Moreover, it wonders that cryptocurrencies are using for charitable help. Specifically, the blockchain is a bit of unfavorable for shady dealings. Sometimes, due to the instability nature of cryptocurrency does bother. However, there must be enough money when small amounts are raising by each person. Hence, Bail block will be able to raise enough money in future.