CellBlocks aims to create a cryptocurrency-based economy for inmates in the prison system – seriously. Find out how it works today in our review.
What is CellBlocks CLBK?
CellBlocks describes itself as “a digital solution to an outdated & sometimes corrupt monetary system within correctional institutions.”
Today, many prisons rely on an in-house currency system. Inmates might receive small remuneration for their labor, for example, or deposits from family members outside the prison. Inmate accounts and transactions are performed in fiat currencies like USD.
CellBlocks seeks to replace this outdated system with a blockchain-based solution. Specifically, the company is launching an ERC20 token that will allow cheap, transparent, secure, and easy transactions between inmates.
The overall goal of CellBlocks is to make financial transactions within the prison system more accurate, uniform, and secure. It aims to be “the only decentralized cryptocurrency to make its way into the United States prison system.”
In fact, the company claims they’ve already received mail from “inmates as well as prison officials from California to New York” who have “expressed strong interest in this system.”
The ICO for CellBlocks tokens begins in April 2018.
How Does CellBlocks CLBK Work?
Some of the core functions of CellBlocks include all of the following:
- It’s a token system designed to provide total trust for inmates
- For the first time, administrations can follow inmate-to-inmate transactions in their prisons – something they can’t do with cash or other physical transfer methods
- A percentage of every transaction completed by inmates goes back to the prison
The goal of CellBlocks, as mentioned above, is to create a more efficient, transparent, and secure currency for inmates.
The first step towards achieving that goal will be the installation of kiosk systems in prisons. These prisons will allow inmates to make their own cryptocurrency transfers. Transfers are designed to be fast and cheap, allowing inmates to use the token system without worrying about delays, unexpected fees, inaccuracies, or theft from other inmates.
The CellBlocks ledger will contain a detailed record of all transactions on the ecosystem.
What Problems Does CellBlocks Seek to Solve?
Do we really need a cryptocurrency designed specifically for prison populations? Here are some of the problems that CellBlocks seeks to solve:
The Current Inmate Financial System is Broken:
Today’s prisons charge exorbitant fees to deposit and transfer money to an inmate’s personal account. In many cases, the money deposited into an inmate’s account is almost completely wiped out by fees and other expenses. A relative might send $100 to an inmate, but the inmate can only use a small fraction of that amount.
No Protection or Recourse for Inmates:
When an item of value gets stolen in prison, the inmate has limited protection or recourse. This makes it difficult to keep cash or valuables on hand.
Lack of Transparency and Accountability:
Money systems used in prisons have limited accountability. The lack of transparency prevents prison officials from seeing how inmates use their money outside the commissary. There’s also a lack of transparency on the governing side, making it easy for prison officials to charge high fees or siphon money.
Inefficient and Time Consuming:
Overall, today’s prison-based monetary system is inefficient and time consuming, leading to wasted money and unhappy customers.
Features of CellBlocks CLBK
CellBlocks emphasizes all of the following features:
Fewer Fees and Lower Costs:
Inmates don’t have to pay exorbitant fees to transfer money in and out of their account. Transfers have negligent fees.
Inmate Wallet IDs:
Inmate wallet IDs are represented by a string of alphanumeric characters. That ID includes a symbol like, “SQSP” that could represent that the inmate is staying in San Quentin State Prison.
Give Control Back to Inmates:
The CellBlocks system puts control of funds back into the hands of inmates. Inmates are in charge of their own wallet and fund security. Loved ones can send money to an inmate without worrying about whether or not it will be stolen.
The CellBlocks CLBK ICO
The CellBlocks ICO is taking place in April 2018. The company is selling an ERC20, Ethereum-based token under the symbol CLBK.
The tokens will be set at a price of $0.10 USD per CLBK. The token sale will begin on April 1, 2018 and will end on June 10, 2018. CellBlocks is issuing a total supply of 250 million tokens. You can buy tokens using BTC, ETH, LTC, or wire transfers.
Who’s Behind CellBlocks?
A project called ConCoin launched in 2014. In 2017, CellBlocks acquired ConCoin. The ConCoin project reportedly “had a few inquiries for pilot programs”, but stalled without crowdfunding. CellBlocks saw potential in the project and purchased it.
CellBlocks was founded by Jonas Brown. Other listed members of the team include Maria Alfano (CFO), Naomi Rogers (COO and Co-Founder), and Vishal Singh (CTO).
Prior to founding CellBlocks in June 2017, Jonas Brown served as an Investment Fund Manager at Sacro Capital Group. His profile describes him as “a highly experienced fund manager with a focus on the crypto markets.”
The CellBlocks team appears to be based in Colorado, although the company is officially registered in Gibraltar.
CellBlocks CLBK ICO Conclusion
CellBlocks is a unique cryptocurrency project that seeks to install special crypto kiosks in prisons across the United States. The company claims they’ve seen big demand from inmates and prison officials across America. The ICO for CellBlocks is scheduled for April 2018, although CellBlocks isn’t planning to roll out any type of test or beta until the end of Q4 2018, when they’ll launch their currency in pilot prisons across the country.
The CellBlocks “system” consists of an ERC20 token that can be transferred between inmates as easily as any ERC20 token.
To learn more about CellBlocks and the upcoming token sale for CLBK tokens, visit online today at CellBlocks.io.