2 months ago- Georgia -
POWERSHARE: The World's First Mutually Beneficial Crowdfunding
According to POWERSHARE we live in a world full of inequality, where the power to change is limited to those who have fiscal resources - they’re not wrong. Our world is unequal, and it is a place more advantageous for those with means. POWERSHARE has been veritably screaming the POWER of SHAR(E)ing as the ‘world’s first mutually beneficial crowdfunding’. They have even coined (pardon the pun) a new word for the process: fundmining. Fundmining ‘where donation-based crowdfunding meets browser-based cryptocurrency mining’ or put more simply, unused CPU power on individuals computers is utilized (by simply keeping a tab open on your browser), this computational power is pooled together in order to mine digital assets, assets can then be donated to any chosen charitable cause or start-up.
Browser-based crypto-mining is not a new idea, it has been around since 2011. There have been many projects employing the technology and adding their own iterations. Browser-based crypto-mining has gone through peaks and lulls of popularity since 2011 and the tech gained some notoriety and became widely known as ‘cryptojacking’. A process in which the computer processing power of individuals visiting certain sites is used to mine digital assets without their knowledge or permission. There have been cases of malicious malware infecting smartphones and hacking was common earlier this year. Acknowledging these security risks and hurdles in their white paper, POWERSHARE aims to reestablish browser-based crypto-mining positively, for the public to see it’s potential and one can’t help but to admire their tenacity to improve the tech. POWERSHARE would like to model themselves more after the thehopepage.org, a project run by UNICEF Australia where currently, around 21,000 people are leveraging their computational power to help in the Rohingya crisis.
Currently, a prototype of the project can be visited here, with three categories to choose from: seed a business, change lives and save the planet. POWERSHARE is unique in that, individuals are able to contribute to a cause financially without having to spend any of their own money (barring electricity). By utilizing the unused computing power of your computer, you’re making your computer work for the money. I like to imagine it being the equivalent of making my laptop go out and pick up rubbish in Shavsakdari (a project currently on the POWERSHARE site) instead of me being an upright citizen and doing it myself. By donating my idle CPU power digital assets will be mined, those digital assets will be exchanged for fiat and pay service people to clean that dirty, dirty hill in the South of Georgia. So was it really not me out there cleaning? Up for debate, I guess.
To use the POWERSHARE demo (this is just a demo so I’m fairly sure it isn’t actively working but who knows because I’m a bit of a Luddite), you select the certain cause you would like to contribute to, your CPU will then begin to mine, in Monero specifically. Each campaign also has public wallets available for donations of Bitcoin, Ethereum and Litecoin, if you so choose.
Mining within the platform is done on the FIRE blockchain which produces FIRE tokens that are usable on the POWERSHARE platform. The platform is governed in a two-tier system: the first, the Senate, consisting of pool managers that have been voted into their position by citizens. To be eligible for the position one first must hold a certain amount of tokens, they are thus incentivized to act dutifully. Senators validate new blocks and protect the network from malicious attacks. The second tier is called the Forum, comprised of citizens who hold at least one FIRE token, these are the individuals who vote for the Senators. A third, fourth and fifth category of participants in the network are, respectively, Craftsmen, those without tokens but mine, Orators, those who initiate campaigns and, Tourists, basic contributors who don’t have accounts.
If a campaign reaches 100% funding, the funds are split between the backers (those donating their CPU time) and the Orators (those initiating the campaigns). This literally means that a campaign’s quoted hard cap is actually twice as much as is needed to reach 100% funding for a specific project. If 50% to 100% is raised, each quarter of the funds is distributed to backers, orators, the POWERSHARE foundation, the final quarter will be burnt. If under 50% is raised, half is burnt with the other half being distributed between campaigns of the citizens choosing.
POWERSHARE’s continued development in browser-based mining technology is increasingly promising. Browser-based mining allows anyone with idle CPU power to contribute to a cause, as such, the tech has huge potential to reshape our abilities to help the world around us. POWERSHARE progresses our concept of charity and realigns charitable causes with a greater number of stakeholders, ultimately creating a more equitable world.