Cell Blocks (CLBK) ICO Review – ICO Token News
What is CellBlocks?
CellBlocks revolutionizes the traditional, corrupt, and distrusted monetary system that exists within correctional institutions with its decentralized blockchain-powered digital solution.
Today many prisons, penitentiaries, reformatories or correctional institutions depend upon an in-house currency system. Inmates receive a very small remuneration for their labor, as well as small deposits that their family members and relatives can send from outside the prison. Inmate accounts and transactions are carried out in fiat currencies such as USD, as they do not have any other option.
However, CellBlocks aims to change this outdated practice. To make it possible, the company has decided to roll out an ERC20 token, which will be facilitating secure, cheap, transparent, and hassle-free financial transactions among inmates, thus making it simpler for them to conduct all their financial transactions within the prison.
The primary goal of CellBlocks is to make the corrupt financial transaction system rampant in the U.S. prison system uniform, accurate, and secure. Its aim is to become “the standalone decentralized cryptocurrency to be used in the entire United States prison system.”
The company says, with the installation of kiosk systems in prisons, it is actually replying to the emails it has received from “inmates and prison officials from California to New York” who have vented or expressed their strong interest in this system.
Problems with the existing payment system in U.S. prisons
- Current inmate financial system is paralyzed: The existing financial system in the U.S. prison system is paralyzed. It does not work as designed. Payment systems that penitentiaries and other correctional facilities currently use charge exorbitant fees to both deposit and transfer money to an inmate’s personal account. The worst is that when the inmate receives the money, over half has been taken in fees and other expenses.
- Lack of transparency and accountability: Money systems used in correctional facilities and prisons are not as accountable as they should be. The lack of transparency does not include prison officials from seeing how inmates make use of their money outside the commissary (smokes, mackerel, etc.).
- No protection or recourse for inmates: When it comes to currency in prison, inmates face many problems and challenges. It can be easily stolen, as there is no protection. Moreover, the money in inmates’ accounts is easily accessible by anyone who has access to the system.
- Inefficient and time-consuming: The most common problems about existing financial networks in the U.S. prisons include a lack of efficiency. The inmates have to wait a long time when it comes to transferring funds into their accounts. The use of credit/debit cards takes several hours and days to complete their transactions. Following the steps to use Green Dot cards takes a lot of time. Moreover, not only does each transaction (bank deposits/transfers and withdrawals) necessitate a fee; there is also a fee every time the card is “reloaded.”
- It addresses every possible deficiency that the existing prison financial system in the U.S. experiences, by providing solid solutions that are transparent, cost-effective, accurate and safe. For several decades, prisoners have been using a barter system, which breeds violence and theft.
- It erodes the feasibility of theft, thus helping to reduce the violence that it encourages.
- It makes financial transaction in the prison system easy and hassle-free. Transactions that once used to be tedious and time-consuming will now become fully-automated by virtue of this kiosk-based system. Financial transactions will be possible within just a few minutes, thus eliminating the need for human interference.
- It makes the inmates’ care packages (for which they have to wait for their family to pay for) more efficient and streamlined.
- It gives inmates a crypto token, which makes all of their financial transactions in real-time. Now they need not wait for two or three weeks to receive their care package, instead, they can get just about next day order processing.
How does CellBlocks function?
Some of the key functionalities of this decentralized blockchain-based digital solution are as follows:
- The CellBlocks token system is designed specifically to provide total trust for inmates.
- For the first time, administrations will be able to follow inmate-to-inmate transactions in their prisons – something they were not able to do via cash or other physical transfer methods.
- A percentage of every transaction carried out by inmates is transferred to the prison.
CellBlocks aims to develop a transparent, efficient, and secure currency for inmates. To do so, it first wants to install kiosk systems in prisons, which will help inmates in making their own cryptocurrency transfers. Transfers are crafted to be low cost and work faster, thus enabling inmates to exploit the token system without being worried about unexpected fees, delays, inaccuracies, or theft from other inmates.
The CellBlocks ledger will contain a detailed account of all transactions conducted on the ecosystem.
What is the CellBlocks (CLBK) token?
The CellBlocks token falls under the classification of a utility token instead of a security. The token comes with two means of use:
- It will help the interested investors in participating in the CellBlocks platform.
- It works as a membership stake, allowing inmates to trade tokens with each other through a barter system.
As a utility token, the CLBK tokens can be used by the prison inmates to access services within the CellBlocks platform. The token is built on the market-standard smart contract, ERC20, decentralized, Ethereum token. Generated within the blockchain, it is bound by specific conditions.
Remember, the CLBK tokens are neither securities, nor stocks or anything equivalent. Instead, they are the property of their holders. They do not even bring about any ownership or disposal rights of CellBlocks or any of its assets. Plus, the CLBK tokens holders do not have any influence on the company’s activities or its decision-making. They are kept in escrow until distributed to token holders.
When the CLBK token is launched, one token will have the fixed value of 0.00001 BTC. In order to create value for the CLBK token holders, CellBlocks offers the prison inmates quick and efficient support for the adoption on a mass scale.
CLBK token distribution plan
- 75% will be distributed to the community.
- 9% will be kept in reserve for the founders.
- 5% for 12 months after the ICO.
- 5% for 6 months after the ICO.
- 7% for inmate bounty.
- 3% for ConCoin.
- 3% for affiliates.
- 3% for bounty.
If you purchase CLBK tokens by May 1, 2018, CellBlocks will ensure the existence of tokens for their ownership. The tokens can be distributed prior to May 25, 2018, but those tokens will be neither transferrable nor usable until May 25, 2018. All functionalities possible with tokens are going to be activated on May 25, 2018.
CLBK ICO specifications
|Start date||April 1, 2018, 10 am (UTC-7)|
|Duration of sale||61 days|
|End date||June 1, 2018, 10 am (UTC-7)|
|Price of CLBK token||0.0001 BTC|
|Option for early termination||Upon reaching 5MM|
|Adjustable distribution||Unsold and unallocated tokens will be destroyed|
|Further token issue||None|
|Method of purchase||Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC),|
|Token distribution||No later than June 25, 2018|
|Transaction burn rate||0.05% of every transaction|
CellBlocks CLBK ICO sale
The CellBlocks ICO sale is slated to take place on April 1, 2018 and end on June 10, 2018. During the sale, the company will be offering for sale an Ethereum-based ERC20 token. A total supply of 250 million CLBK tokens will be issued. You can purchase the tokens using the secured ways like BTC, ETH, LTC, or wire transfers.
However, in order to contribute through these secured payment ways, you first need to register an account on the company’s book-building platform, which will begin on March 15, 2018. All unallocated and unsold tokens will be destroyed, and there is no possibility of any additional release of the tokens.
A total of 0.5% obtained through every transaction in CLBK tokens will be “burned” forever for making the transaction possible. The process will be decentrally regulated by a smart contract. 0.5% will be calculated as per the current exchange rate. This will help in ensuring a constant demand for CLBK tokens. The cost of 1 CLBK token will be equivalent to USD0.10, and the token sale will last for 61 days, with the possibility of automatic early completion following the end goals of the CLBK ICO sale.
CLBK pre-ICO sale
Dissimilar to many other ICOs, such as FurtherNetwork, BunnyToken, Seal, Streamity, Upline, DenCity, BitRewards, COTI and many more, CellBlocks will be holding a CLBK pre-ICO sale. It will begin from April 1 2018 and end on April 25 2018. You will receive up to a 33% token bonus if you buy the tokens during this period.
For example; if you make a purchase of 100,000 CLBK tokens, you will be rewarded with a bonus of 30,000 CLBK tokens, so in total you will be getting 130,000 CLBK tokens.
|● ConCoin concept created.|
● ConCoin gets first interest letter from a state prison.
|2015||● ConCoin starts to get interest letters from inmates across the U.S.|
● Inquiry letters start coming in from prisons as well as phone calls.
|2016||● ConCoin gets first interest from the Lincoln Diagnostic and Evaluation Center.|
|2017||● ConCoin fails due to lack of funding to complete this project.|
● ConCoin sold to CellBlocks.
|2018||● CellBlocks Token Offering Q1.|
● CellBlocks continues receiving letters from inmates.
● Q3 first pilot program ready to implement.
● Kiosk ordered and delivered.
● Token listed on exchanges.
|2019||● CellBlocks continues pilot programs in multiple states.|
● Presentation to State Department of Corrections on findings.
● Roll out multiple kiosks throughout pilot prisons.
|2020||● Nationwide distribution sales of kiosk systems to prisons.|
The team behind CellBlocks
CellBlocks’ management team comprises of exceedingly experienced digital crypto lovers and professionals who have spent many years of their lives in creating digital solutions. The team is backed by high-ranking professionals within the Department of Corrections and it consists of members who helped in building CellBlocks an ideal financial kiosk for the prison inmates. Some of the key members of the CellBlocks team include:
- Jonas Brown, Founder: An experienced enriched fund manager with a focus on the crypto markets.
- Naomi Rogers, COO, Co-founder: An early supporter of the Ethereum project and a leading advocate for Bitcoin in the Denver area.
- Edward Scott Bales, CEO, Justice Solutions of America, Inc.
Thus, taking each aspect of CellBlocks into account, it can be said that this project is going to greatly improve the life of prisoners. However, its creators must not forget that they may have to vie with certain competitors (such as StealthGrid, Vinchain, Cashbet, NeumCoin, Thrive, BeEasy, Ice Rock Mining, SmartGenie) who are working on the same concept. They will then need to pay attention to fulfill what they promise.
If you believe that this is the project, with which you will earn monetary benefits after investment, then you should get ready to join its ICO sale, which is scheduled to start on April 1, 2018.
And if you have really liked this ICO project, and want to know more about other such ICOs, just click ICO Wiki, and learn more about other ICOs.
- Jonas Brown(Founder) - Jonas is a highly experienced fund manager with a focus on the crypto markets.
- Naomi Rogers(COO, Co-founder) - Naomi is an early backer of the ethereum project and a major advocate for Bitcoin in the Denver area.
- Robert Tucker(Prison Communications) - Robert is a 5 year veteran in the Florida State Prison System. Robert's misson is to help bring CellBlocks into the State Prisons.
- Sukhen Bar(CTO) - Sukhen is the CTO working on the infrastructure, database managment, security and design/coding of the CellBlocks network.
- Maria Alfano CPA(CFO) - Maria is a CPA and forensic accountant currently with Ernst and Young. Maria has years of experience in financial accounting and audits.
- Shauncey Pusch(Director of Communication) - Shauncey is in charge of communications for CellBlocks and manages all social media outlets along with press and media.
- Edward Scott Bales(CEO - Justice Solutions of America, Inc.) - Mr. Bales is one of the pioneers of the Federal & State Prison Consulting and Advocacy Industry.
- Peter Borenstein(Attorney and Founder Restorative Justice Fund) - Peter is a California based attorney who helps incarcerated people protect and manage their assets while in prison. He also helps them recover their property when it has been stolen from them as a result of their long-term incarceration.
- David Ramirez(Blockchain and Smart Contract Developer) - David is a solidity smart contract developer and computer science teaching assistant at Oregon State University. David has extensive experience in smart contract functionality.
- Kaushik Ghosh(Sr. Blockchain and Smart Contract Developer) - Kaushik is a blockchain consultant, Technical Implementation and smart contract developer with extensive experience using Solidity.
- 107.2017CellBlocks acquires ConCoin for 3% tokens in CellBlocks.
- 212.2017Letters from prisons, package mailing companies, and inmates start showing up in support.
- 301.2018CellBlocks prepares for ICO.
- 404.2018CellBlocks' ICO launches.
- 508.2018Inmate apps and interface will undergo further development.
- 611.2018Pilot program is put in place.
- 701.2019CellBlocks is officially launch
- 803.2019CellBlocks begins expansions to other prisons across the country