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Give Bytes crowdfunding platform to help people donate unused computing power

November 14, 2018

Give Bytes crowdfunding platform to help people donate unused computing power

Crypto mining crowdfunding platform Give Bytes, the first blockchain project to allow people to donate a part of their unused computing power to support fundraising campaigns, kicked off on Tuesday.

London-based Give Bytes describes itself as a secure, safe and easy-to-use platform, with no installation is required.

According to founder and CEO Jacob Piotrowski, the user should just visit the website, select the preferable campaign to donate to and click “start mining.”

“Essentially, the platform allows people to exchange the processing power of their computer for a monetary reward which individually is marginal, but collectively it can create real value and make a big difference to many fundraising campaigns out there,” said Piotrowski.

He also noted that the platform interface empowers users to control the level of computer utilization used for mining.

“For example, if you set it to a maximum of 60%, whenever you do some heavy computing operations and your computer spikes above the limit you set – the mining process will automatically pause. When you finish the resource intensive operation and your computer utilization drops below your limit (in this case 60%) – the mining process is automatically resumed,” he explained

Give Bytes announced it will target small, relatively little-known charities which can use the platform to generate funding for their impactful campaigns.

In terms of the technical specifications, the platform can operate with CryptoNight algorithm-based cryptocurrencies, like Monero, Aeon, Electroneum, Bytecoin. Notably, the platform is mining Monero (XMR) now.

Bizgees, a financial inclusion project which helps support and transform refugees into entrepreneurs, is among the charities and fundraisers that are already partnering with Give Bytes.

“Crypto mining-based crowd funding allows refugee supporters from across the world to make a difference to someone’s life, regardless of what part of the world they are from or their level of available income and this really levels the playing field for                              pro-supporters. For example, bytes mined from India would generate the same value as the bytes from Germany. We are looking forward to working with Give Bytes to help us in our quest to give refugees a much-needed opportunity to succeed as entrepreneurs,” said co-founder of Bizgees Zufi Deo.

77% of people living in the UK are eager to support charities today, according to a study commissioned by Give Bytes. However, the study also revealed that one out of three, despite their desire, are not able to donate regularly due to their financial situation. Furthermore, 15% of people surveyed said they would be willing to donate to charities in a way that doesn’t involve giving physical money. Based on those numbers, Give Bytes founders think that their crowdfunding formula can be a good solution for that segment.

“When asked about the concept of donating unused computing power, nearly half (49%) said although they weren’t aware of the concept they believe it is a good idea to use technology like this to support charities. With security and authenticity at the forefront of their minds, a further 15% said that as long as it is ethical and secure they would be happy to donate their unused computing power in this way, suggesting that mining cryptocurrency for charity could be a valid proposition for the future,” the report concludes.