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Sharebot: Transferring Money Using Crypto Tokens Across Social Media Outlets

Reading Time: 2 minutes by on February 19, 2016 Business, News, Tech
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Leading Danish exchange CCEDK and crypto community have collaborated to develop a Bitshares blockchain-based token distribution system for social media outlets. The platform is targeted at businesses and individuals planning to distribute cryptocurrency tokens as a part of their marketing stategies.

Built on the second-generation crypto platform Bitshares, enables anyone in the Bitshares network to use Sharebot to send tokens from a social media account quickly, with substantially low costs. Currently, Sharebot supports Twitter, Reddit and URL links to deliver funds.

Corporations and organizations could utilize the Sharebot technology to reward loyal customers and clients by providing a premium perk through the distribution of crypto tokens.  Since crypto tokens have real-world value that is dependent to the market and the company’s utility, customers can redeem or exchange these crypto tokens for products and services, or send them to friends and families, similar to the concept of gift cards. By doing so, the process allows corporations to increase customer engagement as they attract new customers.

“They are typically looking for a more authentic experience, for meaningful connection,’ said CCEDK CEO Ronny Boesing. “If you gain their trust they can be fiercely loyal to your brand, but they won’t give you something for nothing. Those questions of value and trust are something we are directly addressing with blockchain technology.”

Additionaly, Sharebot allows humanitarian organizations and charity groups including WFP, CARE, OXFAM, IFRC, AAH and many more, to raise funds and transfer money across the globe in a matter of seconds using Twitter or other popular social media outlets. Today, it is difficult to transfer money to countries with extensive capital and currency controls, such as China, Argentina and Venezuela. By using distributed ledger technology, organizations can send donations and charity funds to regions struggling to recover from natural disasters.

“It would take just three seconds for any of the world’s humanitarian organisations — WFP, CARE, OXFAM, IFRC, AAH, and so on — to transfer money across the globe using Twitter or other social media. Supporters could donate to needy parties after a mudslide or earthquake, with well over 90% of value reaching its intended destination, something unheard of in with our present infrastructure,” added Boesing.

Considering the significance and applications of a distributed ledger-based crypto token, businesses and organizations can use Sharebot to create a variety of business models and utilize the tools to create their own applications based on the fast, secure and innovative network of Bitshares.

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