Mainprise’s BAIL Tokens is a soon to launch blockchain platform which will revolutionize the way bail payments are made, by introducing peer-to-peer transactions. It is being created with an aim to disrupt the conventional bail payments that involve middlemen like bail bonding agencies and insurance agencies who charge unfair commissions and fees. The platform is gearing to hold its initial coin offering during the 3rd quarter of 2018.
BAIL tokens are limited to 250,000,000 and no further tokens can be created due to the strict rules of smart contracts. Mainprise will apply to be listed on a number of major exchanges and will be tradable on decentralized exchanges a few days after the token sale ends.
BAIL tokens will power the platform and serves as the as a primary mode of payments on the platform. The platform will offer seamless integration with jail or detention center systems as well as bail payment kiosks where the BAIL token can be used for transactions. Jails and detention centers will receive payment in fiat currencies. Unlike the conventional bail bonding agencies which charge a 10% or more bail premium fee depending on state regulations., Mainprise will collect a fee of 0% to 3% depending on a risk scoring provided by an AI-based risk-scoring tool. The platform is contributing towards the rapidly growing peer-to-peer sharing economy by bringing the power of decentralization into bail payments.
BAIL token holders will be able to manually or automatically configure the platform to make payments based on their preferences. Regardless of the trial outcome, all payments are returned by the courts after court appearances and refunded back to the token holder along with a portion of the fees paid. Mainprise will monitor the court calendars and initiate notifications of court dates and changes. Introducing blockchain technology in the bail payments industry will bring more cost-effectiveness, transparency, and trust.
There are an estimated 450,000 people currently in jail awaiting trial because of their inability to pay bail, mostly for low-level offenses. They have been accused and not yet convicted. They remain in jail until their case resolves through a plea, until trial is over, or until bail is paid. Which could take days, months or years. The bulk of the $14 billion in bonds issued each year are underwritten by 10. Political contributions, back-end deals and lobbying ensure the laws remain. A wide range of elected officials, criminal justice advocates, law enforcement organizations, and cultural luminaries agree that the current bail system is broken and are attempting to reform bail by eliminating commercial bail activities.
“We support the efforts of bail reformers. Most are taking a top-down approach and starting with legislators and regulators. They are attempting to change laws, reduce or eliminate bail and release people unable to afford bail.”, says Tharwat Abdul-Malik, Co-Founder of Mainprise, “to win the war on bail reform, you have to attack on two-fronts. Our bottoms-up approach of starting with individuals making small low-risk contributions to bail payments will disrupt both bail bonding agencies and the insurers backing them. Cutting out the middleman lessens their ability to lobby and make political contributions. Making it easier for bail reformers to change laws. ”, he added.
Blockchain and peer-to-peer payments levels the playing field. The founders of Mainprise are doing their best to utilize the latest blockchain technology to bring evenness and transparency into this industry. They want to keep the decision making on who should have bail and the amounts in the hands of judges while making it easy for people to help people make bail payments. And most importantly zero additional cost to taxpayers.
More information about the platform can be found at mainprise.io.
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