Algorand Foundation opened voting for its Period 8 governance measures from September 1 to September 15, 2023.
The foundation aims to auto-renew the xGov Grants Program and increase allocation for the NFT Rewards Program.
Total stake voted so far stands at 575.7 million Algo, with 7.8K governors participating.
The native token $ALGO has seen a sharp decline from $3 in 2021 to its current price of $0.094.
Governance Measures in Focus
The Algorand Foundation has entered the voting phase for Period 8, Session 1, focusing on initiatives including the xGov Grants Program and the NFT Rewards Program. The voting window is open from September 1, 2023, until September 15, 2023, and has already seen 575.7 million Algo staked and 7.8K governors participating.
The core of the voting session is aimed at auto-renewal mechanisms for the xGov grants and an increased allocation for the NFT rewards scheme. Preliminary results show strong approval from the Algorand community.
Although the Algorand Foundation is working to expand its ecosystem and add more functions, its native token, $ALGO, has plummeted from $3 in 2021 to just $0.094.
xGov Grants Program: Piloting for Sustainability
The xGov Grants Program is in its pilot phase, and 26 projects have submitted proposals for grants amounting to around 5 million Algo. The community aims to refine the xGov Minimum Viable Product (MVP) to better filter and select impactful projects. This voting session also includes a measure that seeks to “automatically top up the xGov grant allocations by tapping into the quarterly governance rewards available.”
If approved, the top-up mechanism will activate when the remaining grant funds drop below 1 million Algo, ensuring continuity. Currently, the measure has gained 76.68% approval, according to the foundation’s data.
NFT Rewards Program: Measuring Success and Proposing Expansion
The NFT Rewards Program initially allocated 500K Algo to boost Algorand’s NFT community. Since its launch in late July to early August 2023, the program has seen significant results. For instance, Rand Gallery experienced a 4X jump in transaction volume within the first week of the program. Another platform, Shuffl, saw a notable increase in listings and user engagement, while Algogems doubled its monthly volume to 33K by mid-August.
The current voting session proposes to extend the NFT rewards program and increase the allocation from 500K to 1 million Algo. However, this measure has so far received less favor, with only 42.23% approval, according to current data.
Future Outlook
These governance measures provide an outlook into how the Algorand Foundation is seeking to sustainably manage the grant allocation and strategically incentivize its growing NFT ecosystem. The decisions made during this voting session will play a critical role in shaping the Algorand community’s initiatives for the upcoming fourth quarter of 2023.
It seems that everyone — from corporate behemoths like Visa and Anheuser-Busch to socialite Paris Hilton and NBA legends Michael Jordan and Kevin Durant — has recognized the growing importance of nonfungible tokens (NFTs) for the 21st-century economy.
World-renowned artists, athletes and musicians have been cashing in on the craze, lending legitimacy to this new use of technology that allows for ownership of a wide array of digital assets. But the true test of this innovation will not be how it helps the wealthy perpetuate their positions of power, but rather how NFTs can promote human rights and other public goods.
The right to self-determination
Let us start with the most misunderstood international human right — the right of self-determination. It was the underlying principle behind United States President Woodrow Wilson’s Fourteen Points at the end of the First World War, featured in 1945’s Charter of the United Nations and incorporated into the United Nations’ International Bill of Human Rights.
And while self-determination provides all “peoples” with the right to “freely determine their political status and freely pursue their economic, social, and cultural development,” its exercise was reserved for national liberation movements to become fully independent states after long decolonization battles. No one else needed to apply. But now with nonfungible tokens, the right of self-determination may be more fully realized, outside the context of statehood.
Voting rights, including access to, and confidence in, the electoral process could be facilitated by nonfungible tokens, making them more accessible and strengthening the democratic process. It is not far-fetched to imagine a political world in which civil rights are replaced by membership rights embedded in smart contracts. An NFT holder could vote on proposals in the greater community of other NFT holders, and see the changes get enacted in real-time via smart contracts. Voting on the blockchain could solve a litany of current real-world problems, most notably fraud or access to the election polling stations.
Related:Blockchain will transform government services, and that’s just the beginning
NFTs for governments
There are innumerable ways in which NFTs can facilitate the pursuit of economic, political and social agendas. In such a system, states would no longer be the sole adjudicator of disputes, the arbiter of property rights or the enforcer of contracts. Smart contracts on the blockchain can do all that. We could develop a new system wherein individuals or political groups (whose membership is represented by NFTs) vote on mechanisms to distribute goods and services more effectively instead of being undertaken by beleaguered, inefficient or traditional bureaucracies. Goodbye politics as usual.
After all, we all do not have to vote in lockstep if we are registered Democrats, Republicans or Independents. We might support gun rights, but might also be open to choice concerning abortion and vaccines. An individual could easily show support for a variety of causes simply by having control of whichever underlying NFT coincides with group membership. With this change, we can have many more ways to define “self” outside of our nation or even traditional identity politics. We can opt-in to be part of other communities rather than attorn to the jurisdiction and predilections of our pre-assigned cultural, economic, faith-based, social or political groups.
Related:Decentralized parties: The future of on-chain governance
As such, self-determination does not have to revolve around statehood. This is quite an advance when one reflects on the litany of failed secessionist projects after the Second World War when renegade provinces attempted to further exercise the right of self-determination. The disastrous civil wars that attended the dissolution of the former Soviet Socialist Republic of Yugoslavia (1990s), Katanga (1962) and Biafra (1967) are cases in point.
In the latter example, the leaders of Biafra wanted that territory to be its own country, separate from Nigeria. Much of Africa had only recently decolonized so further secessionist movements were deemed threats to the continent’s political stability. Only a handful of African states recognized Biafran independence, a movement that was doomed to failure. An estimated half a million to two million people died of starvation in the civil war during that ill-fated exercise of self-determination: Never had the fight to defend human rights gone so wrong.
Related:Charitable sustainable NFTs for the United Nations’ 17 SDGs
Biafra did, however, produce its currency. But money supply is only one area of the state’s responsibility as sovereign. The public goods a state should supply may also include public health, citizen safety, utilities, a clean environment, potable drinking water and even basic foodstuffs.
As the tulip-mania of NFTs shows no sign of waning, let us find ways to leverage this craze to better develop the mechanisms by which we govern ourselves and distribute public goods. Michael Jordan, Tom Brady, Paris Hilton and multinational companies already have enough power and fame.
This article was co-authored byJames CooperandPeter Grazul.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
James Cooper is a professor of law at California Western School of Law in San Diego. He has advised governments in Asia, Latin America and North America for more than two and a half decades on legal reform and disruptive technologies.
Peter Grazul is a recent graduate of California Western School of Law and passed the February 2021 California State Bar Examination.
2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies like Bitcoin (BTC) and blockchain technology, is launching an initiative to potentially make Bitcoin one the country’s reserve assets.
On Oct. 8, the association announced plans to start a federal popular initiative aiming to collect 100,000 signatures for introduction of Bitcoin to the article 99 clause 3 of the Swiss federal constitution.
The initiative specifically proposes to add Bitcoin to the list of assets held by the Swiss central bank, which would make the constitution clause read the following: “The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold and Bitcoin.”
But whether the vote is successful or not is not really relevant, as the initiative is focused on gathering signatures to make this proposal be presented to the Swiss citizens to vote, 2B4CH’s founder and chair Yves Bennaim told Cointelegraph.
“If the signatures are gathered successfully, the vote will legally have to happen, and so will the conversations and debates, eventually informing and educating better everyone in Switzerland, and hopefully worldwide, as we set the example,” Bennaim said. “We hope the vote will be successful, but even if it isn’t, it will already be a success if the topic is brought to the public debate,” he noted.
If the vote is successful, the Swiss National Bank, or SNB, will need to learn how to add Bitcoin into its reserves, holding it the “best and safest way,” which would make Switzerland one of the world’s leading nations in the industry and benefit its economy on many levels, Bennaim stated, adding:
“Such an addition to the constitution would affect people in Switzerland in a similar way the Silicon Valley and the London Stock Exchange have benefited the people of their respective countries.”
According to Bennaim, 2B4CH is still at the preliminary stage of the project, now testing the potential interest in the initiative. The next steps include presenting the project to the confederation and collecting signatures officially. “When this phase is successfully finished, it will take months or even years before the vote is actually taking place,” Bennaim said.
Related:More countries to follow El Salvador’s Bitcoin move, Cardano creator says
Founded in Geneva in 2017, 2B4CH is an independent non-profit association studying social and financial transformations brought by Bitcoin and blockchain technology as well as the impact of decentralized cryptocurrencies. The think tank counts fewer than 20 members so far and doesn’t accept donations to protect its independence and privacy of members.
Switzerland has emerged as one of the most crypto-friendly countries around the world, with the canton of Zug piloting Bitcoin payments for public services back in 2016. Last month, the Swiss Financial Market Supervisory Authority approved the country’s first crypto fund after authorizing the SIX Swiss Exchange to launch a digital asset marketplace.
Polarity is a staple of our existence: North and south, good and evil, black and white, Jedi and Sith, Marvel and DC. Middle grounds and tertiary options often become consumed by the intense opposing forces at the edge. These gray areas often find their strength in alignment with a polar force rather than standing alone. These forces and the entities that represent them are hard-coded into the way we understand the world. As the sun rises, you know the Joker is trying to drive Batman insane as the Dark Knight seeks to lock him in a padded cell in Arkham. But on rare occasions something happens which is so extraordinary that the standard-issue rivalries become insignificant. One can harken back to somber real-world issues such as the alliance amongst the capitalist U.S.A. and U.K. and communist U.S.S.R. to fight back the Axis imperialist march. The sports world can also experience this with a superstar joining a rival to create a “superteam” that no one ever thought possible. The choice to leave a familiar platform could happen because of a threat or opportunity with immense potential to shake the foundation of our civilization. In our modern world, Bitcoin is growing at a pace too quickly to be ignored. It is actively revolutionizing the way we understand property, money, information exchange, and may even be strong enough to resist some very familiar opposing forces in America.
Left And Right
Politically speaking, there are two predominant sides in America: Democrats and Republicans. Democrats have claimed to be about the following:
“Since 1848, the Democratic National Committee has been the home of the Democratic Party, the oldest continuing party in the United States.
“Today, we are millions of supporters strong, leading with our values, fighting for progress, and helping elect Democrats in every state, city, and ZIP code — from local office to the Oval Office.
“Our party is strong because it’s built on advancing our Democratic platform and forging positive solutions that include everyone. As Democrats, we believe that every person in this nation should be treated with dignity and respect. We believe that healthcare is a right for all and that we should be rewarding the hard work of middle class families. We believe that our schools and streets should be free from gun violence and that a woman’s decisions about her own body are hers to make.
“As the DNC, we are working together to build a bright future for everyone. We are fighting for the soul of our country, for the heart of our democracy, and for America’s place as the land of opportunity for all.” – About the Democratic Party
Republicans say they believe in this:
“Republicans believe in liberty, economic prosperity, preserving American values and traditions, and restoring the American dream for every citizen of this great nation. As a party, we support policies that seek to achieve those goals.
“Our platform is centered on stimulating economic growth for all Americans, protecting constitutionally-guaranteed freedoms, ensuring the integrity of our elections, and maintaining our national security. We are working to preserve America’s greatness for our children and grandchildren.
“The Republican Party’s legacy — we were originally founded in 1854 for the purpose of ending slavery — compels us to patriotically defend America’s values. As the left attempts to destroy what makes America great, the Republican Party is standing in the breach to defend our nation and way of life.” – About Our Party | GOP
I am tempted to poke holes in both of their hypocrisy as well as offer my services as a copywriter, but that is not the goal here. My point is to call attention to the historic results of their tenure as joint custodians of this nation, and — due to the U.S. dollar international dominance — the world. The Democrats claim middle-class families should be rewarded for hard work; however due to monetary inflation the median-priced home in 2019 is valued at the average salary of the top 5% in America. Before leaving the gold standard in the early 1960s, the average salary of a college graduate could practically do the same at (salary – $9300, median home – $11,900). The Republicans’ claim to “stimulate economic growth for all Americans” has fared well for at least the richest. From 2010 to 2020 to 2021, the count of American billionaires has risen from 404 to 614 to 724, while education and healthcare costs have doubled in the same amount of time.
Source
These brief points are not to say that generating wealth is bad. Rather, these political parties promise abundance, freedom, and security, but they do not deliver such to the people whom they are marketing to on their websites.
There is a clear focus from both parties on improving the circumstances of the ultra-rich, and they have been increasingly successful over time. While not ideal from a marketing sense for either side, this venn diagram provides more accuracy than either platform’s summary:
Bitcoin As The Platform
Money printing (debt creation) holds all people prisoner to its effects because there is no outlet or relief. Bitcoin, as a perfect combination of hardness and weightlessness, enables its owner the scarcity of a piece of land with the speed of an email. Corrupt monetary policy cannot persist unchecked as it did in the past. Never before has an asset been made so perfectly to overhaul the economic plight that subjugates billions. Such an asset, given proper understanding, also has the potential to attract the interest of many voting blocs into not only an interest group, but perhaps an entirely new political party.
Bitcoin and cryptocurrency advocates made their presence known recently. The August 2021 $1.2 trillion infrastructure bill included language that required cryptocurrency “brokers” to report transactions to the Internal Revenue Service. Brokers could be loosely interpreted as entities that participate in the movement of crypto assets including wallets, software developers, transaction validators, and node operators. This poor language resulted in two bi-partisan amendments drafted in the Senate, the non-profit organizations “Fight for the Future” and “Electronic Frontier Foundation” organizing 40,000+ calls to senators and multiple celebrity figures, and Bitcoin Magazine providing intense advocacy energy toward protecting digital property rights onward. With estimates of bitcoin ownership ranging from 21 million to 46 million people in America, the future impact the network has on the political landscape will be much greater than some calls to senators.
Over the years, bitcoin has been proven to be more than “invisible money.” Its attributes carry philosophies, ideas, and morals. These attributes are resilient because of bitcoin’s decentralized nature. There is no “head of the snake” that can be chopped off and replaced. Generally, Bitcoin is built to advocate for private property, impartiality, industriousness, freedom of communication, and lawfulness. All of these ideas seem to be losing their power in the current political climate and structure. There are some groups of people that would like to see these ideas rejuvenated. WIthout support for the Bitcoin network, this would be no more than a pipedream and continual bait-and-switch by the current parties in power.
Urban Population
People of inner-city populations have been largely loyal to the Democratic Party since President Franklin D. Roosevelt’s 1933 New Deal. They were promised jobs and were happy when they received them. Fast-forward 85 years later, the inner cities are home to crime against itself, strife, and hopelessness. Almost 100 years later, politicians still speak about employment as the answer to today’s problems. A video game is broken when you are not able to displace your character from his position. A job that does not enable you to grow out of your place in the world is called “dead-end.” Bitcoin counters toxic inflation and can potentially cease it. This enables technology to be the force it is supposed to be, by decreasing the costs to produce everything, subsequently decreasing the cost to live. Inflation is causing the poorest of people to drown in expenses, not the rich. Without this secondary tax, even a person that does not generate much for themselves could increase their ability to meet their needs as prices for goods are driven further down. With some sacrifices and good decisions, one could actually chart a path out of their current economic class. This idea is increasingly more difficult today, with the exception of winning an entertainment or athletic lottery of skill and opportunity. There is not one reason that any person in the inner city should not want a bitcoin standard or vote for someone to usher that into existence. As long as banks and corporations can manipulate politicians, promises to the inner city will continue to be broken.
People with foreign ties absolutely benefit from a party that is established with bitcoin as its primary voting issue. Personal remittances, or money sent for goods, services, and gifts, can get taxed with extreme harshness. Western Union fees are detrimental to small sums, which hinders monetary communication for poorer and unbanked individuals. A party focused on bitcoin adoption would ensure the ability for all to benefit from the same technologies as the ultra-wealthy and corporations. Additionally, bitcoin removes the political risk of open remittances. Grandma in “the old country” receiving a few hundred dollars from you every month should have nothing to do with whether America invokes economic sanctions, or if a corporation decides to profit from your relationship. Bitcoin’s impartiality is most visible here. Bitcoin protects these rights. Politicians who protect these rights should be voted into office.
Evangelicals
Bible-believing Christians have become synonymous with the Republican Party since the early 1980s. The party has been historically willing to champion Christian issues such as definition of marriage, laws that support the preservation of unborn children, and protecting the public voicing of biblical views as freedom of speech under the First Amendment. As a loyal interest group, they have provided votes and many victories to the party. In return, there has been a slowly-diminishing importance of Christian values to the party, and they are are often left to fight in court for their rights against the local and state government, when instead those entities should be defending their rights to exist. Some may say bitcoin is Christian money. This statement is not true because it omits other stakeholders. Bitcoin is Christian money because it will not censor Christians. Bitcoin is likewise atheist money because it will not censor atheists, and the list continues. Centralized fiat money like the U.S. dollar is known to censor at the global level, but even more importantly the conduits of fiat cancensor religious freedoms in a centralized digital world.
Source: Twitter
The Lightning network censorship-resistant social media platforms (Zion, Bluesky) will be the answer for groups that do not have the backing from the controlling powers to communicate freely and fearlessly. Religious groups must be willing to navigate the waters of this new decentralized digital world like Europeans navigated the Atlantic for the same reasons. The Bitcoin network is the most reliable way to ensure your money is not frozen or confiscated by PayPal, Square, or a bank because of your beliefs that might clash with the mainstream tolerance levels. If a standing president was banned by a social media platform owned by someone that believes in Bitcoin’s anti-censorship ethos (Twitter, @jack), how much more would any platform shut down a simple church that was too vocal or too impactful about contested issues? Do not wait for that sad day to reassess devotion to a party which no longer cares for your interests. If the politicians you are voting for want to dismiss bitcoin, are they not also dismissing your 1st Amendment rights?
Environmentalists
Environmentalists have been bamboozled by the institutions guarding the financial status quo to protect the environment against the Bitcoin network’s energy requirements. The uproar against Bitcoin dematerialized in a matter of months since Elon Musk’s double-tongued statement in May. He never sold any of his bitcoin, but convinced millions to sell theirs. Bitcoin consumes approximately .1% of all energy produced annually. Meanwhile almost one-third of the total energy generated worldwide is wasted. Environmentalists would also spend their energy more efficiently not fighting against an industry that is comprised of about a 56% sustainable power mix, with that number also continually growing. In our current fiat system, the economy must continually grow in a finite world. Bitcoin will not only have a deflationary effect on prices but the environment as well, as the network seeks to fully leverage the 50K TWh wasted by fiat-driven industries and the increasingly-efficient solar solution through Swanson’s Law.
Additionally, because Bitcoin incentivizes individual sovereignism, people will be inclined to take hold of and preserve their own property. The best “green deal” is one that enables property ownership. Consolidating property to few hands only does the opposite. Just look at any neighborhood of primarily homeowners versus renters. It is easy to make a choice that benefits the whole when it benefits the individual.
Environmental-issue voters will continually be used to steal support for the Democrats until the people realize fiat is anti-conservation at its core and a Bitcoin-centric party is the best option to achieve goals for renewable consumption.
Anti-Wall Street And Anti-War
It is a commonly accepted worldview that the U.S. dollar, and fiat in general, maintains its power through the direct or indirect threat of violence. Fiat is manipulated and perpetuated through the finance sector as represented by Wall Street. These groups are never truly considered by either party. Occupy Wall Street 10 years ago resulted in little-to-no marked change. Pleading for corporations to leave politics, socialization of income, more jobs, forgiveness of student det, and foreclosure forgiveness are only forms of handouts that would be paid for through taxation. More taxes and more government does not fix the root problem. It will only result in more of peoples’ value through labor being confiscated. Bitcoiners firmly believe that if you fix the money you fix the problems. A system based on debt will naturally create debt for all participants. Bitcoin’s hard and scarce characteristics must be the first layer of our money system. All other so-called “solutions” in the current system are made in vain.
Similarly, war as a fiat tool cannot be halted though complaints alone. War must be disincentivized. Bitcoin devalues archaic forms of value like oil and gold in the same way that gold devalued sea shells, tools, and other forms of ancient mediums of exchange. Part of bitcoin’s value proposition is its anti-confiscation characteristic. That is not a good incentive for besieging a domain. The thought of going through individual interrogations one by one to force a complicated key out of someone’s mind does not make for good war spoils.
Bitcoin is the pathway to a free market. Many in this age associate that term with our structure today which can only be categorized as “crony capitalism.” Only a few benefit from the existence of central banks. It is cronyism that drives people to socialism and communism. Bitcoin as a true beacon of price discovery and value preservation is a concept and political movement that can be rallied around, and has the baked-in incentives to succeed.
Beware Of Frauds Under The Bitcoin Banner
A major part of the bitcoinization of the world has been altcoins. From Ethereum to Shiba Inu, there are thousands which seek to ride the successes and adoption of Bitcoin. Copycats and clones are an inevitable byproduct of any new leading technology or brand. What is also inevitable are people that infiltrate an institution seeking their own gain. Just because a new “blue check” person should mention “#Bitcoin” on their Twitter profile does not mean they are truly for the advancement of the network. Opportunists are quite aware of how much the Bitcoin network has grown and how much it is paced to grow. Infiltrators will be many for the sake of short-term monetary gain, long-term derailment of the network, and even votes for an election. While bitcoin cannot be fooled, Bitcoiners can be. We must be as critical of politicians that offer promises regarding bitcoin as any common pleb. Investigate their platform. If they support heavy authoritarian Green Deal laws or ally with those that suppress property or individual rights, are they really in support of the growth of the network? While Universal Basic Income may usher us more quickly into hyperbitcoinization, do you really think that is the goal of someone who promotes it? If bitcoin is presented as a tool for an exclusive nationalist or violent agenda, do we support that person knowing bitcoin is domainless, as so many Bitcoiners work to enhance the rights of the marginalized worldwide? As much as Bitcoiners scrutinize one another, so should we cautiously adopt influential newcomers teaching and guiding them, not giving way to the destructive fiat concepts that may accompany them.
Conclusion
In closing, my goal was to provide examples for some voting interests that may have felt marginalized by the ruling parties. This is not to say that all people would not be welcome in a conceptual political party that focuses on bitcoin. If you think fiat policies are the genesis of many issues or that bitcoin solves the problems that you care about, then this idea should be a no-brainer. If your hope lies in a few to lord over the decisions and property of many, then bitcoin and a related political movement is not for you. Maybe one day there is enough power in the decentralized Bitcoin network to provide a significant counter-position to the mainstream media propaganda that continues to incite intra-conflict regarding symptoms rather than problems. We, the public, are encouraged to focus on our differences to alienate one another. Meanwhile the “central planners” on both sides of this great scam continually come together to ensure that the fiat ploy remains intact. As bitcoin frees our thoughts, so shall it enable our ability to act. With such freedom, we could change the bipartisan construct of this country and thus enable true choice and political accountability.
Orange Party, anyone?
This is a guest post by Ulric Pattillo. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The potential voting force of Bitcoiners should not be underestimated by those looking to the future.
Throw 100 cyber-hornets into a voting booth and they will sting each other to death with 100 viewpoints. Throw 100 cyber-hornets into a room with a Bitcoin-hater like Nassim Taleb (who personally attacks Lyn Alden???) and we will sting him to insanity. That’s the power we have if we become a singular force for advancing Bitcoin. Enough with the Red versus Blue. It’s time for the Orange Party.
“Fix the Money, Fix the World.” Well, our politicians want us focused on the minutiae of fixing the world while they degrade our money and steal our wealth.
FULL STOP. Let’s fix the money first, then we can get back to bickering about red versus blue policies. Just maybe, in the process of fixing the money we may find out that many of the policies we fought over have resolved themselves or have had their impacts reduced. Just maybe, our society can become more civil in the process. How do we get there?
“Bitcoin” needs to act like a honey badger, not just in the monetary and network arenas but also in the political field of battle. The reason an animal shows its force prior to conflict is to demonstrate the pain that might befall its aggressor if an attack is undertaken. If cooler heads don’t prevail, both can be wounded and, in some cases, mortally so. Therefore, most animal engagements start and end with these modes of communication – snarls and aggression displays.
What am I saying here? We don’t need Karens screeching into the phone demanding to speak with their senator. What we need is 10,000 Chads and Staceys calmly explaining to their senators the virtues of innovation, human freedoms, and financial inclusivity. Our snarl is to make them hear your reasoned arguments. Our aggressive display is to make them understand you will donate to those that back Bitcoin, irrespective of political affiliation.
That’s right, irrespective of political affiliation. This will imprint into their brains that we are political mercenaries that will flow money into the coffers of Bitcoin-friendly politicians. That’s the way to make this go bipartisan faster.
Look at the “infrastructure” bill’s waste and payouts to buy votes. This bill was written by lobbyists and paid for by our future.
We don’t have an army of lobbyers yet, but what we do have is an estimated 46 million Americans that own bitcoin.
Granted, most probably don’t have the passion or knowledge we have, but as Number Go Up Technology takes off they will be forced to care. We need politicians to understand now that when they threaten Bitcoin miners, developers, wallets, and nodes, then they threaten ALL OF US.
When a honey badger is threatened, it SHOWS its aggressor that it means business and backs it up, tearing the aggressor apart without remorse. It’s time we show our politicians what we are.
Call.
Email.
Letters.
Twitter.
Everything.
Constantly.
Andy Edstrom is showing the way.
This is a guest post by Bitcoin&Bald. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Amanda Cavaleri explains how the Bitcoin voter block is one of the largest single-issue powers in U.S. politics.
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Many Bitcoin enthusiasts tend to lean from a significantly libertarian perspective. Many take pride in routing around the government and relish in Bitcoin’s ability to just opt out completely.
Unfortunately for the Bitcoiners not interested in participating in politics, last week, a proposed version of a United States infrastructure bill introduced an existential crisis for Bitcoin and the more general cryptocurrency ecosystem. The bipartisan infrastructure bill, which is a hallmark part of the Biden administration’s first year in office, saw a few last-minute pages added which sought $38 billion in tax revenue by redefining “brokers” within the cryptocurrency ecosystem.
The wording of the proposal addition was very wide ranging and unclear, many legal experts interpreted that the language could have added onerous reporting requirements on any and all participants in the digital value ecosystem.
Amanda Cavaleri, a Bitcoiner and COO of Pearl Snap Capital in Wyoming, sat down with “Bitcoin Magazine Podcast” host Christian Keroles to discuss how Bitcoiners can work together to make sure that Washington respects Bitcoin and the financial innovation it brings to the United States. According to Cavaleri, the Bitcoin cohort is larger than AARP and could soon command more wealth than AARP does. The Bitcoin voting block has the potential to become the most powerful and influential single-issue voting block in the country and all we need to do is organize. Cavaleri believes that Bitcoin is the foundation of privacy and property in the digital future and that we must stand up today to defend it.
Cavaleri recently coauthored an excellent article in Bitcoin Magazine urging and educating Bitcoiners on how to effectively communicate and advocate with lawmakers the benefits of Bitcoin.
Justus Abonyo, former chair of Kenya’s Social Democratic Party, and current candidate for commissioner of the country’s Independent Electoral and Boundaries Commission (IEBC), has called for the adoption of blockchain voting.
According to a report by Kenyan news outlet The Star, Abonyo made this appeal known while appearing before the selection committee overseeing the appointment of IEBC commissioners at the Kenyatta International Convention Centre on Thursday.
Detailing his support for blockchain voting adoption, Abonyo said such a move would have significant cost savings benefits of up to 300%, stating:
“The cost of a ballot in Kenya ranges between US$ 7-US$ 25 (Sh700-Sh2,500). If we use blockchain technology, this cost will go down to US$0.5 (Sh50). This is an area I would explore as a commissioner.”
The IEBC commissioner aspirant also argued that adopting blockchain voting will also help to improve the transparency and security of Kenya’s elections. Abonyo’s call for adopting the novel tech also comes as the country prepares for another general election in 2022.
Kenya’s previous presidential polls back in 2017 were reportedly marred by accusations of IEBC’s electronic voting system being compromised. These claims were further given credence by the murder of the IEBC’s IT manager days before the polls.
Related:UN drugs and crime wing advises Kenya to use blockchain against corruption
The jury is still out on the effectiveness of blockchain voting with MIT cybersecurity experts stating back in November 2020 that voting systems based on the novel tech carried “severe risks” to democracy.
Indeed, some recent deployments of blockchain-based voting protocols have come under performance scrutiny. In July 2020, reports emerged that the system utilized in Russia’s constitutional amendment vote back in 2020 allowed constituents and even third-party entities to decipher the ballots cast.
Meanwhile, Abonyo is not the first to offer blockchain as a panacea for ensuring security and transparency in the country. As previously reported by Cointelegraph, David Robinson, the regional anti-corruption advisor at the United Nations Office on Drugs and Crime, stated back in November 2020 that Kenyan authorities could use blockchain as a tool to fight corruption.
Russia’s State Duma has approved a new draft bill in its first reading that would require election candidates to disclose their crypto holdings, expenditures and purchases.
The draft bill also asks election candidates to indicate a source of income for cryptocurrency purchases and requires crypto declarations not only from the actual candidates, but also their spouses and minor children for the past three years.
Introduced in March 2021, the draft bill includes a set of amendments to existing Russian law like those on presidential and State Duma deputy elections, guarantees of the electoral rights, as well as the country’s major cryptocurrency bill, “On Digital Financial Assets” officially enacted in January this year. The next step in the draft bill’s development will be the consideration of potential amendments in mid-June.
Elections for the State Duma are scheduled for September 2021, with the pro-Kremlin ruling party, United Russia, expecting to take over two-thirds of the Duma’s 450 seats.
The Duma is apparently concerned about the crypto activity of new deputies as the Russian opposition is widely known for accepting Bitcoin (BTC). Russia’s “Anti-Corruption Foundation” — founded by jailed Kremlin critic Alexei Navalny and now declared an extremist organization — had accepted Bitcoin donations since 2016.
The Russian government levied crypto reporting requirements on public officials earlier this year, even forcing some to sell their crypto.
The government of Telangana, a southern Indian state, is moving forward with its objective of making the voting process seamless and trustworthy with the help of blockchain technology.
Boosting remote voting
Telangana has set its eyes on enhancing remote voting amid the coronavirus pandemic. Furthermore, this approach will be helpful to senior citizens who may be unable to go out to vote.
The state’s IT department is hopeful that it will attain all the necessary clearance needed to deploy blockchain technology for an election. A top official noted:
“We are confident of getting the required approvals, permissions, and amendments at some point in time in the future.”
In collaboration with the Information Technology Electronics and Communications (ITEC) department, the Telangana State Election Commission had projected to test the blockchain-powered remote voting platform in the December 2020 GHMC elections but faced some challenges.
The official acknowledged:
“The elections took place in the backdrop of the pandemic. It was precarious for the elderly to go out and vote. Yet we could not use the technology because for this to happen, the Municipal Act needs to be amended.”
Counting on blockchain’s tamper-proof feature
Blockchain’s unique tamper-proof feature can simplify the voting process and remove reliance on trusted third parties through shared consensus, thus reducing costs in voting and disputes between both parties.
A blockchain-based voting system also guarantees transparency and fairness, hence reduces the huge costs involved in the voting process and voting disputes. As a result, it can help enhance democracy and rebuild trust.
In other news, India’s cryptocurrency ban recently resurfaced after a senior official confirmed ongoing talks about a bill criminalizing investments in the booming asset class. The bill will particularly penalize digital currency miners and traders and may look to implement a 2019 recommendation of a 10-year jail term.
