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US PAC Backed By Major Crypto Player Set To Use Tokens For Voting

Within the US voting system, one of the hot-button topics regarding elections comes from the separation of money and politics. At the epicenter of this, stands Political Action Committees, or PACs. These are organizations built to support candidates or various legalizations through the use of privately-funded money.

Moving Into Crypto With Aid Of Heavyweights

HODLpac is one such PAC, founded by one Tyler Whirty. Whirty comes from the venture capital firm, the Takoma Group, and is currently looking for new innovation in how American citizens donate to congressional candidates, mainly through crypto. By doing so, the hope stands that it will demonstrate the uses of blockchain technology, in this case, for campaign contributions, but will also make supporting crypto-friendly legislation easier. This can be done by merely donating to candidates who do the same.

This PAC stands supported by several heavyweights within the crypto industry. According to the filings from the Federal Election Commission, big names like Brian Armstrong, the Winklevoss Twins, Emilie Choi from Coinbase, Doland Wilson Jr. from DRW, Kristin Smith from the Blockchain Association, and Olaf Carlson-Wee from Polychain.

Square-Based Voting System For Donations

Through the voting mechanism proposed by HODLpac, Whirty had explained that each person would be capable of using a token, based on Ethereum, to receive a certain number of “HODLvotes” in terms of every donation they make. However, it should be noted that the PAC itself will be testing the method without the use of crypto. Instead, they will be using We the Peeps, a fundraising platform developed by Peeps Democracy.

Donations Platform To Be Launched On Ripple, Developed By South Korean Holding Firm

Once this “voting” process using tokens begins, doners themselves will be capable of receiving one HODLvote for every USD they donated. These HODLvotes, in turn, can then be used to support various candidates by the purchase of “Donation Points.” These Donation Points, in turn, cost a square number of HODLvotes. This means that in order to buy four donation points, the donor would require sixteen HODLvotes. These donation points, in turn, can be used to determine which candidate receives what amount of funds.

Attempts To Keep Money Out of The Equation

Whirty explains that this decentralized approach enables all votes to express a certain degree of preference for multiple candidates, instead of just the direction for their funds to a specific PAC. The Square-bases of the Donation Points system, in turn, allows for particular doners not to have as much a say in where the funding goes, should they just pour money in it. At the very least, it will be harder to do.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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