Peeps Democracy is building a model to democratize the collection of political donations. On July 6, MIT Technology Review wrote that We the Peeps ordinary citizens who deposit money must also vote on how that money is used. That’s how the donors decide
Political power of and for the people
Bill Warren is the founder of Peeps Democracy. He is convinced that the integration of blockchain, crowdfunding and incentives via cryptocurrency stimulates the public to participate. He calls it a revolution in how politics is organized and implemented.
Donors normally write huge checks, and then the campaign people can do whatever they want with this money. Warren expects Peeps Democracy to make smaller donations, but many more donations. This is because involved citizens are most likely to make more small donations because they get the feeling that they are influencing the political stories in their region.
If you’re interested in learning more about #wethepeeps and our mission to decentralize politics, check out this awesome piece in the @techreview written by @mike_orcutt: https://t.co/qHwjtUbAAL. #democracy #blockchain #politics #Ethereum
– WeThePeeps (@WeThePeeps_us) July 5, 2019
We the Peeps have built a blockchain that uses an ERC-20 token called “peeps”. The idea is to strike. In the case of peeps, someone starting a campaign must either stop ten peeps or fix them. As the influence and popularity of the campaign increases, the initiator is rewarded with tokens and their reputation above the network increases.
When a campaign raises money, those who have donated can vote for who should lead this specific movement. An external payment processor then pays the winning candidate to carry out the promotion.
Blockchain and politics
Many governments (have plans to) work with blockchain or other forms of distributed ledgers to increase the efficiency of their services. But just as many governments see the whole concept of decentralization as a threat to their authority over the system. Cuba recently announced that it would build a blockchain with its own cryptocurrency. The idea is to bypass American economic sanctions against Cuba in this way. Cuba is not the only one, Venezuela is already doing this with their cryptocurrency Petro.