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Using Blockchain Tech in Democratic Situations

 
Using Blockchain Tech in Democratic Situations
Breaking News / Blockchain
  • Both Bitcoin and Litecoin might have changed a few peoples opinions on money as a whole.
  • Sovereign is a new startup launched by a company called Democracy Earth which utilises the technology in blockchain.
  • The average cost of just one bank transaction can be more than five percent of the transfer amount. 

Bitcoin and other cryptocurrencies are typically seen as just trading assets. They offer some pretty big groundbreaking uses, and along with blockchain, the potential is massive. 

Both Bitcoin and Litecoin might have changed a few peoples opinions on money as a whole, but the impact of these two digital assets has been bigger in some unexpected areas. For starters, non-profit organisations which are trying to preserve and increase voter participation in democracies. Sovereign is a new startup launched by a company called Democracy Earth which utilises the technology in blockchain as to provide users with the flexibility in how they cast their votes. 

“The practice is described as a kind of “liquid democracy”, which allows voters to show off their own opinions on any specific issue and then place their vote to someone they think is better placed to decide on their behalf. 

On top of this, other participants can also pass their votes across the chain. Sovereign uses current blockchain platforms like Ethereum and results in a limited number of tokens it calls “votes”.

The cost of a bank to bank transfer for many people is mainly looked over with several factors in mind including exchange rates, limitations and the expensive transactions fees. The average cost of just one bank transaction can be more than five percent of the transfer amount. 

As previously reported by CryptoDaily:

“Ripple is taking advantage of this by using digital tokens to make the process quicker whilst also reducing costs. The company is based in San-Francisco and has come up with a $300 million fund that will pay businesses to use XRP for transferring money across international borders.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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