February 22, 2016
Bitcoin and blockchain have been making headlines around the world for a while now and today, we will be adding another one. This time, the highly debatable cryptocurrency and the trending distributed ledger technology got their hands into politics in Australia through the Flux Party, a new political entity that aims to introduce a token-based political system powered by blockchain technology.
According to Reuters, the new Australian political party is using the virtual currency Bitcoin as a model to replace what they say is an outdated political system—representative democracy—with a streamlined new polity for the information age.
What is Democracy 2.0?
Let’s start with the basics—by understanding what Democracy 2.0 is and how it is different from the existing one.
The power of Democracy 2.0, according to The Huffington Post, is in integrated human networks. New democracy takes a bottom-up approach, providing the power to affect the actual decision to people who can make knowledgeable decisions ...