A blockchain-based political party can be imagined as a DAO (decentralised autonomous organisation). More from Forbes: “DAOs need the following elements for being fully functional: A set of rules to which will operate, a funding like tokens that the organization can spend to reward certain activities to their members, and also to provide voting rights for establishing the operation rules. Also, and most important, is a well and secure structure that allows every investor to configure the organization.”
Lu Liu, et al: “DAO is defined as an organization built on smart contracts that can execute autonomously. Unlike the conventional centralized entities, it doesn’t include the central control or management. DAO achieves the decentralized organization by encoding a set of rules in smart contracts, where how DAO performs is predefined.” The authors suggest a 4-step process for launching a DAO:
- Developing and deploying smart contracts according to predefined rules.
- Handling the token issues (through ICO) at the initial financing stage.
- At the end of the financing phase, a DAO starts running.
- Proposals are made and members can vote on them.
E2Analyst writes about Decentralised Autonomous Parties: “Think of DAP as an internet-native party that’s collectively owned and managed by its members. Decisions are governed by proposals and voting to ensure everyone in the party has a voice. They have built-in treasuries that no one has the authority to access without the approval of the group. No party leader can authorize decisions based on their own whims. Everything will be out in the open and the rules around policies and governance will be baked into the DAP via its code. DAPs are an effective and safe way to work with like-minded folks and build a true democracy…DAP is fully virtualized through software. To be fully operational DAP needs a set of rules according to which it will operate. These rules are encoded as a smart contract (a computer program) that autonomously exists on the internet. At the same time, it will need people to perform tasks that it can’t do by itself. The backbone of a DAP is its smart contract. The contract defines the rules of the party and holds the group’s treasury.”
UVI can thus be thought of as a DAO, a decentralised autonomous organisation – a platform, not a party. (UVI may need to register as a political party to ensure there is a common symbol nationwide; India’s voting machines only have the candidate’s name and symbol.) Built on a blockchain, UVI can offer everything that Indian voters do not have today – decentralisation, transparency and trust. And only through this political revolution where power is taken away from the politicians and returned to the people will we lay the seeds for the economic revolution and the Nayi Disha towards freedom and mass prosperity.