Tag: us presidential election

AmeriCoin – The Pathway to Monetary Freedom, Tokenization and the American Dream?

Is cryptocurrency the tool to achieve the “American Dream”? Adam Kokesh, the leading libertarian candidate of the 2020 US presidential race has revealed the plan to develop AmeriCoin cryptocurrency. The development of AmeriCoin will be led by Alastair Caithness, the Chief Blockchain Policy Advisor appointed by Kokesh.

Purpose of AmeriCoin

The announcement of AmeriCoin is part of Kokesh’s localization plan, which aims to mitigate the reliance of the Federal Reserve due to the instability of the fiat currency system. The recent global stock market crash following the disagreement on oil price between Russia and OPEC nations, interest rate cut by the Federal Reserve and macroeconomic uncertainty caused by Coronavirus have reignited the debate on whether Bitcoin is considered a “safe-haven” asset. Oleksandr Lutskevych, CEO & Founder of CEX.io believed that US and UK investors expect Bitcoin to serve as a hedge against currency depreciation, which indicates the American’s demand in seeking alternatives to fiat currencies. Kokesh identified the need of creating a decentralized monetary system and AmeriCoin will serve as the backbone to achieve his goals.

The New Vision to Monetary Freedom and Tokenization

Unlike cryptocurrencies such as Bitcoin, AmeriCoin will be backed by assets of the Federal Government including gold, timber, land, energy and mineral reserves. If Kokesh becomes the next US President, he intends to distribute an equal number of AmeriCoin to the entire population of the US. Such distribution attempts to eliminate unfair government policies on taxation, aiming to serve as the unit of universal basic income. As a result, citizen’s wealth is no longer controlled by the Federal Reserve which in turn brings them monetary freedom.

With the advent of AmeriCoin, Caithness is confident in restoring liberty, financial and monetary freedom for the Americans. “It’s an honor to work with Adam Kokesh as he seeks to transform American society. The burden of federal tax is one of the main reasons young people are having such a difficult time developing a sound financial start to life. I am confident that Adam’s initial idea to create an American cryptocurrency can be combined with the rapid advances in the architecture of asset-backed tokenization to develop AmeriCoin as a force for financial freedom. AmeriCoin has the potential to restore liberty to all people in the United States, and we are building a dream team of blockchain experts to join me in developing this important project,” she added.

Both Camps Care About Cryptocurrencies

Cryptocurrencies are gaining popularity between both Democratic and Republican parties. Former Democrat presidential candidate Andrew Yang is renowned for his friendly approach towards cryptocurrencies, which he asserted that blockchain should be incorporated to modernize the voting systems. Yang is also a supporter of cryptocurrencies when he highlighted the importance to regulate digital assets.

Blockchain-Based Voting Could Solve Trump and Biden Presidential Election Dispute

There were a record number of voters who have already cast their ballots in the 2020 US presidential election cycle by means of mail or in-person absentee. Following the most complex voting process came chaos and disputes, especially caused by the lengthy duration mail votes have taken. Every state has different rules for mail-in voting.

On Nov. 3, Trump took a lead in most swing states, however, a day later, Biden’s votes caught up in Wisconsin and Michigan, eventually flipping both of the states. Pennsylvania, Arizona, Nevada, and even Georgia could also have the possibility to turn blue. The main reason is that Trump encouraged his supporters to vote in person, claiming that the in-person vote was a “very secure vote” and “everything was perfect, very strict, right by the rules.” On the contrary, he believes mail-in voting “could never be secure like that.“

The current state of the election has further intensified his beliefs about mail-in ballots. He tweeted a series of tweets attacking the results and the mail-in voting system. His tweets were partly restricted by Twitter due to false claims. 

Secure and transparent blockchain system could help trace mail-in ballots

The current mail-in voting system lacks reliability and traceability. Both parties and their supporters lack trust in each other, and US President Donald Trump has doubts about the US Postal Service (USPS). Blockchain technology could act as a mechanism for trust, removing the trust we have to rely on either party.

Coincidentally, the USPS has already patented such a blockchain system. On Aug.13, the US Patent and Trademark Office presented the USPS’ official patent application, dubbed the “Secure Voting System,” which leverages blockchain technology to securitize the voting process and transmit the incoming ballots more efficiently and quickly.

With the blockchain system, there would be fewer disputes, as the patented blockchain voting system could come to fruition ahead of the 2024 US presidential election. The blockchain system could allow the 2024 US presidential voting process to be more efficient, transparent, and secure.

Blockchain voting system

Voters can even vote via the blockchain system directly, removing paper ballots completely. The voting system is one of the most typical blockchain applications, and some have even proposed to try to use the blockchain voting system. On May 5, the Ohio Democrats introduced the elections overhaul bill that proposed a blockchain voting system for Ohio registered US military voters stationed overseas. Public blockchain Cardano has been developing such a system, as its founder, Charles Hoskinson even believes Cardano’s new voting system will make ADA the most valuable cryptocurrency in the world.

But the blockchain voting system does not come without drawbacks. According to Russian state media organization TASS, on June 27, Russia’s e-voting blockchain platform was attacked. There could also other legal issues surrounding a blockchain voting system.

Blockchain Technology has the potential to repair the dispute and separation

The abundance of disputes and attacks stem from a lack of trust. The entropy of society is increasing with more and more doubts about the voting process. Blockchain brings consensus for all. Blockchain enables more trust, democracy, and fairness for both parties and their supporters, thus bring orders and more friendliness.

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