For those that don’t use MoneyBrighter to manage their finances, they’ve likely had as much of a volatile this year as the crypto-market. 2020 has definitely been a volatile year but when it came to Decred, they’ve had significant news. In October 2020, Geek Insider published their press release about the launch of their cryptocurrency exchange DCRDEX. Today, Decred’s blockchain is currently being used in Brazil’s 2020 Municipal elections to timestamp and record political donations. This is a huge milestone for blockchain enthusiasts who understand the importance of immutable transactions, timestamps, and keeping a transparent ledger. Read crypto news and always be the first to find out the latest on blockchain and all DeFi industry.
Here are some major points for the implementation of Decred’s blockchain for tracking the campaign donations in Brazil’s municipal election.
- 11 mayoral candidates chose to track their campaign donations via the Voto Legal platform.
- Decred’s unique governance system includes a transparent off-chain proposal and voting system – politeia. Voto Legal has utilized dcrtime, the technology that makes Politeia viable, to track campaign donations.
- Voto Legal was previously using the Ethereum blockchain but switched to Decred for the 2020 election to utilize its effective governance model.
- Donations are made in BRL through the Voto Legal platform. The final hash is written on Decred’s public blockchain, which generates an immutable transaction. It records the name of the person donating and the amount donated along with the date and hour. This guarantees the authenticity of the transactions, promoting reliability in the electoral donation process.
- Two of the candidates using the platform to track their donations are running for Mayor in São Paulo, one of the biggest cities in Brazil – Bruno Covas and Guilherme Boulos.
- The 11 candidates started accepting donations on May 15 and will be receiving them until November 29. So far 24,139 donations have been tracked on the Decred blockchain, totaling $607,373 USD (3,261,597 BRL).
- The news comes following the continued debate in the US about the legitimacy of the current American electoral system.
- Blockchain has been looked to as a way to provide greater transparency, security and legitimacy to voting systems
- Several US states have tested mobile-application-based blockchain voting, including Denver and Oregon.
Jake Yocom-Piatt, Co-Founder and Project Lead at Decred.org said: “Decred was created to champion individual sovereignty. Our governance system is ruled by the collective intelligence of our community to enable truly decentralized decision-making, so it’s rewarding to see our technology utilized in an election, which has the same goal.”
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Co-hosts Matthew Harris and Meredith Loughran will have an opportunity to Geek Speak with Jake on December 10, 2020 at 9pm ET. Tune in at our YouTube channel where we’ll be livestreaming. No worries if you miss the livestream. Replays of our interviews and panels are available on The Geek Insider Podcast. Listen through your favorite app.