In the United States, the Winklevoss twins and COINBASE CEO Brian Armstrong have backed a new political action committee (PAC) called HODLpac. HODLpac aims to support current and future members of the United States Congress who advocate for the adoption of cryptocurrencies and decentralized technology.
Unlike other PACs, the HODLpac will be governed in a decentralized manner like a DAO. When a contributor donates one dollar, they earn a HODLvote token which can be used to vote for candidates or causes. These points cost the square number of HODLvotes, which should reduce the advantage of wealthier members.
HOW IT WORKS
HODLpac is not a DAO (yet), but it is community governed. Donors decide which candidates HODLpac should support.
The first $5,000 a donor gives to HODLpac can be used to make donations directly from HODLpac to the campaigns of Congressional candidates that supports the cause. Every dollar past $5,000 from an individual contributor will be used for what are called "independent expenditures" (more on that in the FAQs below).
Every dollar donated to HODLpac converts to one HODLvote in the Community Ballots.
Donors can allocate their HODLvotes among deserving candidates as they wish; however, HODLvotes do not translate to one dollar for a candidate in a Community Ballot.
Instead, HODLvotes are spent quadratically to buy Donation Points, meaning each additional Donation Point (DP) for a candidate costs the square of that number (1 DP costs 1 HODLvote, 2 DPs cost 4 HODLvotes, 3 DPs cost 9 HODLvotes, 4 DPs cost 16 HODLvotes, and so on...).
Donation Point totals based on Community Ballots will be used to decide which Congressional candidates get money directly from HODLpac.
Each Community Ballot will last one week. A list of 10 candidates will be released one week before the start of the Community Ballot, at which point certain qualifying donors will be able to nominate additional candidates.
Election day 2020 is on November 3rd, which will mark the end of this election cycle. As of now, HODLpac plans on holding at least three Community Ballots: July 20-26, September 21-27, and October 12-18.
HODLpac donors will be able to use their HODLvotes during any of the Community Ballots, no matter when they donated to HODLpac. HODLvotes will be reset after the election cycle is over.
However, this voting system appears to be vulnerable to Sybil attacks.
Thank You.
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