PolitiCash

It provides a system on Web3 for politicians to receive donations, and reveals how companies and supporters have specifically expressed their support for a politician's commitments.

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Inspiration

The inspiration behind PolitiCash stemmed from the need to increase political transparency and provide a system that facilitates the flow of funds for politicians' expenses. We wanted to create a platform on Web3 that would enable politicians to receive donations while revealing how companies and supporters specifically expressed their support for a politician's commitments.

What it does

PolitiCash is a groundbreaking system that leverages the power of Web3 technologies to enhance political transparency. It allows politicians to receive donations securely and transparently, while also clarifying the flow of funds for specific activities and policies. By incorporating privacy and zero-knowledge proofing technology, PolitiCash ensures the privacy of donations while providing verifiable proof of their legitimacy. Additionally, the system utilizes wallet and NFT functionalities to manage donation tokens effectively.

How I built it

PolitiCash was built by combining various technologies and tools. We integrated Elusiv's privacy and zero-knowledge proofing technology to protect the privacy of donations while maintaining transparency. SHYFT's wallet functionality and NFT creation capabilities were employed to manage donation tokens securely and provide a unique representation of commitments through NFTs. Smart contracts were utilized to automate processes and ensure transaction integrity. The system was developed using blockchain technology, and user-friendly interfaces were created for tracking and visualizing the flow of funds.

Challenges I ran into

During the development process, we encountered several challenges. Integrating different technologies and ensuring their seamless interoperability required careful planning and implementation. We also faced complexities in designing the privacy and zero-knowledge proofing mechanisms to strike the right balance between transparency and donor privacy. Additionally, adapting traditional financial systems to work seamlessly with Web3 technologies posed its own set of challenges.

Accomplishments that I'm proud of

Despite the challenges, we are proud to have built PolitiCash, a robust and transparent system for political finance management. We successfully implemented privacy and zero-knowledge proofing technology to protect donor privacy while ensuring transparency. The integration of wallet and NFT functionalities provided a secure and efficient way to manage donation tokens and commitments. Additionally, we developed an intuitive user interface that enables users to track and visualize the flow of funds easily.

What I learned

Building PolitiCash provided us with valuable insights into the potential of Web3 technologies in promoting transparency and accountability in the political sphere. We gained experience in working with privacy-enhancing technologies, integrating different blockchain components, and developing user-friendly interfaces. We also deepened our understanding of the challenges associated with adapting traditional financial systems to Web3 frameworks.

What's next for PolitiCash

Moving forward, we have several plans to further enhance PolitiCash. We aim to expand the platform's functionalities to include features such as automated expense allocation based on commitments and the ability to convert between cryptocurrencies and fiat currencies seamlessly. We also intend to conduct extensive user testing and gather feedback to refine the system and ensure its usability and effectiveness. Additionally, we will actively engage with policymakers and regulatory bodies to ensure compliance with political finance regulations while leveraging the benefits of Web3 technologies.

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Updates

posted an update —

This article is very informative. https://vault12.com/blog/crypto-political-donations/

I have to clarify the difference between our demo as I understand that crypt currency donations have already started in the US.

I think the appeal point would be to incorporate the following two features to make it easy for anyone to set up a DAO for politics.

  • Donation token system: develop special tokens for making donations to politicians; use SHYFT to create these tokens and allow them to be sent and received between wallets.

  • Policy support function: develop a function for politicians to articulate their support for their policies. This would allow for the creation of different tokens for different policies and allow supporters to directly support specific policies.

Key issues

  • Regulatory and legal issues: Donation laws and regulations vary from country to country and region to region. Depending on which region you serve, the requirements to ensure conformity can vary widely.

  • Balancing anonymity and transparency: While blockchain technology provides transparency, it is also important to protect the privacy of individuals; Elusiv's Zero Knowledge Proof technology can be used to solve this problem, but it is important to strike the right balance.

  • Token value determination: It is necessary to define how the value of donation tokens will be determined and how they will be exchanged. This may involve difficult issues such as market mechanisms and exchange rates.

Identification of politicians will also be an issue, but the following methods could be considered

  1. Official website or social networking links: This is a way for politicians to verify their identity by revealing their wallet address through their official website or social media accounts.

  2. Video call: This is a way to confirm the identity of the politician by communicating directly with him or her using video call tools such as Zoom or Teams.

Translated with www.DeepL.com/Translator (free version)

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