Cryptocurrencies has the world all abuzz and with its mind-boggling potential to completely replace fiat currencies in the distant future, it’s no wonder why big banks and financial institutions want it banned from circulation. Even governments like China and Russia sees it as a problem and wants to ban it as well. They’ve even gone a step further by saying that they plan to create their own government-backed cryptocurrency! About 6 or 7 years ago only tech-savvy people wanted to use it, but now ordinary people cannot deny the freedom that cryptocurrencies give them and are adamantly pursuing to own digital assets from blockchains for themselves.
More and more governments across the globe are also beginning to consider creating their own cryptocurrencies besides China and Russia. Lately, Venezuelan President, Nicolás Maduro announced that Venezuela will use cryptocurrency to sell oil and bypass the US dollar, because of the recent economic sanctions imposed on the country by the United States. But the biggest wave that hit the media recently is what the Brazilian government was planning – the monetization of their Popular Petition Electoral Initiative through the use of voting data and convert it into a blockchain.
What an amazing concept! But then again this is nothing new as even the most famous cryptocurrency which is Bitcoin works exactly the same way.
How Brazil Plans to Solve their Aging Legislative Problem
Whenever Brazilians want to change or add a new legislation and have their congress sign it into law, they’d do it via the Popular Petition voting system. The system worked very well when it was created and for a time it was good; however, the changing times and fast-paced landscape of communications and interactions sadly made it obsolete and is now becoming a problem instead of a solution. Brazil has over 200 million people and around 51% of that population can vote, so if even 1% of the voters (which is roughly 1.45 million people) voted for a certain petition, then the petition will get a congressional hearing and be debated upon.
Let’s just assume for a moment that there are at least 30 petitions go into the ballot box every year in Brazil and it gets at least 1.45 million votes per petition, then that would accumulate to around 43.5 million voting data would go into the blockchain annually! If the Brazilian government were to pass this legislation, then it would not only give them a thriving cryptocurrency but would also make the entire voting process efficient and quick. They’ll even be able to introduce more petitions than they did in the previous years.
How the New Blockchain-Backed Popular Petition will Work
This revolutionary idea by Ricardo Fernandes Paixão and Everton Fraga is not only being considered by top level officials in the Brazilian government, but is, in fact, highly supported too! For example, Paixão said that the Brazilian congress is now looking to develop a mobile app that people can use by registering an account first, and then sign or create their own petitions using Ethereum’s blockchain. Each signature will be cryptographically hashed and the entire entries of the day will be sent to the Ethereum network as a single transaction in order to make the system efficient. Otherwise they will bloat the network and create cost overruns that will not be good for everyone in the long run.
A Triumph of Democracy and Financial Freedom for All Brazilians!
Ricardo Fernandes Paixão and Everton Fraga were the duo that spearheaded the project, which interestingly enough is also undergoing petition! It is the petition to improve Brazil’s Popular Petition electoral initiative. How about that? Fraga and Paixão launched the petition way back in 2017; however, Brazil’s congress will have yet to green light it into legislation. But the plan to turn their Popular Petition into a beneficial cryptocurrency has already gained huge popularity and support from the Brazilian people. It will only be a matter of time before Congress will make it into law.