If a request made by OsiaNetwork LLC gets approved by the U.S Federal Election Commission (FEC), people would be able to volunteer for political campaigns by sharing their computing power to mine cryptocurrencies.
The request was published in late September, and if approved, this would inevitably bring about a change in the political campaign fundraising landscape. However, it is currently at the public comment stage.
Reportedly, OsiaNetwork wants to develop a platform through which interested volunteers can share their device’s processing power to mine cryptocurrencies that can then be used for running political campaigns.
The request says, “OsiaNetwork would allow volunteers to support federal political committees by ‘pooling’ the processing power of their internet-enabled devices to mine cryptocurrencies. OsiaNetwork believes that enabling individual volunteers to ‘pool’ the processing power of their devices would allow individuals to support their preferred candidates, which they would not otherwise be able to do.”
How Will This Work?
To participate, volunteers need to choose a device that they want to use and logged in on OsiaNetwork’s website, through which their device’s computing power would be used to mine cryptocurrencies.
The company states, “Mining rewards will be allocated among OsiaNetwork’s clients proportionately to the number of hashes that each committee’s volunteers generate in order to solve the block that generates the mining reward.”
Further, the company will keep a clear record of each of its clients (political parties) and would monitor the number of hashes generated by the volunteers for that particular client on an ongoing basis. The company further clarified that volunteers will not have any ownership interest and they will be not be provided with any rewards.
Osia Network explained, “If a federal political committee would like to allow their individual supporters to volunteer the processing power of their internet-enabled devices, OsiaNetwork will provide the tools necessary to create a webpage on that committee’s website that provides the methodology to do so.”
In return, the company would take a share of rewards earned through mining and the percentage of their share will not change based on how much cryptocurrency is mined.
This, undoubtedly, is a great concept and can provide a big boost to the political campaigns. On the same lines, in May 2014, the US Federal Election Commission (FEC) allowed the political action committees (PACs) to accept bitcoins as a form of donation under election laws.