The use cases of blockchain technology are taking various facets in today’s growing world of the digital economy. Now more than ever, we are beginning to see a boosted touch of blockchain technology in the financial world, digital artists are securing ownership of their creativity through blockchain technology, and cloud-based solutions amongst others are beginning to take the center stage.
Redefining the Potential Blockchain Use Case
Civicpower, a platform fueled by The Garage, a French-based blockchain incubator, is, however, redefining the use-cases for blockchain technology by creating an avenue to secure our democratic systems. Through the creation of voting platforms devoid of any external private or public influence, Civicpower as the name implies seeks to return the most basic civic power to citizens across the board.
The Civicpower platform aims to be a one-stop-shop for all things voting. Many organizational decisions, or government-related decisions, or referendum can be carried out using the platform. The protocol seems to drive down a massive adoption rate, to become the number one blockchain-backed voting app.
The concept of voting systems is one of the most polarizing subject matter in governance today. Oftentimes, the methods employed by humans are often poised to tampering, making the outcome doubtful to parties involved. The emergence of the Civicpower ecosystem allays the fears adopted from the traditional systems by introducing trust guaranteed by blockchain technology.
The outcome of any voting exercise is stored on the blockchain, making them immutable. The encryptions inherent in the blockchain technology also protects users identity. Specific to the Civicpower ecosystem is the CivicID, a digital tag that guarantees the participation of enlisted voters while never revealing their identity. In all, the protocol maintains a secret ballot system with results that are not just open to all, but verifiable accordingly.
The process of voting follows key successions bordering on the receipt of a CivicID by voters, the mobilization of citizens that are to be involved in the voting, the voting exercise, and the publication of the results.
The Engine of the Civicpower Ecosystem
The Civicpower protocol and the ecosystem surrounding it are powered by the POWER token. To contribute to the token’s stability and broad acceptance, they are built as an ERC-20 token, atop the Ethereum Blockchain.
The POWER tokens can be used in Civicpower’s ecosystem to pay for all voting operations and other projected services that are already available or planned in the roadmap. Holding Power tokens also allows users to make donations to keep the platform free for the general public and associations in order to promote participative digital democracy.
In order to boost the utility of $POWER whose total supply is pegged at 50,000,000 tokens, the team has proposed a scheduled burn event, ultimately targeted to reduce the supply until only 25% or 12,500,000 POWER tokens are in circulation. The reduction is based on a buyback model, in which the company will repurchase more than 55 percent of its EUR revenues in POWER on the market and burn 32% of it (rest if for the team).
The POWER tokens can be purchased through an Initial Coin Offering (ICO) process and the token distribution model is billed to last till September 2021.
The Team Piloting an Ambitious Roadmap
The Civicpower ecosystem is being led by Christophe Camborde, an entrepreneur with multiple experiences in SaaS and Blockchain fields. While more executives are involved in the project, Jérémie Albert, a computer scientist is credited for being at the origin of the Precedence technology, the blockchain used by Civicpower.
Per the project’s roadmap, its burn operations are expected to commence in the first quarter of 2022. While the protocol seeks to use its first year to build a vast network of adopters, it hopes to migrate to its decentralized blockchain, a move that is planned for 2022 and will be the achievement of Civicpower’s full technological independence.