A first-of-its-kind request has been made by OsiaNetwork LLC to the Federal Election Commission to see whether or not cryptocurrency mining is viable in funding political campaigns. If the US election agency considers the request, it will represent a new way to use the digital currencies in supporting political efforts in the US.
As far as the approval is concerned, the request is presently at the public comment stage. The experts believe that if it is approved, it will not only be a new method to spend cryptocurrencies and support political campaigns, it will further disrupt the common ways of raising funds for political campaigns.
If the agency approves the request to mine cryptocurrency, OsiaNetwork will permit the volunteers to provide support to the federal political committees and their preferred candidates. This will reportedly be accomplished by pooling the processing power of their internet-enabled devices to make the work possible. Earlier, the agency had already provided its approval in May 2014 for Bitcoin donations in terms of in-kind contributions to the campaigns.
The documents further suggest that the volunteers will designate which devices they want to utilize, as reported on CoinDesk. OsiaNetwork wants to provide a podium through which the intending volunteers will share their computing powers to mine the digital currencies.
As far as the mining reward is concerned, OsiaNetwork illuminates that the volunteers will not be given ownership interest or any rights to it (mining reward) at any point of time. The organization will maintain separate account for each of its clients to the number of hashes that each volunteer makes to solve the block in creating mining reward, Bitcoin Exchange Guide noted.
The request for mining cryptocurrency from OsiaNetwork, as cited in the Federal Election Commission official website further stated that it (OsiaNetwork) will give the necessary tools to make a webpage on the committee’s website, which will further provide the methodology to pool the processing power of the volunteers’ internet-enabled devices.
The post US Election Agency Plans To Use Cryptocurrency Mining For Political Campaigns appeared first on OWLT Market.
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