We believe in focusing on solutions for government corruption, we can create solutions for much more. We believe these solutions will allow for scientists and teachers to do their job better. It will allow children of all races, ages, and ethnicities, and backgrounds, to have a more equal chance at living the lives they want to live. This is the world we want to help create, and we hope you join us.
After intense research, we have finally come up with a solution, with more positive consequences than negative. We were worried our solution would be tricky to implement, but we were pleasantly surprised one day when we had come up with the solution, that seemed to have a ripple effect of almost entirely positive outcomes through the adoption of the technology, while the negative effects are minuscule, and do not overpower the fact that this system is highly likely to be a lot better in several aspects than what we have today.
Blockchain and It’s Guiding Path Towards Salvation
Cryptocurrencies are molding our everyday world more so than anything in the past decade! Being one of the greatest inventions to surface in popular culture today, blockchain technology can even help fight American corruption; having already helped multiple underdeveloped countries around the world already, blockchain technology has potential to adapt America’s current progressive tax system to create a more effective, and efficient, government and tax system.
According to Eduardo Carrol from Brookings EDU it currently takes up to 15 months for fraud and corruption investigations occuring within the tax system, while it is also very costly. With Novusinitium’s plan on an updated tax system using blockchain technology, these investigations can be reduced to take only seconds, for a fraction of the cost! all it would take is adopting a cryptocurrency, and giving light to the more effective tax system.
Although an online currency may appear alarming at first, it most certainly is not. “cryptocurrency is a digital currency that employs cryptography to ensure that transactions are secure—as a mode of payment for a project allows the identification of each user of the money, unlike with traditional modes of payment like notes and coins.” - Eduardo Carroll. Thanks for displaying the clear advantages crypto currencies can have over our current system being run by credit and a note system, that can easily be altered with, and counterfeited
By employing a particular crypto, and creating separate government accounts, we can divide the many factors of the current tax system into their sub sectors, (Such as Fire Departments, Local police, Libraries, infrastructure, up to federal sectors such as national defense) publicly labeling the wallet address of the different sectors, including information on how much is in each wallet, and where funding is planning on going. All transactions will be public, and will be forever stored in the blockchain’s history of transactions, allowing us to be able to track how each dollar is being spent, identify all the users of the funds, and ensures that only those authorized to spend money do so within the permitted time, on the permitted items. Doing this can eliminate corruption, and in turn can also provide a solution towards the argument on where government spending goes, helping resolve differences between political differences, helping benefit the people of America immensely.
Rather having citizens give money directly to the government, they can be assigned specific accounts registered under government mandate, and can still be required to pay the same amount of taxes. An interactive platform can show citizens how much funding each sector is getting, how much each sector requires, and where each dollar is going. This allows people to choose where their tax money goes, so if you believe education needs more funding, instead of 75% of your money being taken away to hypothetically purchase another 2 billion dollar aircraft we may not need, they can decide to support where they believe their tax money will be used best. This not only benefits us already in two ways, but according to recent studies done by Catherine Eckel, an economist at Texas A&M; Her and a team of colleagues conducted an experiment to to answer the question weather or not Americans would be willing to pay higher taxes if they had more control over where the money went? After conducting an experiment that gave volunteers $20, with the option to pocket it all or to donate some to the federal government, eighty percent chose to donate, giving an average of $1.68 each. When Eckel allowed them to target where the money went between two specific federally funded programs, people gave much more averaging $4.04 to disaster relief, and $5.52 to cancer research. People are willing to donate 3 times as much when they can target where their money goes, providing us with 3 very good reasons to begin implementing cryptocurrencies into our progressive tax system.
Many problems we will face with this alternate tax system can be addressed by altering societal drivers of the future, holding not only government sectors, but also societal factors accountable for the quality of the work they provide, and how much the people value that quality of work the sector is providing. Deloitte, and their thinking people crew, in their textbook “A Journey into future of government” puts this political philosophy in perspective very well; “ In 2020, the most successful governments focus on developing societal solutions from outside the government rather than trying to solve problems.” The funding ultimately determines the value society has placed on the particular sector, and in turn can create a positive feedback loop within the financial system. By choosing where your money goes, when a sector gets over-funded, citizens can decide through a voting platform where they would like the money to go most. Hypothetically if your local police station were to receive a lot of funding because the community thinks they are doing a good job, they can decide to dedicate some of the funds to pay the police more, or allow them to spend it where they need to help their sector flourish. Overall this will help people determine what they value, and what they want most from their government.
Corruption within America’s financial system has been a major problem for a while. According to a poll hosted in 2017 by Transparency International an average of 7 out of 10 people in the United States believe the government is failing to fight corruption. By implementing cryptos into our everyday life, we can make transitions pushing towards a more efficient and reliable system, because it is up to us as people. The impact a single person can have on a society can often be overlooked, while simply 74 percent of Americans said ordinary people can make a difference in the fight against corruption. One of the larger problems we face is how a community can safely and effectively come together to address the issues and potential solutions regarding our current tax system, but taking it one step at a time, we can effectively transition into a more effective society.
Although the transaction may seem discomforting, it is important to realize that the most growth occurs where the outcome isn’t necessarily entirely known. We know this from BIll Eckstrom’s speech; “Complexity is nothing more than changed order, but when your order is changed, outcomes are no longer predictable, and it’s unpredictability that makes you uncomfortable. And while most times your visceral response to discomfort is not just “No” but “Hell, no,” you can actually learn how empowering it is to consciously acknowledge discomfort, and then, when appropriate, choose complexity over order. And I know seeking discomfort sounds odd, and not many people do it, but you have to learn to embrace it because it’s the only environment where sustained or exponential growth can occur.” Although speaking in terms of one's life, we can look at the growth of human society in retrospective to that of one's life, where if you want change you’re going to have to take leaps and make changes. Sometimes you have to risk it for the biscuit, especially when the risk appears to put you in a better position you were in before, and certainly a better position than where America’s current economic infrastructure is headed now. “Years of political instability and poor governance has plunged some nations into devastating economic crisis. With the fast-paced nature of growth and advancements in other more developed parts of the world the prospects sometimes do seem bleak for these developing nations. However, the emergence of blockchain technology and cryptocurrency has brought renewed enthusiasm about the prospects of a revival in these countries” - Unknown. In developing nations, misappropriation of state, and federal funds by corrupt government officials is becoming one of the biggest problems world wide, but many nations have taken the risk with cryptocurrencies, saving many from disaster.
Having already provided so much, cryptocurrencies, and blockchain technology has given hope to many of those in poverty. According to Oliver Dale, founder of Blockonomi, in 2017 the people of Venezuela whose currency hyperinflated up to 1,600% in the past year due to massive amounts of production of their currency from their government, have made the transition utilizing crypto coins, using them as a more stable currency, giving the citizens the win against corruption within their own government. Now In Venezuela, houses, boats, motorcycles, candy, and almost everything is now purchased through bitcoin.
Ethereum has also helped allow funds to be transferred to 10,000 refugees in Jordan, giving citizens a chance to open new businesses, and improve their quality of life. The people of Zimbabwe have made the transition between currencies, abandoning their corrupt financial system as their political turmoil continues to deepen.
With such an amazing innovation within the technological world, we have seen many countries begin to flourish, the only question we continue to ask ourselves is When will America's follow the lead? Or, when will I be apart of the change? It’s an important question we must all be asking ourselves.
Our needs are forever changing, and as we are constantly being bombarded with new ideas, the world we live in continues to also forever change. Thanks to cryptocurrencies, one of the largest icons in popular culture today, our world can be changed for the better, and already has. With technology to help battle corruption, people all over the world are turning to blockchain technology, and cryptos to help improve their lives.. Will you let the power of the blockchain help you?
Sources and Citations
Dale, Oliver “How Cryptocurrencies Are Helping Developing Countries.” Blockonomi, 24 Dec. 2017, blockonomi.com/cryptocurrencies-developing-countries/. Accessed March 10, 2018
Aldaz-Carroll, Enrique, and Eduardo Aldaz-Carroll. “Can Cryptocurrencies and Blockchain Help Fight Corruption?” Brookings, Brookings, 2 Feb. 2018, www.brookings.edu/blog/future-development/2018/02/01/can-cryptocurrencies-and-blockchain-help-fight-corruption/.
“Corruption in the USA: The Difference a Year Makes.” Www.transparency.org, www.transparency.org/news/feature/corruption_in_the_usa_the_difference_a_year_makes. Accessed April 3, 2018. Authors not mentioned, public poll was hosted for data.
Catherine Eckel, an economist at Texas A&M University, Conducted an experiment described by; Stockman, Farah. “What If We Could Choose Where Our Taxes Go? - The Boston Globe.” BostonGlobe.com, 30 Apr. 2013, www.bostonglobe.com/opinion/columns/2013/04/29/what-could-choose-where-our-taxes/HgUvdhYEIP1UNI3hknoe0N/story.html.
“How Cryptocurrency Can Help Developing Countries – The Mission – Medium.” Medium, The Mission, 12 Feb. 2018, medium.com/the-mission/how-cryptocurrency-can-help-developing-countries-2a720192ba6a.
Eckstrom, Bill; “Why comfort will ruin your life” Jan 31, 2017, accessed April 22, 2018. https://www.youtube.com/watch?v=LBvHI1awWaI