W3P: Web3 Political Donation Machine
Paymagic Labs
December 15th, 2022

In the fallout of FTX and growing usage of stablecoins+NFTs+DeFi, US politicians will start debating and voting on crypto and digital asset policy over the next year. SBF showed that donations matter in Washington and can meaningfully move crypto policy, for better or worse…

So what would an open web3 political donation machine look like that embraced the real-time payments, radical transparency, and audibility that Web3 technology uniquely offers?

  1. Give every member of Congress a wallet via a Gnosis Safe or newbie wallet.

  2. Issue a “Crypto Policy Supporter” NFT to each politician with an “A” grade in the Crypto Action Network or another source to reflect who really understands digital asset potential, encourages innovation, and votes favorably for it. A ChainLink oracle mints and burns these NFTs every month based on the offchain source.

  3. Donations of ETH, stablecoins, or any ERC-20 are collected in a Safe and streamed to the NFT holders via 0xSplits or Superfluid.

Market the service and get enough donations to really matter to these politicians and incentive them to get on the Crypto Policy Supporter list.

The same Web3 Political Donation Machine could be set up for other causes that folks care about. And organizations like HODLpac and The Giving Block could help solve the operational and accounting needs for accepting these donations.

Fundraising has been a killer app of crypto since 2017 so let’s use it to encourage sensible and pro-innovation Web3 policy via a Web3 Political Donation Machine.

Web3 Pitches (W3P) are short product write-ups that describe an emerging problem or opportunity in the Web3 space and proposes a minimal-viable solution that could be tested and iterated with users. The pitches are presented in screenshot essay form, which is meant to be short enough to be consumed on one page of a mobile screen. :-)

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