According to Dan Backer, who founded BitPAC in 2014, the committee will issue a utility token called Politicoin to support the PAC and its candidates for public office.As Backer points out, Politicoin is designed as a utility token, not as a store of value. The purpose of the project, according to him, is to give the token holders some sort of voting rights.
Backer also emphasized that BitPAC has its own resources. However, they wanted to conduct an ICO to reward anyone who supports the PAC with a donation with a Politicoin.
First, BitPAC is only planning to support a single candidate, Dan Bishop, a North Carolina senator, running for a special election for the House of Representatives.
However, in the future, the committee plans to build a platform to support every registered candidate from Republican and Democratic parties.
Crypto-technology for politicians
According to the report, voters will be able to donate cash. For donations with cryptocurrencies, however, they must turn to Backer or another member of his team.
In this context, BitPAC 2018 had been discontinued due to ambiguity in reporting cryptographic donations. Backer states that he has decided to rebuild the PAC after realizing that crypto donations are still unclear.
In July, the Humanity Forward Fund, which supports presidential candidate Andrew Yang, started accepting Bitcoin donations through the Lightning network.