Russia has emerged as one of the major markets for cryptocurrencies and blockchain products. Political bodies are now utilizing the benefits of blockchain technology in the country. Partiya Rosta is one such Russian political party which has created its own cryptocurrency solution to support social causes.
True to its name Partiya Rosta, which stands for the “Party of Growth” has made use of Waves blockchain platform to create a cryptocurrency called Upcoin. The cryptocurrency is said to be the brainchild of the party’s chairman, Boris Titov. In order to turn his aspiration of creating an active blockchain-based community a reality, Titov collaborated with the founder of Waves Platform, Sasha Ivanov to build the new cryptotoken.
With a total of 10 million tokens, Upcoin is distributed among the active participants in community activities. To be eligible for receiving the tokens, people will have to first register themselves on the project’s portal — Ludirosta. These coins, encouraging community activities come with a range of social benefits like discounts for education programs and classes provided by partner institutions and community centers.
Upcoin is probably the first community-oriented initiative that rewards people for their participation and involvement in social activities. The platform was praised by Sasha Ivanov, who was quoted online saying,
“For those who have been working in this space for years, aiming to increase blockchain adoption, it’s a vindication of our efforts… It’s also great to see Waves, the ‘blockchain for the people’ platform we designed for mass adoption, being used for exactly the purpose it was created for.”
Even though Upcoin is still in its early days, it has already set an example for the global cryptocurrency community. At the same time, the platform’s success may encourage Partiya Rosta to further build on the platform, extending its application to impart transparency to the functioning of the party. It could also encourage other parties to follow suit, laying the foundation for clean politics.
Ref: Due | Image: NewsBTC