American Equity proposal: Build a DAO blockchain (non-profit) with wealth redistribution and a ranked voting system built in. Peg the initial value of a token to the USD — i.e. a token is created when 1 USD is contributed to the DAO’s fund. Minimal transaction costs fund validation/mining. Create two classes of wallets: voting wallets and non-voting wallets. Voting wallet addresses are linked to a hash of social security number and a private key, to ensure one address per person. No other voting wallet addresses can be created. Non-voting wallets can be created as in any standard blockchain, and can be used by non-citizens to trade the tokens. Allow participants to contribute and fund their wallet on a voluntary basis. While the tokens can be traded on the market, the USD contributed to create the token are held to ensure liquidity of the entire system and a minimum backstop value for the token. Every year, redistribute 0.05% of the wealth from all accounts equally to all accounts. Allow for recognition/status based on of amounts contributed to the blockchain, so that participants can choose to share their contribution to the common good socially. — — If the idea is actually popular, then the blockchain should grow. No initial costs except goodwill and ICO-style purchasing. The received notion is that only people without money would want to contribute to a system that redistributes wealth, and yet many extremely wealthy individuals are deeply preoccupied with this problem and want to contribute. Their challenge s finding an economically sound way to do this. This is an opportunity to explore the dynamics of the system without using force (government legislation) or speculation. The utility of having a token backstopped by USD but that can still participate in Bitcoin-like growth as a medium of exchange may provide sufficient incentive to accept a very modest redistribution of wealth. Given the typical highly skewed distribution of wealth in the current system, a very small percentage of redistribution could result in huge benefits for less-funded accounts. The system will reflect human nature. If everyone wants to try to milk it for free money by contributing tiny amounts to lower the average, then account amounts will trend to zero. If civil society turns out to be generous, then the accounts will increase in value. If it grows, then it will also have a built-in voting system, which has incredible utility at scale. Once the concept is proven, adoption can accelerate. At a critical mass, it can be legislated and adopted by states as a legitimate form of mutual aid.
