Russia’s Party of Growth Reveals Details of Its Network Cryptocurrency Community

News and Analysis

According to Boris Titov, the chairman of Russia’s Partiya Rosta (‘the Party of Growth’) and Russia’s business ombudsman, the network community titled People of Growth is set to unite entrepreneurs, self-employed individuals, young people and minor officials to raise funds for their business projects and make cryptocurrency investment.
Mr. Titov went on to say that such an ecosystem was first conceived after last year’s parliamentary campaign in Russia, which was the first election experience for the party that had previously been known as Pravoye Delo (which means ‘the Right Cause’). Back then, the party failed to get into the parliament, yet it has won 1.29 per cent of votes.

“The experience we got from our first election campaign proves that today we’ve got a very lightweight political system where all the parties start working only when election is at hand. Neither party now has any ideological platform or just ideas that unite people at other times than election,” Titov stated.

He also believes that it is political technologies, not politics, that play the key role today.

“Having held several meetings both in Moscow and in the regions, we realized that we have to build the party from the grassroots level, and gradually for the community that would not live for the moment but for all the time. We decided to go beyond just creating a political party,” Mr. Titov said.

The party seeks its potential supporters “on the principle of reason and profession.” This, according to the business ombudsman, includes top managers, white collars, heads of small and medium businesses, seasoned entrepreneurs, urban educated young persons who have their sources of income, self-employed people, and minor officials.

Blockchain and Cryptocurrencies

The new system employs blockchain technology as, according to Mr. Titov, this enables crowdfunding options and expands investor-seeking opportunities.

“You may run ICO’s, i.e. raising cryptocurrency funds, mostly in bitcoins, when data go along the network, and one gets an offer to invest in a project. It helps raising money fast and with no intermediaries involved,” he elaborated.

Each member of the network community, which has its own cryptocurrency, Upcoin (created on Waves Platform), will have a virtual wallet. One may earn money by visiting some party events as voluntary helpers, and spend the cryptocurrency on trainings, education, and so on. Apart from that, Mr. Titov added, blockchain technology makes it possible to vote fast, safely and remotely.

“It’s quite possible to establish a voting system that would determine the entire country’s will in but an hour. That’s what we’re testing now in our small organization, and we try to incorporate the provision of remote voting in our charter,” he said, adding that he told the chairwoman of Russia’s central electoral commission Ella Pamfilova about this voting technology.

The party has also launched a mobile app Nabat to protect small businesses. Using the app, an entrepreneur may contact a call center and inform of any oppressions, unscheduled inspections, and so on.

Boris Titov first mentioned the network community using cryptotechnologies this February.

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