A Co-operative: A new way of raising and dealing with money

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Been an avid Bitcoin Cash supporter since it first announced and I'm a big holder of the coin. I believe that sending 5% of money to a private company to do whatever they want with it isn't necessarily a good way to handle building possibly the next decentralized global currency. A better way to deal with this situation would be to set up a co-operative.

Here's how it might work:

  • Members need to pay a monthly fee of $X or XBCH to join and stay apart of the co-op.

  • Members who are in the co-op vote for what happens to the funds on a one-vote per one person basis. This can be ensured in many ways such as through KYC.

  • A discord server/a means of communication should be set up just for members to discuss how to manage development.

Not only would this weed out the noise and trolls as only people willing to pay a variable fee would be able to vote, but it would also mean that how money is spent would be completely transparent and open to everyone to view it. There would be no leader, just the community controlling funds.

Furthermore, power over where the money goes won't be controlled by whoever has the most money, it'll be controlled by whoever the community think would do the best job.

It isn't a fully secure and decentralized mechanism for funding development as some entity will still need to deal with KYC but it is good enough in my opinion. Fees to join and stay in the co-op may even lead to the mining reward needed to fund development being reduced to a more insignificant percentage. If it works out and enough members join, there may not even need to be a mining tax.

Think of this also as a clever way to encourage more donations. I'm positive that a lot of people will want to join and vote for what gets worked on by the developers including me.

RChain is a cryptocurrency that is governed by a co-operative as an example and there are plenty more cryptocurrencies and actual companies.

Tell me what you think, I'll reply to any questions. We can start to discuss the technicalities if enough people reply and hopefully get this actually built. I believe that a co-op should at least be worth a try before going straight to the extreme of taking a 5% developer tax and splitting the network into two.

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