Proposal status: The Ballot Standard Monetary Act presented on this site is a legislative proposal. The federal authority, lawful-money status, and issuance of Ballot Units described below would require enactment and implementation; they are not descriptions of an existing federal monetary program.
No. Under the proposed Act, Ballot Units would be sovereign lawful money issued by the proposed federal Public Credit Authority, not a blockchain token.
No. The proposed Act calls for parallel circulation. The dollar would remain fully valid and central.
The proposal aims to stabilize issuance, avoid reliance on bond markets, and treat personhood as the basis of monetary weight.
The Elastic Republic Ballot Market (ERBM) is the monetary protocol underlying funding purposes. UBI, public programs, and administration are uses of that protocol, rather than the protocol itself.
Under the proposal, a small periodic decay would be applied to idle balances. All demurrage proceeds would be distributed equally per capita as universal basic income (UBI). Demurrage would wholly fund that UBI, with none reserved for administration or other public spending.
Administration would be funded through an ERBM relation, like other funding purposes. The legislative draft does not retain any percentage of demurrage for administrative or operational expenses.
The proposed ledger would be public, but identity rules would follow strict verification and civil rights requirements.
The policy and legislative text were developed by Michael Parziale.