Flux, a new Australian political party, is using the digital currency bitcoin as a model to change Australian politics forever.

Reuters reported that the party believes that the current political system of the country is “outdated” and seeks to replace it with a new modernized polity for the information age.

“Flux is an incremental upgrade to democracy designed to redistribute political power, maximise participation, remove bad policy, and empower voters”, the website says.

The party has been founded by Max Kaye, a software developer and blockchain consultant, and Nathan Spataro, also with a background in IT and Bitcoin. They don’t just see bitcoin as an alternative financial system, but consider it as the missing link between representative democracy and Democracy 2.0.

"This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro told Reuters. "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world."

Reuters further noted that the party uses highly complex computer code for calculating and distributing voters' wishes to their elected officials, however, the basic idea is quite simple:

• Bitcoin-like tokens are allotted to Flux members and single-issue campaigners that agree to support the party at the election. They can use these tokens themselves, trade or give to experts or interest groups they trust to vote as their proxy.
• Outcomes are distributed proportionately, meaning if 80% vote in favor of a bill and 20% against, five Flux senators vote yea and one nay.

Last month, the Party filed its registration papers with the Australian Election Commission after meeting the requisite support of at least 550 registered voters. The website says that the party currently has 1,014 registered members.