Through the use of Blockchain technology and its transparent and immutable ledger, there is a drive for religious spending to be visible and known to parishioners. The Lotos Network hopes to rethink religion with two concepts offered by Blockchain technology.
The hope is that by digitizing currency on a transparent ledger, the misappropriation of funds within religious sectors will end.
There already has been some dabbling from other religions into the power of digital currencies as Bitcoin is in the works, a digital currency for Jews.
The purity of a Lotos
Anton Doos, the man behind the Lotos Network, is hoping that the purity of religion can be divorced from the corruption of money using modern technology.
There are two concepts in the Lotos Network that Doos believes will help with this.
First, it can act as a kind of religious social network for Buddhism where practitioners can spread and share their teachings. Based on the Blockchain, the teachings will be easily accessible across the globe for all who are interested.
Secondly, the Lotos Network will come with its own Buddhist digital currency called the Karma Token. This token will act in a similar way as the decentralized Bitcoin. But Doos says that the token will be based on Buddhist Economics.
Economics of the Buddha
In terms of having a currency that is transparent and unhackable on an immutable ledger, the idea is that students of Buddhism will be able to pay teachers and schools of the religion, but once they have made payment, they will also be able to track where their funds are used.
This in itself will allow for temples and schools to boost their own reputation as the books are essentially open for all and practitioners of Buddhism can scrutinize how funds are being used.
“By accumulating and using Karma Tokens, you are in compliance with the Noble Path,” says Doos. “The use of these tokens is intended to reduce consumption and create producers through meditation with no negative change in satisfaction.”