Melbourne’s Horizon State, a start-up aiming to use blockchain to transform the voting process by bringing it securely online, has launched Australia’s second ever virtual currency IPO.

The company will conduct an initial coin offering (ICO) to exchange HST Decision Tokens for popular virtual currency Ethereum.

Proceeds from the token sale will be used to pursue a global expansion and further develop the company’s secure digital ballot technology.

Horizon State is using blockchain for this technology. Co-founder Jamie Skella said that by using a distributed ledger, a digital ballot box can be created that can’t be hacked and will maintain the anonymity of each voter.

The end result is an online voting solution that is “drastically cheaper” than conventional alternatives, Skella said, estimating a cost per eligible voter of less than $1 compared to $7 or more.

“We are excited to share this vision with the world. Currently, we are engaged with global NGOs, multinational enterprises, national governments and city councils — all of which are extremely positive and encouraging discussions,” he said.

Skella said proceeds from the sale will be used to help develop a suite of voting apps, bots and a crowdfunding platform for the technology.