When Prime Minister Malcolm Turnbull encouraged Australia's young innovators to go out and disrupt traditional industries, he may not have been expecting anyone to propose an alternative model to the entire party-political system.

But two Bitcoin consultants want to make a mark on the 2016 election with a promise of "democracy reimagined" through a market-based online "ecosystem" that allows voters and sectional interests to exert direct control over elected representatives.

Founders of the Flux Party, Max Kaye, left, and Nathan Spataro. Credit:Janie Barrett

The Flux Party, which has gathered more than the 500 members it needs to stand senate candidates in all states, has designed a rival system underpinned by "vote tokens" that can be traded between party members and other participants – which could include rival minor parties.

Party founder Max Kaye, a software developer who also works on Bitcoin, said: "When a Flux candidate is elected they become a gateway for voters to directly influence parliament. Unlike other representatives, Flux candidates are not autonomous, and their votes in parliament are determined wholly by Flux participants."