Quadratic Blockchain Voting system in Redenom project
The voting system as a way of expressing the will of a group of people
Voting has been known to mankind since ancient times as a way of expressing the will of people, where a common opinion is determined by counting the votes of individual members of the group.
In today's world, a lot of important issues are solved by voting. Voting has become a kind of symbol of democracy, where every individual can influence decisions related to managing a country or company policy.
There are many different methods of voting, the only purpose of which is to achieve the best indicator of honesty as a factor of maximum conformity of results, to the general interests of the participants in the vote.
There are such important evidence as:
- Right to own voice
- Equitable distribution and equality of opportunity
- Competitiveness of the subject of voting
- Openness of process with observance of individual immunity
There are different voting systems that appeared as a result of searching for the ideal model:
- Approval vote
- Voting by feet
- Vote of confidence
- The Schulze method
- Quadratic voting
Nevertheless, there is a lot of criticism about the methods of voting. So in most electoral systems there are vulnerabilities that theoretically allow falsifying the results of voting by a certain group of people to suit their interests.
Voting based on blockchain technology
Voting on the basis of blockchain technology has opened a new era in election technology. Thanks to crypto-voting it is possible to hold elections protected from falsifications, especially it became actual in DAO (Decentralized Autonomous Organization) projects where by voting it is defined where public capital will be invested. Often, at the same time, the weight of the voice is equal to the sum of investments in the DAO project. Thus, those who have invested more money have a more powerful voice in calculating the results. In contrast to ordinary voting, where the votes of all participants are equal. But even here there are unsatisfied parties. With this vote, top investors almost deprive everyone of the right to vote, as their votes can unilaterally change the balance of power.
Quadratic Blockchain voting in Redenom project
In addition to the task of excluding the possibility of falsification of the results of voting, an equally important aspect is the choice of a voting system based on a balanced and fair vote count.
To exclude the likely factor of monopolization of the election results, the Redenom project team chose the method of quadratic voting of the rule organized on top of the platform, which rules are prescribed in the smart contract code (link). Thus, in the project Redenom, the importance of the investment size was retained, but the top owners of NOM tokens are not in a position to monopolize the voting results.
In the Redenom system, the weight of each voice is equal to the square root of the amount of NOM tokens on the participant's account at the time of voting. Thus, having in fact a more weighty voice, top investors can not alone decide the outcome of the vote.
The voting system of the Redenom project actually solved the main problems associated with circumvention of the system and the abuse of the system logic.
In this regard, we can safely assume that today, thanks to the technological breakthrough and enthusiasm of the team, the Redenom project offers its users the most promising model of voting in the process of selecting projects to be funded from the collective Redenom DAO Fund.