The very famous altcoin ethereum’s developer Vitalik Buterin has lately been experimenting on various issues. Questions have been raised regarding the protocol’s vulnerability to complications like the recovery of the lost funds and new mining hardware.
Lately, Buterin has teamed up with Dr. Glen Weyl to develop a new voting mechanism for Ethereum users. Dr. Glen is an economic researcher and currently works at Microsoft. Buterin wishes to follow the concepts of his book “Radical Markets.” He believes that application of these can help in fighting governance challenges.
The duo wish to bring in the notion of quadratic voting. With the help of this, the voters can bring into light the issues they think are vital. Here, every voter doesn’t get just a single vote, but votes can be easily purchased so that individuals can raise the importance of issues they are passionate about. Weyl states that “Quadratic voting allows for decisions to be made for the greatest number of people.” They wish to create an emotional connection of the masses with crucial matters. While the community is still busy debating on the proposal, Buterin and Dr. Weyl have already begun working on making quadratic voting a part of Ethereum.
As their blog states, any citizen can use any digital currency for buying votes, the cost being the square of the votes. Even though formal governance remains missing in Ethereum’s platform, nevertheless Weyl is elated with this particular collaboration. They feel that the way blockchain technology used by government is not satisfactory. Thereby, they wish to employ it in a better system which will be able to transform the society.
It seems that they wish to mix trading and voting – which may or may not be the right option but before its implementation, issues like deliberate manipulation of votes should be resolved.
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