A new approached to tokenized voting to mitigate the influence of capital on network decisions.
Last updated
Was this helpful?
Author // Phillip Brock [acceptance]
Editor // Kenneth Shultz, PE [accepted]
Blockchain enthusiasts usually tout the benefits of decentralization. Unfortunately, many of the features baked into the technology ultimately lead to a re-centralization in myriad ways. A small generally controls all rewards on the bitcoin network. When it comes to voting mechanisms, most involve the spending of coins, which makes voter authority directly proportional to their access to funds.
A proposed solution to this problem involves removing or reducing the possibility of exponential relationships from voting power. Non-transferrable voting tokens are issues based on a user's contribution to the network. You earn voting tokens as you review, submit, or otherwise interact with the system. These tokens are non-transferrable, would be burned when used for voting, and may expire after some time. This paper will explore these ideas and propose technical standards for developers to implement as a pallet on the chain. This voting token introduces a new token that is not nonfungible (NFT) nor technically wholly fungible.