Should we have a Blockchain Voting System?

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The fight for democracy has lasted centuries. Many human societies, from pre-colonial Africa to ancient Mesopotamia, have operated on the premise that those who are ruled should wield some sort of power.

Around 2,500 years ago, the ancient Athenians embraced a system in which plebiscite referendums were common, giving ordinary people the right to decide laws and policies by majority vote.

Roman society has moved from monarchy to a complex democracy, with direct and indirect elected assemblies. With a growing number of Augustus Caesar’s elections, often struck by immense violence, the symbolic role played by Senate voting gradually declined.

Ancient Rome was the first company to introduce a secret ballot, an important characteristic of modern democracy, despite the turbulence.

From history to the modern day: by the people and for the people

Rapidly to America in the mid-19th century. In his famous Gettysburg Address, President Abraham Lincoln, standing on the scene of one of the country’s most important struggles, spoke of “government of the people for people.”

The words of Lincoln were inspired by the Founding Fathers’ ideas, who during their drafting of the Constitution studied Romanesque and Greek voting systems. His hope was to ensure that future generations did not perish a nation “conceived in liberty and committed to making all men equal.”

Lincoln’s short and stirring speech is being cited more than ever as activists and voters grapple with the virtues of democracy in a world where the average citizen’s voice appears to be dwindling.

What is the relationship between digital technology and the democratic renaissance?

Some argue that the COVID-19 pandemic has put modern democracies to the test, as emergency measures have curtailed parliaments, courts, elections, and monitoring watchdogs.

Blockchain and other cutting-edge innovations have been announced as valuable tools to make decision-making more inclusive in the face of these enormous challenges. These technology contradict the myth that online voting cannot be carried out and that it can participate in a secure democratic process.

Many projects have started governance toks in the Decentralized Finance (DeFi) world to guarantee the maximum possible shareholder control of the protocol. By holding these kinds of tokens, people can influence the way decisions are made in a particular project.

Token vote was cited as a legitimate move towards transparent, open on-chain governance, largely broken into mature and rookie models, especially as a project aims to be known as a ‘true’ application for DeFi.

They also open new frontiers for crypto users who hold project tokens or deal with them without any additional utilities. For example, for all LiquidiFy’s decentralized protocol, LFY token holders can participate in community voting and governance aspects.

LiquidiFy increases the liquidity and growth potential of long-tail cryptocurrency assets (those with low liquidity, trade volume, and market capitalization) by allowing asset collateralization into LiquidiFy Accelerator Tokens (LAT) and LFY (Liquidity Tokens).

These assets, according to the LiquidiFy team, can then be recirculated and reactivated, opening up new investment opportunities and cash flow potential for projects that were previously dormant.

The Democratic Process and DeFi

Projects such as LiquidiFy, which feature a token of governance that allows the community to control decision making processes, continue to make governance an important part of the reward models seen in the DeFi world.

As scientists and historians express concern about the process of democracy and turbulent life, the decentralized financial ecosystem can continue to contribute to mature electoral and governance processes aimed at fostering community involvement and collective decision-making.

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