What Has Happened?
As is well documented, there is a current roadblock in the governance of Ethereum and there now looks to be an experimental vote system being designed to see if an amicable resolve can be reached somehow.
Over the last few months we have seen a few decisions come into question regarding the development of the Cryptocurrency and now steps have been taken forward by Ethereum’s main developer Vitalik Buterin to resolve the huge disparities in the next best steps. This is a bold move but one that if it does come off could be leading edge for the Cryptocurrency industry. Many of the senior developers on Ethereum are involved in the decision making of this particular Cryptocurrency along with Buterin. However, arguments have occurred recently over proposed ways forward and there really needs to be some form of decision made to cease all of the discussions and allow development work to get moving.
What Can Happen?
So Buterin has made a brave decision and started working hard with DR Glen Weyl – an economics researcher – in order to produce a brand new concept in voting for Ethereum customers. This is something quite radical, which really could work. The move was announced on a blog earlier this week and marks a rather large step forward in resolving such big issues.
The voting forum aims to obtain the views of those educated and involved about certain topics. This cleverly developed voting system allows the more passionate users the ability to buy extra votes on the subjects that they are most interested in. This allows users to have more of an opinion and ability to influence on the topics that they love. Customers can not only show the way they feel about things but can also offload their opinions on the direction of how things should move forward. This allows the whole community to become involved which is fabulous. The new form of voting – quadratic voting – will also remove the possibility of fake and spam accounts becoming involved and swaying a decision, which simply isn’t theirs to make.
The fact that those in the community with a huge passion for a certain topic can become more involved by buying more votes in those particular subjects is mind-blowing. It would almost be like a trade-off. So the things that are not vital can be ignored by a customer and those that are important can be bought into.
The team has already thought of ways to make sure that those more financially rich than others cannot buy out a whole host of votes and the less financially rich are left without a leg to stand on. The suggestion at the moment is that the voting software will set the price up so that per 1,000 votes it costs 100,000 credits. This will hopefully alleviate any over purchasing from happening.
It is a well-known fact that the Ethereum community has not found it easy to reach an agreement with the direction of the Cryptocurrency. There have even been break offs as we have seen in the past when agreements really could not be settled. However with the introduction of this new voting system hopefully comes along a new era in Ethereum and allows finally for the community to work together and take the next step. This is without giving the upper hand to those financially richer.