What is Voting For? [Summary]

Original Link: What is Voting For?
Author: Cathy Barrera, PhD

Summary

Understanding whether a blockchain-enabled platform's voting system is well-designed depends on factors such as the voting context, its purposes (preference vs. information), and the system's overarching goals. Voting is essential when individual members of a group have varying preferences over an outcome relevant to them (voting for preference), and when shared preferences exist but uncertainty persists over the choice leading to the correct outcome (voting on information).

For voting on preference, think of a group of friends deciding on a restaurant. Each vote is counted equally as everyone's preferences are valued. In this case, the goal is to reach an agreement through a fair system that amalgamates different preferences into a single choice, fostering group cohesion.

Contrastingly, voting on information is more about reaching the right decision when there's a shared goal, but uncertain information, like in a jury trial. Here, the objective is to pool information from the group to reach a more informed and correct decision.

Designing a voting system hence requires carefully considering:

1. The type of vote: Is it preference-based or information-based?

2. Participants: Who should vote? Is it everyone involved or just a select group?

3. Thresholds: What should be the minimum requirement for a decision?

4. Information availability: What information do voters need and how can the design ensure they get it?

5. Ballot proposal: How should the options be proposed and included in the ballot?

With blockchain voting systems, smart contract functionality can be leveraged to automate many of these aspects, such as setting voting thresholds, ensuring participants have the necessary information, and securing the voting process. Startups can also use token-curated registries to incentivize users to curate and maintain lists that are reliable, accurate, and highly valued by the community, thereby facilitating the decision-making process.

Moreover, decentralized voting systems on blockchain platforms could enable more transparency, security, and potentially foster a more democratic process where all stakeholder voices are heard, leading to a more inclusive and fair consensus mechanism.

However, it's crucial to remember that blockchain isn't a panacea. Designing the right voting system is still critical. Blockchain just provides a platform where these systems can be implemented with greater transparency and immutability.

In summary, when designing or evaluating a voting system, the key is to ensure that it aligns with the context and goals of the decision-making process, takes into account the diversity of preferences and uncertainty of information, and provides a fair and transparent process that considers every relevant vote.