A decentralized, open-source voting platform called CryptoVoter allows bitcoin holders to vote on bitcoin development issues. The value of each voter’s vote is proportional to how much bitcoin they own, making the system similar to a shareholder referendum.
Introduced by startup Lewes, Del.-based Blockchain Innovation Labs Inc., the CryptoVoter uses the block chain to cast and audit votes. The questions are proposed by bitcoin holders.
On Oct. 2, there will be a vote to change the bitcoin logo. On Oct. 23, there is a vote on whether to increase the maximum block size.
“For the first time, the Bitcoin community can objectively gauge coin-holder support for controversial developer proposals and give developers the mandate they need to implement change,” the company noted in a press release.
The CryptoVoter eliminates the need for third-parties to administer, cast or audit votes. Hence, each voter’s bitcoins never leave their wallet when voting. Like shareholders holding shares in a corporation, each bitcoin owner’s voting power is proportional to the number of bitcoins they choose to vote with.
CryptoVoter uses block chain technology to work on almost any block-chain-based coin, application or DAC (distributed autonomous corporation), according to the website.
To vote, the user launches the CryptoVoter, selects an answer from the question choices, selects the number of coins to vote with, and then hits the “vote” button. CryptoVoter does the rest.
Voters maintain control of their bitcoins before, during and after the voting by generating a unique voting address through the voting client. When the user sends coins to this voting address, they are simply sending them to themselves. The voter needs to keep the coins in their voting address until the voting deadline passes.
The voting addresses are public but only the alpha-numeric address displays; personal information is not collected or displayed.
Each poll has its own deadline, so voting does not overlap.
For the upcoming poll about increasing the bitcoin block size, there are six answers to choose from: no, maybe, yes – 2 MB per block, Yes 1 MB increase per year, Yes double the maximum block size per set period, and none of the above.
When the voting deadline passes, any user can count votes using the CryptoVoter website or a block chain explorer.
The website lists current polls and upcoming polls.
A poll on July 16 asked if decentralized block chain voting should be used for topics besides bitcoin development. The majority of voters – 58% – said yes, expand the use of bitcoin as the coin of choice for polling; 22% said no, voting should only be used for the development of coin generation issues; 18% said it depends on the topics; and the balance said “none of the above.”
“For too long, bitcoin development consensus consisted of developers pushing bitcoin code changes down to ever-centralizing mining pools for network-wide adoption, with the actual owners of Bitcoin inexplicably shut out from the process,” said Jim Joseph, co-founder and CEO of Blockchain Innovation Labs. “CryptoVoter finally gives these stakeholders a voice in development consensus, which we believe will strengthen the block chain by empowering its users.”
Blockchain Innovation Labs, Inc. develops decentralized applications that leverage block chain technology and asymmetrical public- key encryption for public and commercial use.
Featured image from Shutterstock.
Last modified: August 8, 2020 6:21 PM UTC