Exploring Onchain Democracy: The Future of Voting and Governance
Terrill Dicki Nov 04, 2024 21:58
As the U.S. elections approach, the potential for blockchain in democratic processes gains traction, with liquid democracy and onchain voting at the forefront.
As the United States gears up for elections on November 5, the conversation around blockchain technology's role in democratic processes has intensified. According to a16z crypto, a resurgence in citizens' assemblies and the exploration of 'liquid' democracy are gaining traction, alongside advancements in onchain voting mechanisms.
Onchain Voting and Liquid Democracy
Liquid democracy, an idea popularized by 19th-century thinker Lewis Carroll, allows individuals to vote directly on issues or delegate their voting power to representatives. This concept, once impractical, is now being implemented by crypto projects, providing valuable data on its effectiveness. Research by Andrew Hall, a Stanford political scientist, and Sho Miyazaki, analyzed onchain data from 18 Ethereum DAOs, revealing key insights:
- 17% of voting power is delegated.
- Smaller token holders are more likely to delegate their votes.
- Active voters tend to attract more delegations.
- Online tools that assist voters in finding and evaluating delegates can boost participation by 25%.
To enhance participation in crypto communities, Hall suggests creating delegation hubs, providing clear information to voters, and incentivizing more frequent voting and delegation.
Reviving Ancient Practices: Sortition
Sortition, or 'government by lottery,' is another governance method undergoing a modern revival. This ancient Athenian practice delegates decision-making to randomly selected citizens and is now being adopted by companies like Meta and OpenAI to influence policy decisions. Political scientists Bailey Flanigan and Andrew Hall discuss this trend in the latest episode of the web3 with a16z podcast.
Crypto's Political Influence
As crypto becomes a significant political issue, bipartisan legislation is expected to feature prominently in the next government’s agenda. The integration of blockchain in governance not only promises greater transparency but also aligns with the broader trend of decentralization in technology.
For a detailed exploration of these topics, visit the original article on a16z crypto.
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